Tysons Corner deal is off

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A deal between WestGroup, Tysons Corner’s largest land owner, to sell 142 acres to an investment group led by McLean developer Robert Pence is off, according to today’s Washington Post. The newspaper reported that the buyer could not secure financing. Pence and his group had signed a contract six months ago to purchase the land.

That leaves one of the biggest real estate sales in the Washington area — valued by some real estate experts as between $500 million to $800 million — in limbo. The Tysons Corner holding is part of an empire built by Gerald T. Halpin, WestGroup’s 86-year old, chairman and founder. 

According to The Post, WestGroup is now marketing three of its 24 buildings at Tysons, for a total of 500,000 square feet. WestGroup’s land at Tysons is home to several corporate offices, including Mitre and Northrop Grumman.

Pence reportedly remains interested in the property and hopes to reopen negotiations for a portion of the land.  Tysons, the state’s largest suburban office park, is home to 100,000 workers. A possible sale comes at a time when the project is about to undergo a massive redevelopment effort to turn Tysons into a more pedestrian-oriented urban center, an effort that coincides with the extension of the Metrorail from Falls Church to Washington Dulles International Airport.

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