Atlantic Realty, Angelo, Gordon Acquire Office Complex in Virginia for $78.8M

by John Nelson

TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons.

The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million.

Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking.

The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual.

The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center.

The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis.

Eastdil Secured represented CalSTRS in the transaction.

— John Nelson


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