WILTON, Conn.--(BUSINESS WIRE)--Real estate investment firm Westport Capital Partners LLC (“Westport”) announced today that an entity owned by certain funds it manages has closed on the purchase of 2000 Corporate Ridge Road in Tysons Corner, VA from a special servicer that had foreclosed upon the building in 2015. The building was acquired at an approximately 70% discount to the price the building last sold for in 2006.
The property, formerly known as Tysons Executive Plaza I, is a 10-story, 288,000 square foot office building developed in the early 1980s. The building’s occupancy in recent years has declined to below five percent, in particular due to the vacating of government consultant LMI, which was previously headquartered at 2000 Corporate Ridge.
Westport plans an extensive, multi-million renovation to enhance the well-constructed and well located office building. The renovation scope is expected to include upgrades to modernize the common areas, add amenities and improve building mechanical systems. Construction is expected to begin this summer and is slated to be completed by year-end.
Russel S. Bernard, Managing Principal at Westport, said, “This property is a good fit with the firm’s opportunistic investment philosophy. We believe this property, as a high quality, prominently located asset, and one of the few large blocks of office space in this sought-after area, is on track to flourish from the redevelopment and stable ownership that Westport will bring.”
Noam Sheps, Senior Vice President at Westport, added, “We are excited to reposition 2000 Corporate Ridge. It is rare to acquire a building with a Class A pedigree, yet have the opportunity to work with a blank canvas and create a highly attractive, modern work environment. We believe that the building’s location, visibility and flexible floor plates will make it a highly competitive product offering for a wide range of tenants. Our leasing program is underway and we look forward to establishing 2000 Corporate Ridge as a preeminent office complex in this market.”
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm which provides domestic and international real estate related investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed, opportunistic and core plus real estate assets. The firm has offices in Los Angeles, California; Wilton, Connecticut; Bozeman, Montana; and London, England. For more information regarding Westport Capital Partners LLC, please visit www.westportcp.com.