Tysons Office Site Hits The Market With 1.2M SF Of Development Potential
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Perseus, with Transwestern's help, is looking to sell a 3.5-acre site near the Spring Hill Road Metro station with 1.2M SF of development potential.
The 117k SF office building on the 1577 Spring Hill Road site, above, is fully occupied. Its anchor tenant, The Ratner Cos, occupies 36% through 2023. The remainder of the tenants average 3,779 SF and have an average lease term of more than four years.
“1577 Spring Hill Road is a rare find, because it is a stabilized asset located at the doorstep of a Metro station and will produce strong cash flow while an investor seeks to fully entitle the property to a higher and better use upon the anchor tenant’s lease expiration in seven years,” Transwestern’s Mid-Atlantic Capital Markets Group executive managing director Gerry Trainor said. “This is a covered land opportunity with the potential to yield over 1.2M SF of highly desirable transit-oriented development.”
The neighborhood is no stranger to big mixed-use development projects. The site sits less than a mile from where The Meridian Group and Kettler broke ground in September on The Boro, a 3.5M SF mixed-used development that will include the region's largest Whole Foods.