TYSONS CORNER, VA-MRP Realty will continue to build out itssubstantial northern Virginia pipeline. Next up for the prolificfirm is a 500,000-sf office tower in Tyson's Corner with estimateddevelopment costs of $250 million, principal Bob Murphy tellsGlobeSt.com.

The firm has already acquired the eight acres of land forroughly $50 million. It plans to break ground on the building in Q3with an expected delivery date of 2010. For the moment, Murphysays, the development is being called Tyson's Tower. “We aredeveloping it to be a trophy asset, with an all curtain wall anddesigned to gold LEED standards,” he says. Once the building iscomplete the company will apply for certification.

The acreage, which sits on Jones Branch Road, is also land onwhich the county would like to develop an HOV lane, Murphy adds.“We are currently in negotiations for a dedication.” The endresult, if the negotiations are fruitful, would be an ideallylocated building close to the soon-to-be-developed Tyson's CornerMetro station and easy access to the region's major highways.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.