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Cogent Communications Group CEO Dave Schaeffer is in line to acquire a nine-story building at Leesburg Pike and Gallows Road in Tysons that was to be part of a larger development but is now the subject of a bankruptcy case.
A Schaeffer affiliate, Thallium LLC, has proposed to buy Tysons Office Center at 8133 Leesburg Pike for $30.25 million, according to a purchase agreement filed Tuesday with the U.S. Bankruptcy Court for Virginia’s Eastern District. The property is now owned by 8133 Leesburg Pike LLC, which filed for bankruptcy protection February 2018. The sale is subject to bankruptcy court approval.
Schaeffer declined to comment.
The office building was to be included in the second phase of International Place at Tysons, a project Stafford, Virginia-based Garrett Cos. initially proposed in 2015. The plan, which also included the former Ford dealership at 8201 Leesburg Pike, was slated to include 386 apartments and additional retail, restaurant, office and open space. The former Ford site is owned by another Garrett limited liability corporation, International Place at Tysons, which is the subject of a separate Chapter 11 case.
Both properties were being marketed for sale through Marcus & Millichap as part of a court-approved bidding procedure, and a Rockville-based company called Jang Capital LLC was identified as a stalking horse bidder for International Place late last year. The sale did not go through as the terms did not meet the minimum requirements approved by the court. A buyer has not yet emerged in court documents for the former Ford property.
Creditors including United Bank and KKM Ventures hope to recover at least $33.27 million through the sale of both properties.
If approved by the bankruptcy court, it would be the latest acquisition for Schaeffer, who bought a Tenlytown commercial building in March for $18.8 million and a pair of Rosslyn office buildings in November for $102.5 million, both through separate LLCs named after elements on the periodic table — Beryllium, Chlorine, and Fluorine.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research, and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more about the company, please visit www.MarcusMillichap.com.