Tamares Completes Acquisition of 7950 Jones Branch Drive in McLean, VA

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Oct 02, 2015, 02:37 ET

NEW YORK, Oct. 2, 2015 /PRNewswire/ -- Tamares, is proud to announce it has closed the acquisition of 7950 Jones Branch Drive for $270 million. The purchase is a joint – venture with Ilmarinen Mutual Pension Insurance Company of Finland.

7950 Jones Branch Drive, McLean, Virginia

"Tamares has been active in Washington, D.C, area real estate for over 30 years and is proud to add 7950 Jones Branch Drive to our portfolio," said Poju Zabludowicz, Chairman of Tamares. "This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, D.C. We look forward to enhancing the property and applying our local experience to attract new tenants to make 7950 Jones Branch Drive some of the most sought after first-class commercial office space in the area. And we are delighted to expand our cooperation with Ilmarinen."

The nearly 800,000 square feet building is situated on a 17-acre site. Construction was completed in 2001, designed by architects Kohn Pedersen Fox Associates and project managed by Hines. The facility features two glass wrapped office towers, landscaped terraces with cascading water features, a 10-room conference center, 300 seat auditorium, 300 seat cafeteria, executive dining rooms and a helipad. The property also offers tenants a 20,000 square foot fitness center, a 1-mile jogging track, tennis courts, and basketball courts.

CBRE who brokered the deal will lead the placement of tenants as the building transitions from single to multi-tenant occupancy. Gannett Co., Inc., parent of USA Today has signed a 12-year lease with Tamares to remain in the building. Previous owner, TEGNA, has agreed to an 18-month lease for 20% of the office space in building.

About Tamares

Tamares is led by Poju Zabludowicz, global investor, entrepreneur and philanthropist. Tamares makes long-term investments in real estate, technology, primary sector and leisure industries. Its success is built on the ability of the management team to identify new investments, act decisively and manage improvements and facilities to ensure industry-leading performance. Across the United States and Europe the portfolio manages properties comprised of iconic hotels, commercial spaces and residential and luxury properties. Tamares premier holdings include 1500 Broadway in the heart of Times Square in New York City, the 27 acre Plaza America complex in Reston, Virginia and hotel properties and land in downtown Las Vegas. Tamares is headquartered in London at one of its UK holdings on Dover Street in the heart of Mayfair.

About Ilmarinen

Ilmarinen's task is to ensure that 900,000 people employed in Finland receive the pension they earned from employment. Backed by 550 experts in the field, Ilmarinen help their client companies to succeed and their employees to enjoy their work and spend their retirement in the best possible state of health. Their share of the market amounts to approximately one third and they have investment assets of some EUR 36.4 billion to cover pension liabilities. Ilmarinen are one of the largest real estate investors in Finland with realty assets of EUR 3.5 billion. For more information, please visit: www.ilmarinen.fi

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SOURCE Tamares