{"id":10557,"date":"2017-06-20T10:06:34","date_gmt":"2017-06-20T10:06:34","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=10557"},"modified":"2025-04-15T15:41:14","modified_gmt":"2025-04-15T12:41:14","slug":"westport-flips-dc-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/westport-flips-dc-office-building\/","title":{"rendered":"Westport Lands a Steal of an Office Deal in DC"},"content":{"rendered":"
\"\"<\/a>

Tysons Executive Plaza I<\/em><\/p><\/div>\n

Westport Capital Partners has completed the purchase of Tysons Executive Plaza I, a rare deal on the Greater DC office market.<\/p>\n

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.<\/p>\n

Therefore, Westport was able to acquire the Class A property for roughly\u00a0$24 million\u2013a fraction of the cost recorded for its last sale. According to Yardi Matrix<\/a> data, the property traded in 2006 for just over $79 million.<\/p>\n

\"\"<\/a>

Tysons Executive Plaza I entrance<\/em><\/p><\/div>\n

Westport Managing Principal<\/a> Russel Bernard said that “this property is a good fit with the firm\u2019s 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.”<\/p>\n

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\u2019s 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.”<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":48,"featured_media":10570,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,39],"tags":[],"class_list":["post-10557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"\nWestport Lands a Steal of an Office Deal in DC - CommercialCafe<\/title>\n<meta name=\"description\" content=\"Westport landed a rare deal on the Greater DC office market. 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