Westport Capital Partners has completed the purchase of Tysons Executive Plaza I, a rare deal on the Greater DC office market.
The 262,000-square-foot Class A Tysons Corner office building was originally built in 1985 and most recently refurbished in 2011. Although the 10-story office building maintained strong occupancy throughout its life, a 2015 lease expiration left it mostly vacant. After government consultant LMI moved its headquarters, the building went into foreclosure.
Therefore, Westport was able to acquire the Class A property for roughly $24 million–a fraction of the cost recorded for its last sale. According to Yardi Matrix data, the property traded in 2006 for just over $79 million.
Westport Managing Principal Russel Bernard said that “this property is a good fit with the firm’s opportunistic investment philosophy. We believe this property, as a high quality, prominently located asset, and one of the few large blocks of office space in this sought-after area, is on track to flourish from the redevelopment and stable ownership that Westport will bring.”
Noam Sheps, senior VP with Westport, added that the company is “excited to reposition 2000 Corporate Ridge. It is rare to acquire a building with a Class A pedigree, yet have the opportunity to work with a blank canvas and create a highly attractive, modern work environment. We believe that the building’s location, visibility and flexible floor plates will make it a highly competitive product offering for a wide range of tenants. Our leasing program is underway and we look forward to establishing 2000 Corporate Ridge as a preeminent office complex in this market.”