News
Washington, D.C. Capital Markets

PenFed Pays $164.1M To MRP, Rockpoint For New Tysons HQ

Pentagon Federal Credit Union has acquired an 11-story office building in Tysons with plans to relocate its HQ from Alexandria.

PenFed has purchased Tysons Overlook from two separate owners for $164.1M, the Washington Business Journal reports. The 307k SF building is anchored by consulting firm LMI, which owned its roughly 150k SF space and will continue to occupy it after a sale-leaseback with PenFed. Developers MRP Realty and Rockpoint Group owned the top half and surrounding land, where a 190k SF building potentially could be developed.

PenFed plans to shift about 300 employees from its locations at 2940 Eisenhower Ave in Alexandria and a data center site in Chantilly in September. Gensler and Hitt Contracting have been tasked with design and build-out, with Gilbane as an adviser.

The credit union also plans to open a 4k SF retail center on the ground floor of Tysons Overlook, which picked up a NAIOP award last year for Best Speculative Office Building. CBRE repped PenFed and MRP and Rockpoint in the deal, whil Cushman & Wakefield repped LMI. [WBJ]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

JVP Development Is Betting $37M Of Its Own Money That Frisco Is Ready For Spec Office

Treasuries Hover Around 4.7% As Wall Street Questions If Warsh Is A 'Dove In Hawk's Clothing'

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

JLL Nearly Doubles Profits, Fueled By Leasing Rebound

Dewberry's Midtown Eyesore Quietly Resolves $75M Mortgage