Akridge, RDP Make Plans for a Suburban DC Trophy Office Building
In a unique deal, Akridge and Ronald D. Paul Cos. purchased a building from GEICO and arranged its new location in one fell swoop.
By Barbra Murray, Contributing Editor
Matthew Klein, president of Akridge
Akridge and Ronald D. Paul Cos. (RDP) have big plans for the tiny 1970s-era office building they just snapped up in Tysons, Va., right outside Washington, D.C. The partners will transform 1690 Old Meadow Rd. into a 250,000-square-foot showpiece office property.
Akridge and RDP shelled out $7.6 million for 1690 Old Meadow, a 13,000-square-foot, two-story structure originally developed in 1974. The partners purchased the asset from auto insurance giant GEICO, which maintains its training center in the building. However, this wasn’t your typical two-party transaction. In tandem with the sale, Akridge orchestrated a deal with GEICO and Merritt Properties that paves the way for GEICO to relocate to a new 32,675-square-foot, Merritt-developed build-to-suit facility that will carry the address of 20193 Ashbrook Place in Merritt’s Ashbrook business park in nearby Ashburn, Va.
With the acquisition of 1690 Old Meadow closed and GEICO’s future home settled, Akridge and RDP prepare to execute their plans for the site, which boasts a location immediately across from the McLean Metro Station. The team has tapped KGD Architecture to design a 15-story, trophy-quality office tower with ground-level retail space and a five-level parking garage.
It appears that now could be a good time to bring a shiny new jewel to the Tysons office market. “The opening of the Silver Line and Tyson’s planned growth will have a tremendous impact on the region,” Matt Klein, president of Akridge, said in a prepared statement.
While Tysons is currently suffering a vacancy rate of 20 percent, according to a third quarter report by commercial real estate services firm Newmark Grubb Knight Frank, the market is on the upswing. “As noted in the report, “Looking ahead to 2016, leasing activity likely will remain relegated to locations that have high-end properties with a strong amenity base and that offer ease of access for commuters. Locations such as Tysons Corner, where Metrorail has recently expanded service, will continue to have the upper hand in attracting tenants.”
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