Two Firms Renew at Tysons Dulles Plaza

McLEAN, VA—Jefferson Apartment Group and Kaiser Scherer & Schlegel renewed their respective office space at Tysons Dulles Plaza, a 487,775-square foot three-building complex here that is owned by KBS REIT I, based in Newport Beach, CA. The companies inked renewals of 7,839 square-feet and 10,770-square-feet, respectively. KBS REIT I did not return a call to GlobeSt.com by presstime.

Tysons Dulles Plaza is located at 1410-1430 Spring Hill Rd. The buildings are all three-story class A offices, sitting at the nexus of the Capital Beltway, Dulles Toll Road, Route 7 and Route 123. The building is also undergoing renovations.

Steve Hoffeditz and Ed Clark of Newmark (formerly CBRE) and Malcom Schweiker of CBRE represented KBS in both leases. JLL's Steven T. Ranck represented Jefferson Apartment Group and Jon Olsen of Lincoln Property Co. represented Kaiser Scherer & Schlegel.

The past year has been an active one for KBS-affiliated REITs around the country. In December 2013, KBS REIT III purchased 500 West Madison, also known as Citigroup Center, for $425 million plus closing costs. Also that month it acquired 201 Spear Street in San Francisco for $121 million and In June of that year KBS REIT III closed a $269 million purchase of three office properties in Dallas and Maryland-Preston Commons and Sterling Plaza, in Dallas, and One Washingtonian, in Gaithersburg, MD. In March, it snapped up a Salt Lake City CBD asset for $170.5 million.

Assets that the affiliated REITs own in the area include Dulles Station East, a 186,734-square-foot office building in Herndon; the 570,038-square-foot Willow Oaks Corporate Center office property in Merrifield; the 288,365-square-foot Summit I & II office property in Reston; and Redwood Plaza I, II & III, a 205,630 square-foot mixed-use development in Fairfax, Va.

Now a closed offering, KBS REIT I does not own an interest in any of those properties.