AFL-CIO Building Investment Trust buys $138.5 million office portfolio at Tysons Corner
- August 16, 2011
The AFL-CIO Building Investment Trust (BIT) has purchased the Tysons East Office Portfolio, consisting of five adjacent buildings for $138.5 million. Located on 16.8 acres, the portfolio includes two office buildings and three data centers. “We believe Tyson’s East will be a great addition to the BIT portfolio,” Kevin McCarthy, president of PNC Realty Investors, said in a statement. “The properties are currently 98% leased with no significant lease turnover until 2014.”
PNC provides investment advisory services to BIT, based in Washington, D.C. The trust owns other properites in the area, including Gallery Place in D.C. The Tysons Corner site offers future development rights for approximately 1.8 million square feet of residential mixed-use density and is within walking distance of the planned Silver Line’s Tysons East Metrorail Station, scheduled to open in 2013.
The $2.1 billion BIT is an open-end, commingled core commercial real estate fund that serves qualified pension funds with union member beneficiaries. It’s managed by PNC Bank, National Association (PNC Bank), as trustee.