Developer WestGroup sells office buildings in Tysons Corner
By Jonathan O'Connell
Washington Post
Friday, July 23, 2010; B05
http://www.washingtonpost.com/wp-dyn...072205932.html
The largest commercial landowner in Tysons Corner announced on Thursday that it had sold 115 acres of office buildings and land to a subsidiary of Credit Suisse Group, a financial services company with U.S. headquarters in New York.
The deal is one of the largest real estate transactions in the Washington area in recent years, both by acreage and value. A source familiar with the transaction, who spoke on condition of anonymity because the companies had not authorized discussion of the details, said the price was about $250 million.
WestGroup, a McLean-based developer headed by Gerald T. Halpin, bought the property in 1962 and developed it in the ensuing decades. Under an unusual arrangement, much of the WestGroup team will remain developers of the property and continue to play a central role in the evolution of Tysons Corner as four Metro stations are built there...