Middleburg Communities is moving its headquarters from Vienna to a new office about a mile away in Tysons, Bisnow has learned.
The multifamily owner and developer inked 27,800 SF at Lerner Enterprises’ 1800 Tysons Blvd., within the Tysons II master-planned development in the heart of the submarket.
The lease was revealed in Cushman & Wakefield’s third-quarter report. Middleburg confirmed the deal to Bisnow.
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The Tysons location puts the company closer to its partners and investors, “makes it easier for our people to get to work, and gives us a better place to build the culture we want,” Middleburg founder and CEO Chris Finlay said in an emailed statement.
He said Middleburg has “grown a great deal over the last few years” and needed a new home for its future trajectory, adding that it’s “proud to stay in Northern Virginia.”
Middleburg, which has delivered more than 32,000 units across nine states, has long housed its headquarters at Fortress Investment Group's 1921 Gallows Road in Vienna. Middleburg did not disclose how much space it has or when it plans to move.
Fortress declined to comment. Lerner did not respond to a request for comment.
Close to home, Middleburg is working on a 260-unit apartment project in the city of Fairfax with Capital City Real Estate.
Middleburg’s new headquarters at 1800 Tysons is also home to JLL’s Northern Virginia office. The brokerage inked a 26,500 SF lease in 2022. Financial services firms Houlihan Lokey and UBS are also located in the building, according to their websites, as is law firm Littler Mendelson. The building's 12K SF of ground-floor retail includes a Founding Farmers restaurant.
Lerner developed the 320K SF office tower in 2005 as part of its 117-acre Tysons II master-planned development, which includes high-end shopping center Tysons Galleria, The Ritz Carlton Hotel and multiple other office buildings and parcels that have yet to break ground. Also part of the development is the Tysons Corner Center megamall, developed by Lerner in 1968 and sold in 1985.
Tysons saw nearly 80K SF of positive net absorption for its office product during the quarter, according to Cushman's report, but over the course of the first three quarters as a whole, the submarket has seen around 80K SF of negative net absorption.
The submarket's 28M SF of office inventory was 26.8% vacant as of the end of September, about 3 percentage points higher than Northern Virginia’s overall vacancy rate.
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