WRIT has held the assets in its portfolio since the 1990s, having acquired Tysons II and Tysons III in 1994 for nearly $21.3 million, and 7700 Leesburg in 1990 for about $13.4 million.
Located in Vienna, VA on Boone Blvd., the Tycon buildings have similar names but are vastly different in design. The eight-story, 128,000-sf Tycon II features a more traditional box design, while the eight-story, 151,000-sf Tycon III is noted for its more contemporary architecture, highlighted by a swirled façade. The two structures sold for $19.4 and $28 million.
Offering 146,000 sf over four floors, 7700 Leesburg Pike sits on a seven-acre parcel in Falls Church, VA; it commanded $20.1 million. At the time of the dispositions, the buildings had occupancy levels of 40%, 75% and 77%, respectively. WRIT saw a net gain of approximately $33 million on the sales.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.