TYSONS, Va.–PenFed Credit Union has officially cut the ribbon on a new $164-million headquarters here. PenFed said the new office space will accommodate up to 500 employees and provides it with room to grow over the next 15 years as a major employer in Virginia.
In January of this year the Washington Business Journal reported the $20-billion CU has purchased Tysons Overlook, an 11-story building anchored by consulting firm LMI. LMI will remain its space, about 150,000 square feet, under a long-term sale-leaseback arrangement with PenFed. PenFed will also open a 4,000-square-foot retail center on the ground floor.
"PenFed's new headquarters was dedicated by PenFed's board of directors to our world-class employees who strive to take perfect care of PenFed's members and help them do better financially," said PenFed President and CEO James Schenck in a statement. "Tysons is the new epicenter of business around our nation's capital. This Class A facility in a prime location will help PenFed attract, inspire and retain the best and brightest team members."
According to PenFed, the state-of-the-art facility is designed to increase its production capacity and support collaboration.
"Interactive technology and meeting spaces will empower current employees to work even more efficiently, and our location will enhance recruiting by attracting top-talent professionals who want to live and work in a vibrant area near other top-talent professionals," said Schenck.
In the initial moves, more than 250 employees are relocating from PenFed's former headquarters in Alexandria, Va., and PenFed's office in Chantilly, Va.
Starting Nov. 7, PenFed will operate a full-service credit union branch on the ground floor to serve the community at large. Adjacent to the building is a garage with 820 free parking spaces.
The building's environmentally friendly design has been certified as "LEED Gold" by the U.S. Green Building Council for Leadership in Energy and Environmental Design. LEED certification means PenFed's new headquarters will minimize water usage, energy consumption and greenhouse gas emissions.