Skanska Acquires 94,000 SF Site at Scotts Run in Tysons, VA
13 July 2018
Skanska USA recently announced the acquisition of a site at Scotts Run in Tysons, Va. The commercial development company purchased the parcel of land from Cityline Partners and was advised by Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley, a global real estate services firm. Skanska plans to break ground in 2019 on a mixed-use multifamily and retail property projected to deliver in 2022.
“Tysons is growing rapidly with lots of development underway and more planned. We believe the site we acquired is the best in Tysons given its direct access to Metro, shopping, and to McLean and Washington, DC,” said Skanska EVP Mark Carroll in a statement.
Scotts Run is an 8 million square foot mixed-use development and will be part of Tysons’ first true urban neighborhood. The 94,000-square-foot site Skanska acquired sits directly across the street from the McLean Silver Line Metro Station. Its location also provides convenient access to the I-495 Capital Beltway, the Dulles Toll Road and multiple connections to McLean, Va., for ease of access in and out of Tysons. The purchase amount was undisclosed.
“This was a very strategic acquisition for Skanska, landing within the thick of Mitre’s expansion, Capital One headquarters’ and Wegmans deliveries, and the Archer Hotel development,” said Siegel. “The sites are in walking distance to Metro and easily accessed via Dolly Madison, US 66, and the Beltway and Toll Road via the Jones Branch Connector extension. We are huge believers in the superior quality and potential around the McLean Metro station.”
Tysons is the second largest business district in the Washington, DC, region, behind the District’s Central Business District, and the 12th largest in the nation. Its 29 million square feet of office space houses major employers such as AT&T, Boeing, Booz Allen Hamilton, Capital One, Ernst & Young, Hilton Worldwide, Kaiser Permanente, Northrop Grumman and Wells Fargo. It is also one of the most concentrated retail destinations in the region, with 6 million square feet of retail attracting more than 50,000 shoppers daily.
As part of its global platform of real estate services, Savills Studley regularly advises clients across industries and geographies on site selection. The firm’s experts rely on market intelligence and data-driven insights to identify the optimal locations and specific sites that meet tenants’ operational needs and financial objectives.
