Industries Commercial Real Estate

Macerich Co. announces new project for Tysons Corner

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The owner of Tysons Corner Center has announced a 1.3 million-square-foot mixed-use project for the mall, which should get underway next year. The Macerich Co., based out of Santa Monica, Calif., is a publicly traded real estate investment trust that also owns Chesterfield Towne Center in Virginia. It paid off a $50.3 million loan on that project early in February, getting rid of a 9.1 percent interest rate. At Tysons Corner in McLean, the new project would include an office building, a 400-unit apartment project and hotel on a site within walking distance of where a new metro station is being built. Macerich told The Washington Post in a story today that it has not signed any tenants for the office project yet. As the market absorbs higher-end office space, the company expects demand to grow as Tysons evolves into a more urban, walkable project.


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