How the Silver Line Creates Deals
The Silver Line brings two things as it rolls through Tysons: tourists who fell asleep on the way to Arlington Cemetery and big dollars spent on improving existing buildings.
Yesterday, we snapped Newmark Grubb Knight Frank brokers Ed Clark, Steve Hoffeditz and Wes Evans outside KBS Realty Advisors' Tysons Dulles Plaza on Spring Hill Road. They're in front of a Mercedes Sprinter van that shuttles tenants to Tysons' new Metro stations and the Galleria for lunch. It's part of an extensive spruce-up at KBS's three-property complex, including a new plaza between the buildings, new lobbies, and 7,700 SF in new fitness and conference facilities. Steve says KBS has spent $7M in renovations there over the past 24 months, and it's already netted a new lease with IT firm Trowbridge & Trowbridge. The guys recommend being proactive in updating buildings, since the Silver Line has created a wave of new construction.
Beacon Capital Partners also just dropped some coin on its Tysons Metro Center complex near the Greensboro Metro stop. (This pic is from an event celebrating the renovations a few weeks ago.) It has a new fitness center, rooftop terrace, cafe, and conference center. Already, 30k SF in new deals have been inked, and another big deal (as much as 100k SF) is rumored to be closing soon, according to sources.
WRIT is getting in on the Tysons renovation game too, spending $35M to redo the 7900 Westpark Dr complex. (Above, the firm's Bob Elliott, Brad Mason, Sandy Hass, Brian Moran, and Jason Alexander outside the buildings.) The REIT is putting a new glass curtain wall on the complex's Tower building and common area improvements to the Atrium building. The Fairfax County Chamber of Commerce must've been impressed by the renovations (which won't wrap up until early next year), because it signed a new lease and has already moved in at 7900 Westpark.