WASHINGTON, DC-The $135.5 million portfolio trade in Tyson’s Corner this week was happy news for more than just the buyer, AFL-CIO Building Investment Trust. The deal pushed the Transwestern Institutional Commercial Group’s transactions for the past 12 months over the $1 billion mark, according to executive managing director Gerry Trainor. “It was a good deal for us,” he tells GlobeSt.com. “And this has been a good year. We are about to close another two large deals as well.”
The Tyson's East Metro portfolio was significant for the submarket too. Trading in the portfolio were two office buildings and three data center properties located at 1755, 1761, 1764, 1764A and 1768 Old Meadow Rd. The portfolio is situated on 16.8 acres, allowing room for additional development on the site. Indeed, the area is expected to eventually be home to more than two million square feet of mixed-use development, due to the nearby future Silver Line's Tyson's East Metrorail Station, planned for delivery in 2013.
The same factors driving development will also be driving growth in the submarket. According to Delta Associates, 19,300 new jobs will be added here over the next few years.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
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.
