MCLEAN, VA — Tamares has closed the acquisition of 7950 Jones Branch Dr. for $270 million. The purchase is a joint – venture with Ilmarinen Mutual Pension Insurance Company of Finland.
“Tamares has been active in Washington, DC area real estate for over 30 years and is proud to add 7950 Jones Branch Dr. to our portfolio,” said Poju Zabludowicz, chairman of Tamares. “This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, DC. We look forward to enhancing the property and applying our local experience to attract new tenants to make 7950 Jones Branch Dr. some of the most sought after first-class commercial office space in the area. And we are delighted to expand our cooperation with Ilmarinen.”
The nearly 800,000 s/f building is situated on a 17-acre site. Construction was completed in 2001, designed by architects Kohn Pedersen Fox Associates and project managed by Hines. The facility features two glass wrapped office towers, landscaped terraces with cascading water features, a 10-room conference center, 300 seat auditorium, 300 seat cafeteria, executive dining rooms and a helipad. The property also offers tenants a 20,000 s/f fitness center, a 1-mile jogging track, tennis courts, and basketball courts.
CBRE, who brokered the deal will lead the placement of tenants as the building transitions from single to multi-tenant occupancy. Gannett Co., Inc., parent of USA Today has signed a 12-year lease with Tamares to remain in the building. Previous owner, TEGNA, has agreed to an 18-month lease for 20% of the office space in building.