Atlantic Realty Buys Tysons Office Complex For $79M, Plans Renovations
A Tysons-based real estate firm and a NY-based investment firm have JV-ed to purchase a Tysons office asset for $78.8M.
Atlantic Realty Cos and Angelo, Gordon & Co bought Tysons Concourse from the California State Teachers' Retirement System and have plans for $6M in renovations.
Tysons Concourse consists of two Class-A office buildings totaling 348k SF. The buildings, one block from the Spring Hill Silver Line station at 1593-95 Spring Hill Road, were built in 1987. They are currently 76% leased to tenants like Frontpoint Security, Konica Minolta and MassMutual.
The $6M renovation will upgrade the lobby, the front and rear entrances, the outdoor seating area and the conference facility.
This is not the first time this partnership has teamed up on a big office acquisition. Last March, the JV purchased a four-building, 500k SF Reston portfolio for $82M.
