Five-building portfolio at Tysons goes on the market
- October 9, 2013
Transwestern’s Institutional Commercial Group announced a plum assignment Wednesday. It has been named exclusive sales agent for the Tysons East Metro Portfolio on Old Meadow Road in Tysons Corner.
The portfolio consists of five contiguous commercial buildings. According to Transwestern, it could be redeveloped into more than 1.7 million square feet of residential. Situated on more than 17 acres, the portfolio is located within walking distance to the Tysons East Metrorail station and other amenities, including Tysons I and Tysons II Galleria.
Transwestern said in a press release that the portfolio is currently 98 percent leased to six major corporate users with an average lease term remaining of more than eight years. It noted that the strong tenancy gives investors a stable, long-term cash flow and redevelopment opportunity that can be phased in to maximize income from current tenants.
Current net operating income exceeds $10 million, and the property is being offered free of debt.
Transwestern’s Washington, D.C.-based Institutional Commercial Group is led by Executive Managing Director Gerry Trainor.