ALEXANDRIA, Va.—PenFed Credit Union has purchased Tysons Overlook, an 11-story, Class A office tower in the heart of Tysons Corner, Va., that is to serve as its new headquarters.
The purchase also includes the adjoining land parcel to meet future growth needs. PenFed did not release a purchase price, but the Washington Business Journal reported the credit union paid $164 million for the property.
The 307,634-square-foot building was half-owned by consulting firm LMI, which will remain in the lower half of the building under a long-term sale-leaseback agreement. The top half of the building was owned by the project’s developers, MRP Realty and Rockpoint Group. The Washington Business Journal reported that PenFed will open a 4,000-square-foot retail facility on the first floor.
“Tysons Overlook is prominently situated at the gateway to Tysons Corner and offers an unrivaled atmosphere for employees,” PenFed said in a released statement. “Additionally, it is at the epicenter of a renowned concentration of industry-leading corporations, including Capital One, Deloitte, Intelsat, Freddie Mac and Hilton Worldwide.”
The $19-billion PenFed said it experienced extraordinary growth in 2015, including by $1.6 billion in asset growth and the hiring of more than 600 new employees across all of its locations. Of those new hires, 295 joined PenFed from the D.C. Metro area.
“In order to attract the best and brightest employees, a firm needs to not only pay a competitive salary with benefits, but needs to offer a best-in-class work environment with a meaningful mission,” said James Schenck, PenFed’s president and CEO.
Rocky Mitchell, executive vice president for global fixed assets at PenFed Credit Union, will orchestrate the 2016 move.
PenFed said it has no plans to close or sell its current headquarters building in Alexandria, Va. and that that location will continue to support its mortgage processing and other operational needs of the credit union.
PenFed has 1.4 million members.