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Aug. 1, 2014

LaSalle Investment Management Buys Phase I of Tysons West Mixed-Use Development

By Adrian Maties, Associate Editor

The JBG Cos. and JBGR Retail have sold phase one of the Tysons West mixed-use development. LaSalle Investment Management acquired the property on behalf of a separate account client. Eastdil Secured brokered the sale, the price of which was not disclosed.

The three-phase Tysons West transit-oriented development is located close to the newly opened Silver Line Metrorail. Once finished, it will deliver 250,000 square feet of office and retail space, as well as up to 400 apartments centered around six great public spaces.

Phase I was completed in August 2013. Architects Mushinsky, Voelzke and Associates and contractor L.F. Jennings created a mixed-use project at 1500 Cornerside Blvd. It features 135,000 square feet of retail space, 30,000 square feet of medical office space, the first urban-format Walmart in the Washington area, several restaurants, a 24 Hour Fitness center and parking spaces. JBG said in a news release that the retail space was fully leased at the time of the sale. JBGR Retail will continue to manage the property.

Work has not yet started on Phase II of Tysons West. Plans call for the construction of 400,000 square feet of residential space and another 50,000 square feet of retail. Phase III will add 300,000 square feet of residential space, 380,000 square feet of office space and 50,000 square feet of retail.

“Tysons is being transformed by the arrival of the Silver Line, and Tysons West has helped lead the way,” Jay Klug, principal of JBG, said in a statement for the press. “With strategic and creative thinking, we were able to conceive and develop a first phase to meet community needs and serve a high-demand area.  We look forward to continuing our place-making work in the next phase of Tysons West to create a complete neighborhood.”

“By acquiring the Tysons West project, we have added a very well-conceived necessity retail/medical office complex to our portfolio.  This project will meet the demands of the thousands of new residents and office workers that will be moving to the Tysons Corner area during the next 30 years.  The demand for groceries, general merchandise offerings, athletic facilities and medical services has significantly been met by Tysons West. Our complex will truly benefit by the ease of access to pedestrians, users of the Silver Line, as well as automobile drivers who can use the on-site structured garage consisting of over 650 spaces,” added David Craine, managing director of LaSalle Investment Management.

Photo credit: The JBG Cos.

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