Developer JBG Smith has acquired Tysons Dulles Plaza, a three-building, 15-acre office campus. It plans to keep two buildings as office space (after they’re “enhanced and modernized”). The third will be re-titled and redeveloped for residential use.
The property is at 1410, 1420, and 1430 Spring Hill Rd., McLean. It’s within walking distance of the Spring Hill Metro station and adjacent to the Dulles Toll Road. It contains about 500,000 square feet of offices and 1,553 parking spaces.
This acquisition is a pivot from the company’s recent strategy, which has been almost entirely focused on the development of Arlington’s National Landing.
A news release from JBG Smith says the developer will continue to seek out additional office investments.
“We are actively exploring additional office investments, similar to Tysons Dulles Plaza, especially where we can apply our proven mixed-used redevelopment expertise,” said George Xanders, JBG Smith’s chief investment officer.
JBG Smith says this “aligns well with its track record in transforming similar office environments via redevelopment, repositioning, and placemaking” around the DC area.
“Our recipe for success in National Landing has informed our blueprint for investing in and redeveloping underperforming assets elsewhere in the region,” said Evan Regan-Levine, chief strategy officer at JBG Smith. “In National Landing we were able to reduce the stock of operating office buildings and transform many of them into new residential and retail offerings – aligning with lower levels of net demand for office – while also improving the desirability of the neighborhood. We see the same opportunity at Tysons Dulles Plaza.”
Feature image of Tysons Dulles Plaza courtesy CBRE
