Tycon Courthouse, the largest office building at Tysons Corner, was sold Wednesday to the Prudential Insurance Company of America for $66.5 million.
The 450,000-square-foot building features an eye-catching multistory circle as its main architectural feature. It was sold by Tycon Courthouse Limited partnership headed by attorney-developer James T. Lewis.
Tycon Courthouse is on the northwest corner of Rte. 123 (Chain Bridge Road) and Old Courthouse Road, south of the Leesburg Pike and the Tysons Corner shopping center.
The sale culminated six months of negotiations. "We think Prudential got it for a good price. We have a good tenant mix. There is a lot of demand for tenant space. It is completely full," Lewis said.
Two major restaurants, a bank and a computer store are among the retail tenants on the ground floor. Both the Hunan Lion Chinese restaurant and Friday's have proven to be popular nighttime attractions as well drawing overflow lunch crowds.
The building was the first major structure in the Tysons area to include massive structured parking. Facilities can accommodate more than 900 cars.
According to the Fairfax County Economic Development Authority, the Tycon building is currently the largest in the Tysons area. Running a close second is the Planning Research Corporation facilities located in a triangle between Lewinsville Road and the Dulles toll lanes on the northern border of the Tysons area.
Lewis currently is developing Tycon Towers along the Leesburg Pike between the Marriott Hotel and the Capital Beltway. Tycon Towers will include three 17-story office buildings and is likely to become a major gateway identifying the Tysons area in the future.
Lewis also is working on final development plans for his Bay of Americas project planned for a giant site overlooking the Potomac River in Prince George's County near the Beltway and the Woodrow Wilson Bridge. That project is planned as a mixed-use development featuring an international trade center, office buildings, a hotel, restaurants and waterfront condominiums.
Lewis said the timing of the sale of Tycon Courthouse "is good for us. The negotiations dragged a little but it has all worked out well."