Tysons Concourse sells for $78.8 million
Atlantic Realty Cos. of Tysons and New York-based investment firm Angelo, Gordon & Co. said Monday they have acquired Tysons Concourse from California State Teachers' Retirement System for $78.8 million.
Tysons Concourse includes two Class A office buildings located near Atlantic's headquarters at Tysons. Eastdil Secured represented the seller in the transaction.
Situated one block from the recently opened Spring Hill station on Metrorail’s Silver Line, the buildings have a total of 347,684 square feet of space and are 76 percent leased to a variety of tenants including Frontpoint Security, Konica Minolta and MassMutual.
Completed in 1987, the twin Tysons Concourse structures at 1593-95 Spring Hill Road are surrounded by extensive landscaping and joined by an atrium. Onsite amenities include a café, lighted basketball courts, theater-style conference center, fitness center, and covered and surface parking.
The Atlantic-Angelo, Gordon partnership said it plans a $6 million renovation to update the building and amenities in order to appeal to today’s office tenant. Those renovations will include an upgraded lobby with marble flooring and concierge desk along with updated sports and conference areas.
“Tysons Concourse provides an excellent opportunity for us to participate further in the evolution of Tysons Corner from a suburban office enclave to a booming live-work-play transit-oriented community,” David A. Ross, president, Atlantic Realty, said in a statement. “Along with our partners at Angelo, Gordon, we are very bullish on the future of this gateway to northern Virginia on Metrorail's Silver Line.”
This is not the first time the companies have joined forces. Last year, Atlantic Realty and Angelo, Gordon teamed up to acquire four office buildings with a total of nearly 500,000 square feet of space in Reston close to the Wiehle Avenue station on Metro’s Silver Line.
Since the Silver Line opened in 2014, Atlantic Realty said Tysons has grown to encompass more than 28 million square feet of office space and more than 10,000 multifamily housing units. Several thousand additional units are scheduled to be available during the next two years.