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VIENNA, VA-CarrAmerica Realty Corp. acquired Tysons International Plaza for $123.1 million. The 434,600-sf property was put on the market by Teachers Insurance & Annuity, which owned the class A structures under the name of 485 Properties LLC.

According to Fairfax County records, the two buildings and the nearly five-acre parcel they occupy have a current assessed value of $65.3 million. Cassidy & Pinkard’s Bill & Paul Collins and Drew Flood represented the seller.

Tysons International Plaza is located off Interstate 495 in the Tysons Corner submarket. The two 10-story structures, which carry the addresses of 1919 and 1921 Gallows Rd., were developed in 1987 and designed by the architectural firm of Skidmore, Owings and Merrill. Accounting for leasable space of 207,200 sf and 196,600 sf, respectively, the trophy buildings also feature underground parking facilities. It has an average occupancy level of 75%, with a tenant roster featuring 33 businesses. Occupying 59,900 sf of space in 1919 Gallows Rd., Envision EMI LLC is the complex’s largest tenant, followed by the Newspaper Association of America, which occupies 52,700 sf at 1921 Gallows Rd. Both leases are not scheduled to expire until 2015.

“Tysons International Plaza affords CarrAmerica a great opportunity to create value with below market rents currently in place and approximately 115,875 sf of space available to lease in a rising market,” says Phillip Thomas, CarrAmerica managing director for the Washington, DC metropolitan area. CarrAmerica has charged Cassidy & Pinkard’s Jim Hunter, Michael McCarthy and Mike Altman with overseeing leasing activities. Available space at 1919 Gallows Rd. is being marketed for $25 to $34 per sf, while the remaining space at 1921 Gallows Rd. is being marketed for $32 to $34 per sf.

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