Walton Street Capital, Atlantic Realty Acquire Tycon Courthouse Building

TYSONS CORNER, VA-Fully occupied and renovated seven years ago, the Tycon Courthouse Building has new owners. A joint venture between Chicago-based Walton Street Capital and Atlantic Realty of Tysons Corner has acquired the 440,000 sf courthouse for an undisclosed sum. Walton Street Capital provided equity funding for the acquisition and GE Capital provided acquisition financing. Atlantic Realty will manage the building through its property management subsidiary, ARC Management.

Tycon Courthouse anchors the eastern end of the Tysons Corner commercial district. Located at 2070 Chain Bridge Rd., the class A building has 67,000 sf floor plates and is close to the MAE East Internet hub. The courthouse is fully leased to tenants including the US Department of the Treasury, Grant Thornton LLP, Etensity Inc., 3Com Corporation, EMC Corporation and others. Ground-floor retail tenants include two popular restaurants, TGI Friday’s and House of Hunan.

Built in 1983 and renovated 10 years later, Tycon Courthouse has 419,269 sf of net rentable office and retail space, as well as 10,248 sf in the fitness and conference centers and 12,227 sf of storage space. The building offers extensive on-site amenities including a skylit atrium, fitness center, 105-seat conference theater, rooftop terrace, two restaurants, convenience store, ATM machine, dry cleaning service, and a 1,400-car parking garage. In 1992, Tycon Courthouse won three architectural awards including an interior architecture award from the American Institute of Architects. In 1993, the Washington Building Congress recognized the building’s two-story marble-floored lobby with two craftsmanship awards.