{"id":1004157905,"date":"2016-11-02T07:01:41","date_gmt":"2016-11-02T15:01:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004157905"},"modified":"2020-04-21T02:00:34","modified_gmt":"2020-04-21T10:00:34","slug":"dc-area-office-asset-trades-for-79m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dc-area-office-asset-trades-for-79m\/","title":{"rendered":"DC-Area Office Asset Trades for $79M"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"Tysons<\/a>

Tysons Concourse, Vienna, Va,<\/p><\/div>\n

Washington<\/strong>\u2014A joint venture between Atlantic Realty Cos.<\/a> and Angelo, Gordon & Co.<\/a> recently bought Tysons Concourse in Vienna, Va., a two-building Class A office complex, Virginia Business<\/em> reports.<\/p>\n

The property was sold by California State Teachers’ Retirement System for $78.8 million. Eastdil Secured represented the seller. According to Yardi Matrix<\/a> data, Atlantic Realty Cos. drew an undisclosed amount from a $66.6 million line of credit held by CIBC. The property last traded in June 2000, for $75.5 million.<\/p>\n

Located at 1593-1595 Spring Hill Road, the 347,332-square-foot asset was completed in 1987 and offers 26,084-square-foot floor plates. The Fairfax County property is located just one block away from the Spring Hill station on\u00a0Metrorail\u2019s Silver Line, which opened in mid-2014.<\/p>\n

The seven-story suburban office buildings feature a 125-seat conference facility, 1,231 parking spots, on-site fitness center and caf\u00e9, as well as tennis and basketball courts.<\/p>\n

Last year in March, Atlantic Realty and Angelo, Gordon & Co. partnered on the $82 million buy<\/a> of a four-building, 500,000-square-foot Reston portfolio. \u201cWith the Silver Line Metrorail extension to Reston\u2013the Wiehle-Reston East station now open and the Reston Town Center station scheduled to open in 2018\u2013Reston has become an even more desirable business location,\u201d a spokesperson for Atlantic Realty told Commercial Property Executive<\/a><\/em> at the time. Less than two years later, the partnership applies a similar strategy, but 10 miles closer to D.C.<\/p>\n

Taking advantage of the Silver Line corridor expansion, the joint venture is planning a $6 million renovation program, which will include upgrades of the lobby and amenities areas. The two buildings had a combined occupancy rate of 76 percent at the time of sale, the current tenant roster including Frontpoint Security, Konica Minolta and MassMutual.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Atlantic Realty and Angelo, Gordon & Co. plan to complete a $6 million renovation program at the newly purchased complex.<\/p>\n","protected":false},"author":740,"featured_media":1004157913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[],"class_list":["post-1004157905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nDC-Area Office Asset Trades for $79M - 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\/dc-area-office-asset-trades-for-79m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC-Area Office Asset Trades for $79M\" \/>\n<meta property=\"og:description\" content=\"Atlantic Realty and Angelo, Gordon & Co. plan to complete a $6 million renovation program at the newly purchased complex.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dc-area-office-asset-trades-for-79m\/\" \/>\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=\"2016-11-02T15:01:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-21T10:00:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Tysons-Concourse-Vienna-Va.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/dc-area-office-asset-trades-for-79m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/dc-area-office-asset-trades-for-79m\/\",\"name\":\"DC-Area Office Asset Trades for $79M - 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He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. 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