Rubenstein Partners LP and Griffith Properties have sold Centerstone at Tysons, a six-story office building in Northern Virginia. No financial terms were disclosed.
TYSONS CORNER, Va., Nov. 5, 2019 /PRNewswire/ — Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically-integrated real estate investment adviser focused on value-added office property opportunities, and its joint venture partner Griffith Properties (“Griffith”), a women owned real estate investment firm, completed the sale of Centerstone at Tysons, a six-story office building located at 1550 Westbranch Drive within the Tysons Corner submarket of Northern Virginia.
The sale follows the announcement earlier in 2019 that Centerstone at Tysons was brought to full occupancy through a single 150,000-square-foot lease at the property. Rubenstein and Griffith also successfully finalized a comprehensive capital improvement program that transformed the property into an amenitized facility targeted to the needs of modern tenants.
“Both Rubenstein and Griffith are pleased to announce the successful sale of the Centerstone at Tysons property,” noted Read Mortimer, Senior Vice President with Rubenstein Partners. “Our renovations and enhanced amenity package were designed to reposition the asset into the kind of differentiated workplace experience modern tenants are seeking within this submarket. This strategic business plan ultimately allowed us to stand out from other office developments in the region and execute a long-term lease with a prominent credit tenant. We’re thrilled with the outcome of this transaction, which gave us the opportunity to once again showcase our value-added real estate skills and investment expertise.”
“We are excited by the performance of Centerstone at Tysons,” said Marci G. Loeber, Managing Principal with Griffith Properties. “The partnership successfully executed the repositioning strategy by making highly marketable improvements to the property while taking advantage of a dearth of available large blocks in the submarket. Our ability to be patient and nimble were key factors in the achievements we had with this project.”
The capital improvement plan by Rubenstein and Griffith incorporated a full lobby renovation coupled with an enhanced amenity package, emblematic of Rubenstein’s approach to reimagining office properties. The amenity-rich property now 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 micro market; ample onsite structured parking; car charging stations; and a bike storage facility.
Centerstone Tysons is conveniently located near two Metro stations, Dulles Toll Road, and the new Jones Branch Drive interchange with the I-495 express lanes. The property is surrounded by popular off-site retail, dining, and hotel amenities, including Tysons Corner Center, Tysons Galleria, McLean Hilton, Ritz-Carlton Tysons, Whole Foods, Harris Teeter, a new Wegmans grocery concept, and several esteemed restaurants.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com.
About Griffith Properties
Griffith Properties is a locally based women owned investor and operator of commercial real estate led by Marci Loeber. Over the past 15 years Griffith has invested over $261 million of equity via three separate funds with a focus on life science, office, and industrial assets. Through three separate funds, Griffith Properties has acquired $628 million of assets consisting of 24 office and 4 industrial buildings, totaling 3.8 million square feet in the Greater Boston, Baltimore, and Washington DC markets. Griffith specializes in core-plus and value-added office, life science, industrial, and R&D assets.