Akridge plans to redevelop Geico building at Tysons into an office tower
- November 22, 2015
Akridge and the Ronald D. Paul Cos. have acquired an older office building at Tysons that’s presently home to Geico’s Northern Virginia claims training center and have plans to redevelop it into an 11-story office tower with ground floor retail.
The property at 1690 Old Meadow Road is currently a single-story, 13,000-square-foot commercial building surrounded by a large parking lot. It sits across the street from the McLean Metro Station and planned Wegmans grocery store, with access to the Capital Beltway.
As planned, the redevelopment will include trophy office space atop a five-story parking garage. KGD Architecture is designing the building, which will feature a 15-story, curved, glass curtain wall and an array of amenities, including a conference facility, an onsite restaurant, and a landscaped terrace with common space and bocce courts.
The building’s sale, for a reported purchase price of $7.6 million, resulted from a tri-party agreement with GEICO and Merritt Properties. According to Akridge, GEICO is relocating its current training facility to a new facility designed and built specifically for its needs that’s located in Merritt’s Ashbrook business park in Ashburn.
Jeff Groh and Michael Blyumin from JLL represented GEICO, and Joseph Svatos represented Akridge and the Ronald D. Paul Cos. in the real estate transaction. Akridge’s Andrei Ponomarev represented GEICO in the development and construction phase of the project.
“Akridge is eager to expand its presence in Northern Virginia and to invest in the Tysons market,” Matt Klein, president of Akridge, said in a statement. “The opening of the Silver Line and Tyson’s planned growth will have a tremendous impact on the region.”
Akridge, based in Washington, D.C., has invested in the Washington metro area for more than four decades. The commercial real estate company has another 10 million square feet in its pipeline and manages about 4 million square feet of properties.