9:00 AM
Newmark announces it has completed the sale of 1900 Gallows Road in Tysons, VA on behalf of Brandywine Realty Trust (NYSE: BDN). Foulger-Pratt purchased the 210,000 square foot building.
“1900 Gallows is perfectly positioned to capitalize on the momentum in Tysons, the Washington region’s hottest market in terms of rent growth,” said Newmark Executive Managing Director Jud Ryan. “We saw a great deal of interest from institutional and private investors who know that a strategic capital investment in the building could command up to 40 percent higher rents.”
The eight-floor building at 1900 Gallows offers balconies on the corners of the top two floors and on the East and West sides of the second floor. With four points of entry and a conference center, it offers a soaring two-story lobby creating an arrival experience unique in the market. There is abundant parking and significant additional density available due to the building’s proximity to the Greensboro and Tysons Corner Metrorail stations, which are within a half mile.
“Tysons on its own is a top-15 office market in the U.S., comparable to major metropolitan areas such as Charlotte and Denver. It has been transformed by Metro’s Silver Line and the $1.4 billion addition of I-495 Express Lanes to the Beltway,” said Newmark Executive Managing Director James Cassidy. “These upgrades combined with corresponding zoning changes have spurred 5.1 million square feet of mixed-use development recently delivered in Tysons, with another 3.3 million square feet in process.”
1900 Gallows is directly accessible via three different arteries: Gallows Road, Old Courthouse Road and Boone Boulevard. All of these roadways feed immediately into Leesburg Pike (Route 7) and Chain Bridge Road (Route 123).
Newmark’s Executive Managing Directors Jud Ryan and James Cassidy facilitated the sale on behalf of Brandywine Realty Trust.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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