Nuveen Sells 166 KSF Office in Northern Virginia
The property is almost fully leased.
Nuveen has sold a fully renovated 166,393-square-foot Class A office asset in Tysons, Va., to Onward Investors for an undisclosed amount. JLL Capital Markets arranged the sale.
The 10-story building at 8270 Greensboro Drive is 96 percent leased to 13 tenants following a $6 million renovation that facilitated more than 136,000 square feet of leasing.
Originally constructed in 1999, the building’s 2021 repositioning included a redesigned lobby and elevator entrance, tenant lounge and kitchenette integrated with a 100-person indoor/outdoor conference center, furnished outdoor patio, renovated common corridors and restrooms throughout, a high-end ground-floor restaurant and updated façade.
The property is on The Hill, an office micromarket just a block from The Boro, the submarket’s walkable mixed-use environment. Developed in 2019, The Boro is a 5 million-square-foot destination featuring 700 residential units, four acres of green space and 250,000 square feet of retail anchored by Whole Foods with fast casual and formal dining options.
READ ALSO: Office Demand Surges With Higher Absorption, Increasing Sales
The property is also less than a five-minute walk from the Greensboro Metro Station on the Silver Line.
JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Andrew Weir and Senior Director Kevin Byrd, along with Senior Managing Director Jim Meisel, Senior Director Dave Baker and Associate Trey Ramsey.
Northern Virginia office market shows improvement
Just weeks ago, Cummings Capital Partners and JSB Capital Group purchased a 466,230-square-foot office portfolio in Tysons, Va. JLL Capital Markets represented the seller, Brandywine Realty Trust, and arranged acquisition financing on behalf of the buyers.
The two properties are 1676 International Drive, a 309,318-square-foot, 13-story tower completed in 1999, and 8260 Greensboro Drive, a 156,912-square-foot, seven-story building delivered in 1980.
The Northern Virginia office market is continuing its recovery, with 865,436 square feet of positive absorption pushing overall vacancy down to 19.6 percent, according to a third-quarter report from Colliers. The report added that the market has had no new deliveries in the past five quarters, and no new buildings broke ground during the quarter.
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