ARLINGTON, VA-Two separate deals in Northern Virginia were announced in the latest news cycle, both illustrating the region's resilience despite the likely sequestion. One is a $65 million construction finance loan for a building about to be developed in Tyson's Corner. The other is a 20,550-square foot sublease.
A joint venture between MRP Realty and Rockpoint Group secured a $65 million non-recourse revolving construction loan for 7940 Jones Branch Dr., a 307,000-square-foot office development in Tysons Corner.
HFF's Dan McIntyre arranged the deal on behalf of the borrower. It was provided by EagleBank, with Burke & Herbert Bank acting as a participant bank in the transaction. The soon to-be-built, 11-story office building is 50% pre-sold to Logistics Management Institute.
In the other transaction, Aveshka is taking 20,550-square-feet at 4075 Wilson Blvd., a nine-story building owned by Shooshan Co. The company is taking the space under a sublease with BAE Systems to house its growing corporate headquarters. The Ezra Co. SVP Paul Chandler and associate Sam Werner represented Aveshka in the deal.
The 177,046-square-foot building, located at 4075 Wilson Blvd., is also known as Two Liberty Center.
The company eventually opted for this space for a couple of reasons, Chandler tells GlobeSt.com. "There was furniture in place for 24,000 square feet and the space was already built out, saving us months of construction time. We could move in almost immediately."
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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.
