A pair of high-rise office buildings near the Spring Hill Metro station in Tysons has changed hands with pending redevelopment plans unrealized.
The Highline at Greensboro District offices at 8401 and 8405 Greensboro Drive were acquired Tuesday (Aug. 18) for $77.5 million by Finmarc Management, a Bethesda-based commercial real estate firm that specializes in picking up and revitalizing properties it views as under performing their potential.
“Highline at Greensboro are institutional-quality buildings with investment grade tenants,” Finmarc principal Neil Markus said in a press release announcing the sale’s closure. “Finmarc’s internal capital allows it to react quickly and enables the company to complete new tenant lease transactions to take the two buildings to full occupancy.”
Constructed in 2000, the 10-story Highline at Greensboro buildings remain relatively modern after former owner CIM Group recently completed $16 million in renovations, including the addition of a conference center for tenants and upgrades to the garage, lobby, elevators, common areas and façade.
The offices are currently 70% leased and occupied, according to Finmarc. In addition to the 65-person conference center, available amenities include an on-site cafe, a fitness center, a golf simulator, a day care facility and a parking garage with approximately 1,300 spaces.
However, the property’s future has been in question for years.
The Fairfax County Board of Supervisors approved plans in 2011 for a Spring Hill Demonstration Project that envisioned transforming 31.5 acres of mostly commercial and industrial land around the future Metro station with 7.5 million square feet of mixed-use development, including housing, office, retail, hotel and a new Fire Station 29.
The Highline offices would’ve been replaced by a new, 20-story office building under a plan approved in 2013, but a downturn in the office market, accelerated by the COVID-19 pandemic, rendered that option less viable, developer American Real Estate Partners (AREP) argued when proposing a residential building instead in 2023.
The Board of Supervisors greenlit the plan for a 410-unit apartment building on July 25, 2023 in the hope that the project might inspire more activity in the Spring Hill Metro area, which has been slower to develop than other parts of Tysons.
Dubbed “City House,” the residential redevelopment has also failed to get off the ground, and the property owner, a joint venture of AREP and Westbrook Partners, completed a foreclosure sale to CIM Group for $148 million on Jan. 10, 2025.
After all that, Highline at Greensboro will now remain an office complex under Finmarc, which touted its “robust” leasing activity over the past two years, the recent capital improvements by CIM Group, and the site’s proximity to the Metro station, The Boro and over 1,600 homes.
Newly signed leases have included over 23,000 square feet each for Mortgage One Solutions and the media company Tegna. Other tenants — including the national security contractor Xcelerate Solutions, Rappaport Management Company, Body Contour Centers and ASC Ortho Management Company — have either expanded their spaces or extended their stay.
Leasing services for Highline at Greensboro are currently being managed by Cushman & Wakefield.
“This acquisition highlights the ability of our team to identify commercial office properties with substantial leasing upside in well sought out submarkets,” Markus said. “We confidently believe that, with an increasing number of companies adopting return-to-work policies, the ongoing flight-to-quality trend will result in properties such as Highline at Greensboro generating sustainable leasing momentum.”
According to Finmarc, its purchase of Highline at Greensboro was funded by the proceeds of recent sales, including of an office building in Chantilly’s Park East Corporate Center, the Capital Marketplace shopping center in North Carolina, and the Festival at Manassas shopping center.
The Park East office building and an adjacent 6.4-acre parcel were sold to Pulte Homes for more than $26 million on July 1, the Washington Business Journal reported. Pulte intends to redevelop the 14-acre site with 158 townhouses and condominiums.
Separately, Finmarc is collaborating with Pulte on a potential townhouse development to replace the Park West at Dulles Corner office building near the Innovation Center Metro station in Herndon. The Bethesda firm acquired all four buildings in the Dulles Corner office park for $51 million in January 2025.
Finmarc also recently acquired the Cinemark in Centreville, indicating that the movie theater would continue operating for now but not ruling out a future tenant or land use change. An updated comprehensive plan adopted by the county board in June recommends “neighborhood-serving retail and low-intensity office uses” in the area — with an option for mixed-use development.
In a press release, Finmarc expressed confidence in the economic strength of Northern Virginia and Tysons in particular as an employment center, noting that more than 100,000 people work in Tysons and 81% of jobs are office-based.
“We intend to elevate [the Highline at Greensboro buildings] to 100 percent occupancy with a creative and aggressive marketing and leasing strategy, and to maximize profitability with the implementation of proven asset management protocols administered by our in-house team,” Markus said.
According to the Tysons Community Alliance’s first quarter 2026 market report, the Tysons office vacancy rate has stabilized at 20% for the six consecutive quarters, while the average rental price ticked up by 2% compared to the first three months of 2025.
From the report:
Looking ahead, office demand in Tysons remains steady. Leasing momentum is supported by relocations, renewals, and expansions across key sectors, with a meaningful pipeline of signed leases scheduled to commence through 2026 and 2027. As conversions reduce obsolete supply and high-quality assets continue to capture demand, Tysons is positioned for a gradual tightening, with improving conditions expected to emerge first at the top of the market. Taken together, these dynamics suggest a market that is more stable than certain headline metrics may imply, supported by long-term employer commitment and a shrinking pool of competitive space. While recovery will remain uneven across class tiers, the outlook for Tysons is positive as structural tailwinds continue to build.
Fairfax County is in the process of evaluating just how much office space in Tysons should be considered “obsolete,” launching a planning study in May to determine whether to revise its land use guidance for older properties mostly around the edges of the urban center.
