Cresa Advises on Navy Federal’s Purchase of 100,000-Square-Foot Office Building in Vienna

This article appeared originally on the Washington Business Journal.

Cresa’s Rich Rhodes, Gene Sachs, and Dan Silverman recently represented Navy Federal Credit Union in its $12 million purchase of a vacant 100,000-square-foot office building across the street from its Vienna headquarters.

The nation's largest credit union acquired 901 Follin Lane, known as Tysons Edge, from an affiliate of Silver Spring-based Zalco Commercial, according to public records. The 9.12-acre property, for now, will act as an "insurance policy" for the NFCU, which has not ruled out future redevelopment, according to Gene Sachs, Managing Principal at Cresa, the real estate advisory firm that helped broker the deal.

Navy Federal initially intends to use the sprawling property for additional parking as it sits directly across the street from its long-time corporate headquarters at 820 Follin Lane. Tysons Edge also abuts the FBI’s Threat Screening Center, formerly known as the Terrorist Screening Center, on Follin Lane.

“The acquisition of the property on Follin Lane solves our short-term needs while, at the same time, creates a long-term opportunity for growth," George Eichert, Navy Federal’s senior vice president for workplace infrastructure and logistics, said in a statement. "It’s a win-win.”

The office building ultimately sold to Navy Federal following a six-month negotiation as the hopes of rezoning it for residential came up short, Sachs told Washington Business Journal.

Sachs said Navy Federal continues to expand and it “made sense to grow across the street." NFCU had expressed an interest in the property for a number of years but was deterred by the previous price point.