{"id":1004137128,"date":"2016-02-15T04:53:46","date_gmt":"2016-02-15T12:53:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004137128"},"modified":"2020-05-18T09:31:27","modified_gmt":"2020-05-18T17:31:27","slug":"tysons-overlook-changes-hands-for-92-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tysons-overlook-changes-hands-for-92-5m\/","title":{"rendered":"Tysons Overlook Changes Hands for $92.5M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Tysons<\/a>

Tysons Overlook office building in Tysons, Va.<\/p><\/div>\n

Tysons, Va.<\/strong>\u2014The Pentagon Federal Credit Union<\/a> has acquired the condominium interest in Tysons Overlook<\/a>, a 157,021-square-foot trophy office building in Tysons, Va., from Logistics Management Institute<\/a> for $92.5 million. Cushman & Wakefield<\/a> brokered the deal on behalf of the seller.<\/p>\n

\u201cLMI has been in the Tysons area for quite some time. We wanted to remain close to our original corporate home, find a location that insulated us from high-traffic areas, yet ensure that the area was more inviting than a typical corporate office park,\u201d Manik Rath, LMI\u2019s chief legal officer and lead negotiator for the deal, told Commercial Property Executive<\/em>. \u201c Every aspect of the building, from the parking lot, to the light-filled grand entrances overlooking a pond, purposefully foments openness and balance.\u201d<\/p>\n

PenFed also acquired the remainder of the property from MRP Realty<\/a> and plans to move its headquarters, currently in Alexandria, Va., to the upper floors. Building amenities include a state-of-the-art, 3,500-square-foot spa-quality fitness center, business lounge with full catering pantry, on-site caf\u00e9 with outdoor seating and furnished event terrace, with a LEED Gold certification targeted in the coming year.<\/p>\n

PenFed serves the banking needs of military and government employees, and for more than 50 years, LMI has served military and government employees. It was that symmetry that led to the sale.<\/p>\n

\u201cWe always had the intent of selling our ownership interests, but we truly found a partner with PenFed. Because of the favorable market rates, our new lease still allows us to keep our occupancy costs lower than our previous building,\u201d Rath said. \u201cIn the long term, federal consulting firms typically don\u2019t own commercial real estate, and in this process wanted to engage with an entity that shard our values.\u201d<\/p>\n

Originally constructed in 2014 as the newest office building in Tysons Corner, Tysons Overlook is within one mile of the new Tysons Corner Metro Station with service to downtown Washington, D.C., and future service to Dulles International Airport by 2019 via the Silver Line Metrorail.<\/p>\n

According to Rath, proceeds of the sale will pay off the current mortgage and the remainder will contribute to LMI\u2019s strategic reserves.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pentagon Federal Credit Union acquired a trophy office building in suburban Washington, D.C., from Logistics Management Institute.<\/p>\n","protected":false},"author":451,"featured_media":1004137129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,11,21742,21747,1615],"tags":[],"class_list":["post-1004137128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nTysons Overlook Changes Hands for $92.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tysons-overlook-changes-hands-for-92-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tysons Overlook Changes Hands for $92.5M\" \/>\n<meta property=\"og:description\" content=\"The Pentagon Federal Credit Union acquired a trophy office building in suburban Washington, D.C., from Logistics Management Institute.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tysons-overlook-changes-hands-for-92-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-15T12:53:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T17:31:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/02\/Tysons-Overlook.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"634\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"Tysons Overlook Changes Hands for $92.5M\",\"datePublished\":\"2016-02-15T12:53:46+00:00\",\"dateModified\":\"2020-05-18T17:31:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/\"},\"wordCount\":375,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/02\\\/Tysons-Overlook.jpg\",\"articleSection\":[\"Deals\",\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Office\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/tysons-overlook-changes-hands-for-92-5m\\\/\",\"name\":\"Tysons Overlook Changes Hands for $92.5M - 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