In 2010, DLJ RECP acquired a portfolio comprised of 1.46 million sf of office buildings on 114 acres in Tysons Corner, Virginia, less than 12 miles from Washington, DC. We were attracted to this opportunity based on the transformational infrastructure improvements in Tysons including the expansion of Washington’s Metro train system through four, new stations in Tysons and the addition of express lanes to the Capital Beltway with corresponding access ramps. As a result, zoning regulations were passed to encourage the urbanization of Tysons, particularly the land in close proximity to a Metro station. Since closing, we have sold seven income-producing office buildings and four, entitled land parcels to third party developers and users, dramatically reducing the cost basis in our remaining land parcels. DLJ’s remaining land is strategically located in close proximity to the Metro stations. The portfolio is held unleveraged, allowing DLJ significant flexibility to work with third party developers and users to maximize value over time.
Tysons Corner Portfolio, Tysons Corner, Washington D.C.
Photo: View of Tysons Corner, Washington D.C.