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PenFed Moving HQ To Tysons After Acquiring Tysons Overlook For $164.1M

PenFed Moving HQ To Tysons After Acquiring Tysons Overlook For $164.1M

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]