TYSONS, VA—One of the last deals to be signed in 2015 was Pentagon Federal Credit Union's acquisition of Tysons Overlook at 7940 Jones Branch Dr., and an adjacent development site, for a total of $164 million, according to CBRE's wrap of the fourth quarter in the DC area and 2015 synopsis.
The deal contributed to the positive leasing absorption in Northern Virginia because this is an expansion play for PenFed, CBRE explained.
That is because PenFed is maintaining its existing presence in Alexandria, Va., and will use close to half, or 47% of Tysons Overlook, as its new corporate headquarters. The sellers were MRP Realty and LMI, a government-consulting firm, which occupies the first six floors of the property.
LMI signed a sale-leaseback for its space, CBRE said. The sale-leaseback added to Northern Virginia's already strong Q4 leasing activity, CBRE notes.
Before the PenFed lease, three leases accounted for more than half the leasing activity this quarter: Verizon's sale-leaseback at its Ashburn Campus, Raytheon's lease extension at Pacific Corporate Park and the Department of Defense's renewal at 2530 Crystal Drive.
Tysons Overlook delivered last year. It is an 11-story, 308,000-square foot building designed by Gensler. It has LEED Gold certification.
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