WASHINGTON, Nov. 18, 2015 /PRNewswire/ -- Akridge and the
Ronald D. Paul Companies have acquired 1690 Old Meadow Road in
Tysons, Virginia and plan to
redevelop it into a modern, 250,000-square-foot office building
with ground floor retail and a full host of on-site amenities.
The property sits directly across the street from the McLean
Metro Station and planned Wegmans grocery store. It offers easy
access to the Capital Beltway and Dolley Madison Boulevard and will
include 11 stories of trophy office space atop a five-story parking
garage.
The building is being designed by KGD Architecture and will
feature a 15-story, curved, glass curtain wall and offer an array
of amenities, including a conference facility, in-building
wireless, an onsite restaurant, and a landscaped terrace with
common space and bocce courts.
The sale of 1690 Old Meadow Road resulted from a tri-party
agreement with GEICO and Merritt Properties. GEICO is relocating
its current training facility to a new, state-of-the-art facility
designed and built specifically to meet its needs and located in
Merritt's Ashbrook business park.
Jeff Groh and Michael Blyumin from JLL represented GEICO and
Joseph Svatos represented Akridge
and the Ronald D. Paul Companies in the real estate transaction,
while Akridge's Andrei Ponomarev
represented GEICO in the development and construction phase of the
project.
"Akridge is eager to expand its presence in Northern Virginia and to invest in the Tysons
market," said Matt Klein, President
of Akridge. "The opening of the Silver Line and Tyson's planned
growth will have a tremendous impact on the region. Akridge is
excited to deliver this trophy-quality, boutique space to the
burgeoning market."
About Akridge
Akridge is a comprehensive real estate
services company that has invested in the Washington Metropolitan area for over four
decades. It provides acquisitions, design and construction
management, development, finance and asset management, leasing, and
property management services. For over 40 years, the company has
acquired, developed, or entitled more than 14 million square feet
of office, industrial flex, residential, retail, and entertainment
space. Akridge has another 10 million square feet in its active
pipeline and currently manages approximately 4 million square feet
at an estimated value of over $2.0
billion. Notable projects include the 1 million square foot
Gallery Place, the internationally recognized Homer Building, and
the 3 million square foot Burnham Place air rights development
project at Union Station. For more information please visit
www.akridge.com.
About the Ronald D. Paul Companies
Formed in 1987, Ronald D. Paul Companies is a multi-faceted real
estate developer, investor, property manager and asset manager,
with interests in mixed use projects, multifamily, and commercial
real estate, and in operating companies. It owns interests in
dozens of downtown and suburban projects and companies in the
Washington, DC metropolitan area
and elsewhere in the United
States. It was founded and is led by Ronald D. Paul, who also serves as Chairman and
Chief Executive Officer of EagleBank and its parent company, Eagle
Bancorp, Inc. For more, please visit www.ronaldpaulcos.com.
About Merritt Properties
As a full-service commercial real estate development firm with more
than 45 years of experience, Merritt Properties owns and manages
the largest privately held commercial real estate portfolio in the
Baltimore/Washington area. Since
1967, the company has focused on creating "homes for businesses" by
building long-term customer relationships along with 16 million
square feet of Class A office, flex, warehouse, distribution,
retail and build-to-suit properties throughout Maryland and Northern Virginia. For more information, visit
www.merrittproperties.com.
About JLL
JLL (NYSE: JLL) is a professional services
and investment management firm offering specialized real estate
services to clients seeking increased value by owning, occupying
and investing in real estate. A Fortune 500 company with annual fee
revenue of $4.7 billion and gross
revenue of $5.4 billion, JLL has more
than 230 corporate offices, operates in 80 countries and has a
global workforce of approximately 58,000. On behalf of its
clients, the firm provides management and real estate outsourcing
services for a property portfolio of 3.4 billion square feet, or
316 million square meters, and completed $118 billion in sales, acquisitions and finance
transactions in 2014. Its investment management business, LaSalle
Investment Management, has $57.2
billion of real estate assets under management. JLL is the
brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated. For further information, visit www.jll.com.
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SOURCE Akridge