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JBG Smith Acquires Tysons Dulles Office Plaza
JBG Smith has acquired Tysons Dulles Plaza, a 15-acre office campus in the heart of Tysons, Virginia.
The three-building campus encompasses approximately 500,000 square feet of offices and 1,553 parking spaces. Tysons Dulles Plaza is walkable to the Silver Line’s Spring Hill Metro station and immediately adjacent to Route 267, the Dulles Toll Road.
JBG SMITH intends to redevelop one of the three office buildings for residential use. The other two buildings will be enhanced and modernized and remain in long-term operation for office tenants.
“Notwithstanding regional economic headwinds and the negative impact of remote work on the office sector, we see distress leading to extremely attractive office investment opportunities for the first time in more than a decade,” said George Xanders, Chief Investment Officer at JBG SMITH. “We are actively exploring additional office investments, similar to Tysons Dulles Plaza, especially where we can apply our proven mixed-used redevelopment expertise.”
