A 79,880-square-foot office building in Tysons sells for $6.4 million

A 79,880-square-foot office building at Tysons that’s close to a Metro station has a new owner who plans to convert it into a self-storage facility.
The Washington, D.C., office of Avison Young announced the sale of the building to the Young Group, based in Falls Church.  The purchase price was $6.4 million.
Overseeing the sale was Rob Walters, Chip Ryan, John Kevill and Jim Kornick, principals at Avison Young.

The vacant, six-story building is located at 1764 Old Meadow Lane, less than a half mile from the McLean Metro station. It offers access from I-495 and Route 123, with visibility from I-495.
The property sits on about 1.9 acres of land that had been rezoned to permit up to 225,000 square feet of office space or up to 260,000 square feet of high-rise residential space.

“This building attracted multiple offers from investors and developers seeking office, multifamily or storage space in a convenient, highly visible location,” Ryan said in a statement.

The new owner is opting for a self-storage project, because there already are many office and multifamily projects going up around Tysons but very little self-storage space. 
Average rents for self-storage in the Tysons market are in the $27 to $28 per-square-foot range, higher than rents for Class B and C office space. 
While it could make sense to redevelop the site in the future, for now the Young Group said it is going ahead with plans for self-storage.