Cvent plans to move to a new corporate home next year.
The company, which makes software for event planners, has signed an 11-year lease for roughly 130,000 square feet of office space at 1710 Solutions Dr. in Tysons Corner. The headquarters will house the firm’s existing 450 local employees, plus 400 it plans to hire in the coming years.
The new building, dubbed “Greensboro Station,” is next to a Silver Line Metro stop of the same name. The station is due to open early next year, and the company will relocate in the third quarter.
Cvent currently resides in McLean, less than a mile from the new office.
The new building is part of the former headquarters campus of Science Applications International Corp. It was recently sold to the Meridian Group, a real estate development firm, which plans to refurbish the building and pour $7 million alone into the three floors to be occupied by Cvent.
“We’re planning to expand pretty rapidly. It’s a former corporate headquarters, so it’s a facility that will better accommodate our future growth,” chief executive Reggie Aggarwal said.
To keep the company in Fairfax County, Virginia Gov. Robert F. McDonnell (R) approved a $1 million grant from a state economic development fund. The Virginia Department of Business Assistance will provide money for employee recruitment and training.
Cvent was weighing possible locations in Maryland, Aggarwal said, but opted to stay in Tysons Corner in hopes that the addition of Metro stations and other urban amenities will turn the area into an attractive destination for young workers.
“What we’ve learned is the DNA of the company is your people,” Aggarwal said. “The place where you are is a big important part [of that], especially because we have a lot of the millennial generation in our company.”
Cvent raised $135 million in an initial public offering in August, including $117.6 million on its first day of trading. Executives said at the time that the money would help fuel Cvent’s expansion into markets across Europe and Asia.