Rubenstein, Griffith JV Buys Tysons Building, Plans Reposition
A JV of The Rubenstein Partners and Griffith closed on a 14-year-old Tysons office building yesterday, and plans to reposition the property after its lone tenant moves out next year. 1550 Westpark Dr, a 152k SF office building, is fully occupied by The MITRE Corp, but will be empty by next year as MITRE consolidates elsewhere in Tysons. The JV paid $27.7M, or about $183/SF, to former owner COPT for the Class-A building, believing it can put further upgrades in to capitalize on the Tysons Corner Metro stop, less than a half-mile away on the Silver Line. Rubenstein's regional director, Steve Evans, called the six-story building "locationally and physically superior" to most other buildings in NoVa.