Tysons Corner Gannett HQ Sold for $270M to London Buyer

London-based Tamares Group, partnered with the Ilmarinen Mutual Pension Insurance Company of Finland, has closed on the purchase of Gannett's headquarters complex in Tysons Corner, VA for $270 million. The property was sold by TEGNA, a broadcast and digital media company that spun off from Gannett Co., parent company of USA Today, over the summer. Under terms of the deal, Gannett will remain in the building under a 12-year contract, while TEGNA secured an 18-month deal for 166,000 square feet of space, or 20% of the building. Full terms of the deal were not disclosed, but CBRE, who brokered the transaction, has also been tapped to provide leasing services while Tamares repositions the property from single to multi-tenant use.

"Tamares has been active in Washington, D.C, area real estate for over 30 years and is proud to add 7950 Jones Branch Drive to our portfolio," said Poju Zabludowicz, Chairman of Tamares. "This state-of-the-art-facility is one of the keystone properties in Northern Virginia and greater Washington, D.C. We look forward to enhancing the property and applying our local experience to attract new tenants to make 7950 Jones Branch Drive some of the most sought after first-class commercial office space in the area. And we are delighted to expand our cooperation with Ilmarinen."

Designed by Kohn Pedersen Fox Associates and project managed by Hines, 7950 Jones Branch Drive in Tysons Corner was completed in 2001 and includes a nine-story, 300,000-square-foot North Tower and the adjacent 11-story, 530,000-square-foot South Tower. The property also offers tenants a 20,000 square foot fitness center, a 1-mile jogging track, tennis courts, and basketball courts.

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