Rubenstein and Griffith Joint Venture Purchased 152,000 SF Office Property in 2015; Partnership Finalizing Capital Improvement Plan and Marketing Available Space at Class-A Building Located at 1550 Westbranch Drive in Northern VA
Tysons Corner, VA (June 20, 2017) – Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), along with its partner Griffith Properties (“Griffith”), is reintroducing Centerstone at Tysons, a six-story, Class-A office property located in the transforming Northern VA submarket of Tysons Corner, to the Washington D.C. metro market.
The joint venture purchased the property, previously named 1550 Westbranch Drive, in an off-market transaction in July 2015 and embarked on a renovation plan to upgrade and reposition the entire property. At the time of the acquisition, the property was fully leased to The MITRE Corporation, the building’s only tenant since it was first developed, who was expected to relocate. As anticipated, MITRE has now vacated the property and the Rubenstein/Griffith venture is marketing available space at the modernized and rebranded Centerstone at Tysons property to corporate office tenants throughout the region.
As part of the capital improvement plan, the building’s lobby is currently being completely renovated, together with adding a new amenity package including conference center, food service and fitness.
“Centerstone at Tysons is an outstanding property, ideal for a large block office tenant looking for brand new space with excellent amenities, ample transportation options and a great location within the transforming Tysons Corner submarket,” said Read Mortimer, Vice President for Rubenstein. “We knew this was an opportunity to add an excellent value-add investment to the Rubenstein portfolio when we first purchased the building that aligned perfectly with our strategy of acquiring high-quality assets with strong underlying fundamentals in need of a refresh. Our capital improvement and repositioning strategy will unlock the full potential of Centerstone at Tysons and we are excited to unveil the property and reintroduce it to the D.C. market.”
“In order to unlock the full long-term value of this investment, we knew that we needed to partner with a company that understood both the market and the long-term potential for the asset, and who had the ability to move quickly to take advantage of the opportunity. From the beginning, Rubenstein Partners shared our vision for the Centerstone at Tysons property and we look forward to executing a successful business plan together,” said Peter Doherty, Washington, D.C. Regional Principal for Griffith.
The Centerstone at Tysons property is situated on a 5.4-acre site and offers efficient floor plans multiple signage opportunities for tenants. The amenity-rich property also features an onsite conference center; state-of-the-art fitness facility with lockers and showers; Smart Café, fully equipped with WiFi as well as a self-service micromarket; ample onsite structured parking; car charging stations; and a bike storage facility.
The property is conveniently located near two Metro stations, Dulles Toll Road, and the new Jones Branch Drive interchange with the I-495 express lanes. It also sits within close proximity of Tysons Corner Center, Tysons Galleria, McLean Hilton and the Ritz-Carlton Tysons.