VIENNA, Va.– Navy Federal Credit Union has purchased a vacant 100,000-square-foot building for $12 million that is across the street from its headquarters. Its initial plans are to use the facility for parking.
The world’s largest credit union at $200-billion in assets, it acquired 901 Follin Lane, known as Tysons Edge, from an affiliate of Silver Spring-based Zalco Commercial, according to public records cited by the Washington Business Journal. The 9.12-acre property, for now, will act as an “insurance policy” for the NFCU, which has not ruled out future redevelopment, Gene Sachs, managing principal at Cresa, the real estate advisory firm that helped broker the deal, told the Business Journal.
Tysons Edge also abuts the FBI’s Threat Screening Center, formerly known as the Terrorist Screening Center, on Follin Lane, the report stated.
A ‘Win-Win’
“The acquisition of the property on Follin Lane solves our short-term needs while, at the same time, creates a long-term opportunity for growth,” George Eichert, Navy Federal’s senior vice president for workplace infrastructure and logistics, said in a statement. “It’s a win-win.”
The office building ultimately sold to Navy Federal following a six-month negotiation as the hopes of rezoning it for residential came up short, Sachs told Washington Business Journal.
Sachs said Navy Federal continues to expand and it “made sense to grow across the street.”
