MRP, Rockpoint Unveil $120M Tysons Overlook
- Oct 28, 2014
Officials from MRP Realty and Rockpoint Group L.L.C. were present on Oct. 22 in Tysons Corner to unveil the region’s newest office tower: Tysons Overlook, located at 7940 Jones Branch Drive.
The developers broke ground on the $120 million project in spring 2013. Designed by Gensler, it stands 11 stories tall and offers 308,000 square feet of Class A office space, as well as numerous amenities. The complex also features an 8,500-square-foot café and outdoor patio, a 3,500-square-foot, state-of-the-art fitness center and a furnished event terrace.
Tysons Overlook will be the new home of LMI. Unlike other companies, the McLean-based government-consulting firm did not lease its space. Instead, it purchased it. LMI will occupy the lower six floors of Tysons Overlook, as co-owner of the property.
“The Northern Virginia office market, particularly the submarket of Tysons Corner, is commanding a premium today with the arrival of the Silver Line, and Tysons Overlook, with its proximity to many transportation gateways, will make it a desirable location for businesses to locate,” Bob Murphy, managing partner of MRP Realty, said in a statement for the press. “Tysons Overlook offers flexible workplace solutions so that the changing needs of today’s businesses in our area will be able to customize what their operations require.”
In related news, MRP and Rockpoint are also seeking to sell the the 715,000-square-foot complex known as Bethesda Crossing, almost two years after buying it. According to the Washington Business Journal, the two companies have retained Cassidy Turley to market the asset.
The three-building complex was formerly known as the Air Rights Center. After purchasing it for $205 million, MRP and Rockpoint have invested almost $30 million to renovate and rebrand it. The project called for renovations to Bethesda Crossing’s main lobbies, common areas, restrooms and even the parking garage. It also added energy-efficient lighting, several mechanical upgrades and other amenities.
The newly renovated Bethesda Crossing was unveiled on Sept. 30. The center is currently 90 percent occupied.
Photo credit: MRP Realty