New owner plans big changes at Skyline Center
 |
| Three of the buildings at the Skyline Center. |
Somera Road Inc., a New York-based commercial real estate
firm, is part of a partnership that acquired the aging Skyline office complex in Bailey’s Crossroads for
about $215 million, the Washington Business Journal reports.
firm, is part of a partnership that acquired the aging Skyline office complex in Bailey’s Crossroads for
about $215 million, the Washington Business Journal reports.
The deal includes seven office buildings and a retail center
anchored by Target. Somera plans to carry out a series of common area
improvements and other upgrades in the near term and has retained OTJ Architects to renovate the Skyline 7 office building at 5275 Leesburg Pike.
anchored by Target. Somera plans to carry out a series of common area
improvements and other upgrades in the near term and has retained OTJ Architects to renovate the Skyline 7 office building at 5275 Leesburg Pike.
Later, it will seek approval from Fairfax County to convert
three office buildings in the center of the campus – Skyline 1, 2, and 3, at 5201,
5203 and 5205 Leesburg Pike – into multifamily housing.
Vornado Realty Trust relinquished ownership of the Skyline
Center nearly three years ago after grappling with high vacancy rates and
stopped paying debt service.
Center nearly three years ago after grappling with high vacancy rates and
stopped paying debt service.
CWCapital, a special servicer retained by the various
noteholders that held the debt on the property, retained Cushman &
Wakefield to market the Skyline Center for sale. About 100 potential bidders
from across the globe stepped up. Somera emerged as the winning bidder in June
and closed on the acquisition Oct. 30.
noteholders that held the debt on the property, retained Cushman &
Wakefield to market the Skyline Center for sale. About 100 potential bidders
from across the globe stepped up. Somera emerged as the winning bidder in June
and closed on the acquisition Oct. 30.
Ian Ross, managing principal at Somera told the Washington
Business Journal the property has significant potential to thrive under the
right repositioning – with the addition of residential uses creating more of a
mixed-use feel.
Business Journal the property has significant potential to thrive under the
right repositioning – with the addition of residential uses creating more of a
mixed-use feel.
“I think everybody recognizes the need to bring vitality
back to this center and really bring multifamily back into the marketplace,”
Ross said. “When we look at what works in communities like Skyline today across
the nation, it’s really important to have a healthy ecosystem of live, work,
and play.”
back to this center and really bring multifamily back into the marketplace,”
Ross said. “When we look at what works in communities like Skyline today across
the nation, it’s really important to have a healthy ecosystem of live, work,
and play.”
According to the Washington Business Journal, the 1970s-era Skyline
Center was the second most valuable commercial property in Fairfax County about
a decade ago, when it was assessed at nearly $680.7 million. Its taxable assessment
is now below $298.8 million.
Center was the second most valuable commercial property in Fairfax County about
a decade ago, when it was assessed at nearly $680.7 million. Its taxable assessment
is now below $298.8 million.
12 responses to “New owner plans big changes at Skyline Center”
Leave a reply
It will never be successful without mass transit. Density requires connectivity to other densities. Skyline has been abandoned by tenants because the district lacks the leadership and the infrastructure to return it back to its once thriving glory.
This is absolutely the major need. Bailey's and 7-corner need quality mass transit connectivity with various Metro Stations such a Pentagon and East Falls Church via Columbia Pike and Leesburg Pike. It would make such a huge difference.
The residents and businesses in the area have been negligent in holding leadership and representation that prioritizes mass transit. There is a lack of vision and high expectations here, and all around settling for the mediocre. This area is stuck in 1986 and needs to wake up immediately!
We don’t need more density. Schools are over crowded. Streets are a nightmare. And, no mass transit in the plans. I say Boo!
Well you all can thank the BoS for doing nothing.
Panera worker in 5275 Leesburg Pike building told my colleague they will permanently close that location on Nov. 30, 2019. Said the rent is too high and there are aging infrastructure issues.
It was a great place to work. Indoor parking, gym, shopping mall, eateries. Drive to work and never had to go outside in bad weather or scrape ice and snow off your car. And shopping and eateries all close by. A few minutes from the beltway, free shuttles to the Pentagon every 20 minutes during the day for badge holders, on the hour for all tenant with no badge required.And when the weather was nice lots of places right outside to eat lunch or just enjoy the greenery.
Do you work for Somora Road Inc?
Yes…indeed it WAS, but that was about 10+ years ago. After the government moved out, followed by the companies supporting them (I worked for one of them), the Skyline complex lost is luster and never returned to its full glory. So sad to see such a thriving complex slowly die. Hopefully, the new owners will breathe new life into it.
This area could thrive again if there was a mass trans solution that could link skyline to the pentagon and Amazon offices in Crystal City. A streetcar down the center of Columbia pike probably wouldn't have worked, but a bus system might help
DEDICATED BUS LINES AND MIXED USE. Homeless shelters are not the answer.
It does not matter, the voters of Mason gave Gross a mandate to keep on this path of furthering Mason's decline with more social programs, buildings and non-development incentives for the district. She should be crowned the anti-investment queen.