Velocis, Altus Realty Acquire 2-Building Tysons Office Complex
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The partnership bought Greensboro Park, a two-building, 505K SF office property at 8180 and 8200 Greensboro Drive, from Beacon Capital Partners for an undisclosed price. CBRE represented the seller in the deal.
Beacon acquired Greensboro Park in 2010 for $125M, according to property records. It then completed renovations in 2015 and brought the property to 83% leased.
Velocis and Altus also plan to renovate the property with upgrades to the building lobbies, common areas, restroom and green space. The new owners retained JLL to manage the property.
Greensboro Park, featuring an 11-story building and a 14-story tower, sits about a half-mile from the Greensboro Metro Station, where construction is underway on The Boro, a major mixed-use development that will bring amenities such as a Whole Foods and a ShowPlace Icon Theatre. The property is also less than a half-mile from the Tysons Galleria mall.
The Meridian Group, which is partnering with Kettler on The Boro, in April sold a majority stake of the the nearby Greensboro Station office complex. A JV of MetLife and Mubadala Investment bought 95% of the three-building property for $244M.
The deal represents the fourth major acquisition Velocis has made in the D.C. area in the last three years. It acquired Loudoun Gateway II and III in August 2015, Shirlington Tower in December 2015 and a Falls Church office building in March 2017.
“Velocis has been looking at a number of assets in various parts of Tysons Corner to help augment our D.C.-area portfolio,” Velocis Principal Paul Smith said in a release. “We are excited to partner with Altus Realty on Greensboro Park as the buildings represent solid in-place cash flow with the ability to add value. We feel that the submarket around The Boro will continue to experience strong momentum in both leasing activity and rent appreciation.”