PCCP, LLC PROVIDES $39.43 MILLION SENIOR LOAN TO WESTPORT CAPITAL PARTNERS, LLC FOR THE ACQUISITION AND RENOVATION OF OFFICE PROPERTY IN TYSONS, VIRGINIA
for immediate release
PCCP, LLC provides $39.43 million senior loan to Westport Capital Partners, LLC for the acquisition and renovation of office Property in Tysons, Virginia
New York, NY, June 15, 2017 – PCCP, LLC announced today that it has provided a $39.43 million senior loan to Westport Capital Partners, LLC for the acquisition and renovation of 2000 Corporate Ridge, formerly known as Tysons Executive Plaza I, located in Tysons, Virginia.
“PCCP’s loan will enable Westport to acquire, make capital improvements and reposition the property as a recently renovated, Class A asset that can compete as a value alternative to other assets in the area, as well as offer large contiguous space which is lacking in the area,” said John Randall, managing director with PCCP.
The repositioning will include extensive renovations of the lobby and 10-story atrium, new elevator cabs, exterior hardscapes, as well as a modern state-of-the-art Tenant Amenity Center, which will include multiple conference rooms, a fitness facility, and an on-site food service.
2000 Corporate Ridge can accommodate various sized tenants up to a full building totaling 287,929 square feet with 261,910 square feet available for lease. With the renovation, 2000 Corporate Ridge will be the premier headquarters opportunity for large tenants seeking space in the Tysons submarket. Leasing for the project will be handled by Josh Masi and Tom Walsh of Cushman & Wakefield.
Westport has budgeted $8.8 million on capital improvements which will enable the ownership to re-introduce the property to the market and engage tenants looking for high quality, recently renovated space. The scope of the budget includes the renovation and modernization the 1980s era lobby and 10-story atrium, elevators, and bathrooms. Additionally, Westport plans to build spec suites, in order to spur leasing momentum, and will add new amenities such as a fitness center and conference room.
Built in 1985 and located at 2000 Corporate Ridge Road, the property includes a four-story parking garage with 915 spaces. It has historically been well occupied given its high visibility and location inside the I-495 beltway, which features immediate access to I-495, Route 7, and I-66. The property is located within one mile of two Metro stations, and can offer tenants a shuttle to the Metro and offers direct proximity to Tysons Corner Center and Tysons Galleria, a 3.5 million-square-foot upscale retail center. Tysons Corner is the largest office market in Northern Virginia, and the 12th largest central business district in the nation.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $7 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed over $14 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
Jessica Spaulding Thompson / Darcie Giacchetto
Spaulding Thompson & Associates, Inc.
949-233-8575 / 949-278-6224 (cell)