Lerner Lands $200M Refinancing Deal For 1775 Tysons

One year after delivering 1775 Tysons and landing three major office tenants, Lerner Enterprises has secured a $200M refinancing deal.

The financing was provided by TH Real Estate, the real estate investment arm of TIAA, and brokered by Phillips Realty Capital.

“This transaction is unique in that we were able to lock in a long-term interest rate before building occupancy was stabilized,” Phillips Realty Capital principal John R. Sieber Jr. said in a release. “Insurance companies have been exceedingly careful to minimize risk in the suburban office sector, so this structuring was only possible given the superior quality of both the sponsor and its asset.”

Lerner developed the 17-story, 476K SF office building near the Tysons Corner Metro station in Tysons. In July 2015, Lerner signed EY to lease a 125K SF office in the building. Last February it got Computer Sciences Corp., which has since merged to create DXC Technology, to move its HQ to a 62K SF space in the building. In September, it signed WeWork to a 93K SF lease, the co-working provider's first Fairfax County location.

On the ground floor, the building features upscale Brazilian steakhouse Fogo de Chão, which opened in January, and The Atrium Cafe.

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

Hedge Fund Bids $88M For Spirit Airlines' Former HQ

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

Oyster Point's Second Phase Half-Leased As Kilroy Navigates Soft Lab Demand

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Oil Company Expands Again At Cash Register Building

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner

D.C. Sues To Block HUD Headquarters Move To Virginia

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Ken Griffin Completes Takeover Of Brickell Block, Setting Stage For $2.5B Megaproject

Private Equity Firm Buys Former Texas Instruments Campus For New Headquarters