TYSONS—Two months after paying $27.75 million for an aging, soon-to-be empty 152,000-square foot building located at 1550 Westbranch Dr., JV owners Griffith Properties and Rubenstein Partners have secured a $30 million bridge loan, which will fund the acquisition and repositioning costs.
HFF arranged the three-year, floating-rate bridge loan with EagleBank. The loan comes with two one-year extension options.
The MITRE Group is currently occupying the six-story building, which was developed in 2001, but plans to vacate next year. When it does the new owners plan to redevelop it into a multi-tenant building to take advantage of the nearby Silver Line metro stop and, of course, Tysons' ever-growing corporate presence and amenity base.
The company plans to upgrade the cafeteria, fitness facility and conference center, as well as the bathrooms and common areas. When he spoke with GlobeSt.com in July at the time of the purchase, Peter Doherty, investment principal with Griffith Properties, declined to say how much the company is investing in renovations.
In many ways the building is a natural for a multi-tenant conversion with its column free floor plates and 9' finished ceiling heights – attributes that are almost equal in value to the nearby Silver Line. "We feel 1550 best represents an ideal location under the new master plan and the future of Tysons," he told GlobeSt.com this summer.
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