Brookfield’s GGP Secures $435M for Metro DC Retail Center

January 30, 2026

Retail Finance Mid-Atlantic News More Washington D.C.

Three banks co-originated and sold the commercial mortgage loan.

Aerial shot of Fashion Place, a 965,000-square-foot retail center in Salt Lake City. — Brookfield’s retail portfolio encompasses 200 locations across 43 U.S. states, amounting to more than 155 million square feet of space. *Image courtesy of Yardi Matrix*

GGP Retail LLC—which is owned by Brookfield Corp.—has secured a $435 million fixed-rate commercial mortgage loan for Tysons Galleria, a 740,847-square-foot super regional mall in McLean, Va.

Morgan Stanley Mortgage Capital Holdings, Bank of America and Goldman Sachs Mortgage Co. co-originated and sold the refinancing note, which is scheduled to mature in 2031, according to a recent S&P Global presale report.

Trimont Real Estate Advisors and Argentic Service Co. serve as master and special servicer in the transaction. The deal is expected to close on Feb. 12, 2026.

Tysons Galleria last changed ownership in 2018. The property has seen a total of $214.9 million in capital improvements since 2017.

Tysons Galleria, up close

Completed in 1988, Tysons Galleria is a three-story property spanning a 24-acre site at 2001 International Drive. The LEED Gold-certified retail center features 85 luxury brand tenants, including Burberry, Cartier, Bottega Veneta, Chanel, Max Mara, Gucci, Dior and Saint Laurent. As of Dec. 31, 2025, the property was nearly 88 percent leased. Tysons Galleria is shadow-anchored by a 237,076-square-foot Macy’s store, which underwent a $110 million redevelopment completed in 2022.

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The shopping mall is close to the interchange between Interstate 495 and Virginia state route 123. Other major thoroughfares in the area include Virginia state routes 7 and 267, which connect Tysons Galleria to downtown Washington, D.C., 15 miles east.

D.C. retail landscape heads toward stabilization

Washington, D.C.’s retail market showed a significant rebound in the third quarter of 2025, after a weak second quarter. Net absorption surged from a negative 150,167 square feet in the second quarter, to a positive 152,598 square feet in third quarter, according to a recent Cushman & Wakefield report.

Meanwhile, the metro’s average vacancy rate during the same time frame held still at 4.5 percent in both the second and third quarter of 2025.