Transwestern Brokers Sale of Tyson's East Metro Portfolio
WASHINGTON, Aug. 17, 2011 /PRNewswire/ -- Transwestern announced today that they brokered the sale of Tyson's East Metro Portfolio located in McLean (Tyson's Corner), Virginia. The AFL-CIO Building Investment Trust (BIT) purchased the five-building complex for $138.5 million.
Transwestern's Institutional Commercial Group brokered the sale on behalf of TDC, LLC.
The Tyson's East Metro portfolio includes two office buildings and three data center properties located at 1755, 1761, 1764, 1764A and 1768 Old Meadow Road on 16.8 acres, which allows room for additional buildings on the site. The land area is anticipated to accommodate over 2 million square feet of mixed-use development, due to its proximity to the Tyson's East Metrorail station.
The properties total 310,772 square feet and are currently 98% leased to six major corporate users, with no significant lease turnover until 2014. Tenants include Level 3 Communications, MITRE Corporation, PAETEC Communications, Sanford-Brown College, PRS, Inc. and Sprint Communications.
The properties are within walking distance of the future Silver Line's Tyson's East Metrorail Station, which is planned for delivery in 2013. There is also excellent visibility and access to I-495, I-66 and the Dulles Toll Road.
According to Delta Associates, Transwestern's research affiliate, The Northern Virginia office market will experience steadily improving conditions during the balance of 2011, as approximately 19,300 new jobs will be added to this sub-state area. Delta also expects construction starts to rise during the 2nd half of 2011 and into 2012, particularly on data centers. Northern Virginia is the 2nd largest data center hub on the East Coast next to New York. As more people and companies utilize the internet, the infrastructure that supports the internet needs to increase. This in turn increases the demand for data centers. Demand for data centers will continue to grow, as Northern Virginia is a hub for high-tech businesses that serve the Federal government and private businesses.
Transwestern's DC Institutional Commercial Group focuses on institutional investment services throughout the Washington, D.C. region, providing their clients with exceptional service and market knowledge. Over the past 12 months, the Institutional Commercial Group's transactions have totaled over $1 billion in aggregate value. Their success is a direct result of their detailed underwriting and keen understanding of the local, national, and international investment communities. For more information on the Institutional Commercial Group, please visit www.Transwestern-ICG.net or call Gerry Trainor, Executive Managing Director at 202-775-7091.
Transwestern is a national, privately-held operating company specializing in commercial real estate services, investment and development. The firm's fully integrated approach delivers value to owners, investors and users of commercial real estate through innovation, penetrating market intelligence and legendary service delivered by teams of local experts. Transwestern has product specialties in office, industrial, retail, multifamily and healthcare and is an industry leader in sustainability solutions and in market research through its affiliate, Delta Associates.