New Owners of Outdated Tysons Office Secure Bridge Loan
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1550 Westbranch
TYSONS—Two months after paying $27.75 million for an aging, soon-to-be empty 152,000-square foot building located at 1550 Westbranch Dr., JV owners Griffith Properties and Rubenstein Partners have secured a $30 million bridge loan, which will fund the acquisition and repositioning costs.
HFF arranged the three-year, floating-rate bridge loan withEagleBank. The loan comes with two one-year extension options.
The MITRE Group is currently occupying the six-story building, which was developed in 2001, but plans to vacate next year. When it does the new owners plan to redevelop it into a multi-tenant building to take advantage of the nearby Silver Line metro stop and, of course, Tysons’ ever-growing corporate presence and amenity base…
