JLL Arranges Sale and Financing of 466,230-SF Tysons Office Portfolio for Cummings Capital Partners and JSB Capital Group

JLL Capital Markets has completed the sale of a 466,230-square-foot office portfolio in Tysons, Virginia, arranging both the transaction and acquisition financing on behalf of the buyers, Cummings Capital Partners and JSB Capital Group, the firm announced Sept. 21.

The portfolio comprises two buildings — 1676 International Drive, a 309,318-square-foot, 13-story tower built in 1999, and 8260 Greensboro Drive, a 156,912-square-foot, seven-story building built in 1980. Both properties underwent a combined $27 million renovation in 2019. The portfolio is currently 86% leased to 43 tenants.

Portfolio Overview and Renovation

The $27 million capital program delivered a range of amenities across the two buildings, including a penthouse tenant lounge with retractable windows offering views of the Blue Ridge Mountains, a 118-person capacity penthouse conference center, a penthouse fitness center with locker rooms and steam showers — all located at 1676 International Drive — as well as modernized lobbies, outdoor tenant amenity space and turnkey spec-suite programs available to tenants at both properties.

Since 2023, the portfolio has completed more than 213,000 square feet of leasing across 27 transactions, including 17 new deals and 10 renewals and expansions, representing 46% of the total rentable building area. The properties are situated in the heart of Tysons with walkable access to The Boro, Tysons Galleria and Tysons Corner Center, and proximity to both the Greensboro and Tysons Corner Metro stops on the Silver Line. The location also provides access to the Capital Beltway and Dulles Toll Road via Route 7 and Chain Bridge Road.

Buyer Commentary

"We're stepping into a portfolio that is already seeing significant tailwinds; the capital improvements, the amenity buildout and the tenant programming in place are best-in-class, and the property's location is an A+," said Cliff Cummings, Managing Principal of Cummings Capital Partners. "There is already significant leasing activity underway, and we're excited to get to work with both existing and prospective tenants as we execute on additional value-added upgrades to further enhance the tenant experience. The leasing environment across Tysons and Northern Virginia has inflected meaningfully, and we see a clear runway ahead as tenants continue to consolidate into well-located, highly amenitized buildings."

J. Jay Lobell, JSB Capital Group's founder and CEO, said the firm was "privileged" to have acquired the assets. "We are excited to be tapping into the skillset and integrity of Cummings Capital to ensure the Portfolio's continued positioning in the highest echelon of this special office market," Lobell said. "Kudos to outgoing ownership for its responsible stewardship and ongoing gratitude to our colleagues at JLL for another smooth and professional execution."

JLL Team and Transaction Structure

JLL's Capital Markets Investment Sales and Advisory team represented the seller. The team was led by Senior Managing Director Andrew Weir, along with Jim Meisel, Dave Baker, Kevin Byrd, Trey Ramsey and Rachel Kaplan. Dave Goldstein from JLL's Northern Virginia Agency Leasing team also supported the sales effort. JLL's Debt & Structured Finance team — comprising Jamie Leachman, Chris Hew and Rob Carey — arranged acquisition financing on behalf of the buyers.

"This transaction underscores the continued strength of well-positioned, recently renovated office assets in premier submarkets like Tysons," said Andrew Weir. "The renovation delivered exactly what today's tenants are seeking: best-in-class amenities that deliver an environment where their employees are excited to come to work. Tysons exemplifies the flight-to-quality trend more than any Northern Virginia submarket, with significant rent growth being achieved in the Trophy and Class A spaces. This transaction is evidence that despite broader headlines, both the equity and debt markets are liquid for well-positioned office assets."

Tysons Office Market Context

The transaction comes as the Tysons submarket continues to show bifurcated performance between top-tier and older office product. Average office rents in Tysons stood at $37.84 per square foot in early 2026, up from $37.27 per square foot a year earlier, with Trophy rents reaching $64.17 per square foot. Overall vacancy in Tysons held at approximately 20% through the first quarter of 2026, while Trophy vacancy across Northern Virginia registered at 13.8% in the second quarter, compared to a broader regional vacancy rate of 24.4% for the same period.

Cummings Capital Partners was founded in 2025 by Cliff Cummings, who previously held roles at Monday Properties and CalSTRS. The firm focuses on office properties in submarkets where leasing fundamentals are strong. JSB Capital Group is a privately held real estate investment management firm with offices in Miami, New York City and Baltimore that invests directly and alongside operators across multiple asset classes.

JLL Capital Markets operates globally with more than 3,000 specialists in offices across nearly 50 countries.

Sources

JLL Newsroom — JLL arranges sale and financing of Tier 1 office portfolio