WestGroup sells Tysons portfolio to a subsidiary of Credit Suisse Group
- July 23, 2010
WestGroup, the McLean-based developer that carved out Tysons Corner from farmland, has sold 115 acres of land and office buildings to DLJ Real Estate Capital Partners. DLJ is a subsidiary of Credit Suisse Group, a New-York based financial services company.
As part of the deal, valued by some sources at about $250 million, much of WestGroup’s development team will stay on to manage the portfolio at a time when Tysons is undergoing massive change. Construction is underway on four new Metro stations and the Fairfax County Board of Supervisors approved a new long-term visioning plan last month that will turn the state’s largest corporate office park into a more walk able, mixed-use project.
WestGroup is headed by 87-year Gerald Halpin who bought what was rural property in 1962 and later became one of Tysons Corner’s largest commercial landowners. An earlier deal to sell the portfolio to a local developer, Pence-Friedel Developers, fell through in January after Pence was unable to secure financing.