Berkadia, a leader in the commercial real estate industry, announced the completed sale of Hanover Tysons, a 412-unit multifamily high-rise property located in Tysons, Virginia.
Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian of Berkadia DC Metro completed the sale on behalf of the sellers, Hanover Company and PCCP. The buyer was Chicago-based Mesirow Financial, and the deal closed on December 19, 2024.
“It’s been a privilege to contribute to this deal,” said Crivella. “We believe this property’s prime location – just steps from Tysons Galleria, which offers over 800,000 square feet of luxury shopping, and Tysons Corner Center, with more than 1.8 million square feet of shops and restaurants – along with its proximity to Capital One’s headquarters, presents tremendous potential for the buyer.”
“We are pleased to collaborate with Berkadia, Hanover Company and PCCP in the purchase of Hanover Tysons,” stated Alasdair Cripps, Chief Executive Officer of Mesirow Institutional Real Estate Direct Investments. “We believe the property’s outstanding amenities, location near employers and world-class shopping, and access to major highways and public transportation combine for an exceptional living experience. Going forward, we have rebranded the property as The Jones at Tysons and look forward to serving the community.”
This trophy asset represents another successful sale in Northern Virginia. While many areas across the country are experiencing new construction deliveries and, as a result, softer market fundamentals, Northern Virginia has already seen the majority of its apartment pipeline delivered, with many projects well into their lease-up phases or nearing stabilization. As a result, the outlook for Northern Virginia is particularly favorable from a supply perspective.
Located at 1500 Westbranch Drive, Hanover Tysons features studio, one-, two-, and three-bedroom floor plans with chef-inspired islands, stainless-steel appliances, granite and quartz countertops, custom designed walk-in closets, and spa-inspired bathrooms. Community amenities include a resort-style pool with private cabanas, outdoor dining and grilling areas, a 20,000 square feet of greenspace courtyard for recreation space, a fitness center, resident clubhouse, and a theater room.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets.
