JLL Capital Markets facilitated the sale and financing of 7799 Leesburg Pike in Tysons, Virginia
News release
27 July 2022
380,000 SF office complex In Northern Virginia trades hands
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WASHINGTON, D.C. – July 27, 2022 – JLL Capital Markets announced today that it has closed the sale of and arranged the acquisition financing for 7799 Leesburg Pike, a twin-building office complex totaling 377,717 square feet in Tysons, Virginia.
JLL exclusively marketed the property on behalf of the owner, Lerner Enterprises (Lerner.com), in the sale. In addition, JLL worked on behalf of the buyer to secure the 10-year, fixed-rate acquisition loan through Tristate Capital Bank.
The 11-story office towers underwent a recent +/- four-million-dollar renovation and offer market leading amenities, including a two-story lobby with stone and terrazzo finishes; tenant-only, state-of-the-art fitness center; full-service on-site café; tenant-only lounge and expansive outdoor terrace. In addition, the complex offers below grade, structured and surface parking, with an above-market parking ratio of 3.5/1,000 square feet. Collectively, the buildings are 36% leased to seven tenants.
Located in Tysons – the 12th largest commercial business district in the United States – the properties are situated at the intersection of the Capital Beltway (I-495) and Leesburg Pike (Route 7). Additionally, 7799 Leesburg Pike is less than 16 miles from both Dulles International Airport and Reagan Washington National Airport. The area surrounding the property is a bustling live-work-play urban center featuring two, national leading malls and over 400 upscale retailers and restaurants.
The JLL Capital Markets Investment Sales Advisory team representing the owner was led by Matt Nicholson, Stephen Conley, Jim Meisel, Andrew Weir, Dave Baker and Kevin Byrd.
The JLL Capital Markets Debt Advisory team representing the buyer was led by Drake Greer, Robert Carey and Dan McIntyre.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.