BIT Acquires $138.5 Million Office Portfolio
The AFL-CIO Building Investment Trust (BIT) recently purchased the $138.5 million Tyson’s East Office Portfolio located in Northern Virginia in the Tyson’s Corner submarket. Consisting of five adjacent buildings on 16.8 acres of land, the portfolio includes two office buildings and three data centers.
“We believe Tyson’s East will be a great addition to the BIT portfolio,” says Kevin McCarthy, President of PNC Realty Investors. “The properties are currently 98% leased with no significant lease turnover until 2014.”
The site also offers future development rights for approximately 1.8 million square feet of residential mixed use density and is within walking distance of the future Silver Line’s Tyson’s East Metrorail Station, which is planned for delivery in 2013.
The AFL-CIO Building Investment Trust is a $2.1 billion open-end commingled core commercial real estate fund serving qualified pension funds with union member beneficiaries. The BIT is managed by PNC Bank, National Association (PNC Bank), as Trustee. PNC Realty Investors (PRI) provides investment advisory services to the BIT. The AFL-CIO Investment Trust Corporation provides marketing, investor relations, and labor relations.