TYSONS CORNER, VA-Wyle, one of the top 50 systems integrators serving the federal government, has inked a 35,944-square-foot lease at 1600 International Dr. here, taking the top two floors of the eight-story building. The move is a relocationfrom nearby 1651 Old Meadow Dr. 

When the lease went to market there was a scramble by local landlords, CB Richard Ellis senior vice president Dominic Orfitelli tells GlobeSt.com. “Tysons Corner still remains a challenging leasing environment so we garnered a fair amount of concessions in terms of free rent, signage and other flexible deal points,” he says.

Orfitelli, along with the firm’s Ryan Miller, represented Wyle in the transaction. CBRE’s Rob Faktorow, David Gast and Tom Walsh represented the building owner, Quadrangle Development Corp. and American Realty Advisors.

The transaction itself doesn’t represent positive absorption for the submarket, which is still struggling with high vacancy rates and a dearth of credit-quality tenants seeking to move there or expand. However, the transaction did represent a step up for Wyle, Orfitelli says. The company made a significant acquisition and wanted an image upgrade with its move. The new location, at the intersection of Westpark Drive International Drive in the heart of Tysons Corner, plus signage that was part of the deal, accomplishes that, he adds. The building was formerly the home of Arnold Worldwide.   

 

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.