Government contracting giant SAIC announced this week that it is selling its 18-acre headquarters campus in Tysons Corner to the real estate firm Meridian.
SAIC will lease back one of the three buildings on the campus for the next seven years as part of the agreement, maintaining its corporate presence there.
In a released statement, executives with the Besthesda, Md., development firm said they were attracted to the property due to its proximity to the future Greensboro Metro Station, set to open at the end of the year when the Silver Line begins service.
“We are excited about this opportunity in Tysons Corner, which is the downtown of Northern Virginia and the 12th largest office market in the country,” said Bruce Lane, executive vice president and managing director in a released statement. “Tysons will increase its attraction to employers due to its Beltway access, new HOT lanes, and four new Metro stations.”
SAIC has filed redevelopment plans for its property with Fairfax County that would add 10 new office and residential buildings with ground floor retail to the site, in line with the county’s Tysons plan. Meridian executives said they intend to to continue with those plans.
Those plans call for the existing buildings to remain. Meridian plans a $20 million renovation and rebranding on the two buildings that SAIC will be vacating over the next year. The renovation will include new pedestrian walkways and plazas to provide access to the Metro station.
“We are highly attracted to the beautiful cafeteria and conference center in the SAIC complex, which will be major on-site amenities for other tenants,” said David Cheek, president of Meridian. “We are also excited about the development opportunities at this location and plan to create value through the new development plan.”
Meridian’s other properties include the Tysons Technology Center, Cameron Run Office Park in Alexandria, and One Ballston Plaza in Arlington.
SAIC is planning to separate into two companies at the end of this year. The new company, Leidos, will be setting up shop at a to-be-determined location in Northern Virginia, according to an SAIC spokewoman.