Onward Investors Buys 166,393-SF Class A Office Building in Tysons From Nuveen

Onward Investors has acquired 8270 Greensboro Drive, a 166,393-square-foot Class A office building in Tysons, Virginia, from Nuveen, JLL Capital Markets announced Oct. 7. JLL represented the seller in the transaction.

The 10-story building was constructed in 1999 and comprehensively renovated in 2021. It is currently 96% leased to 13 tenants.

Property Details and 2021 Renovation

The renovation program at 8270 Greensboro Drive cost approximately $6 million, or about $36 per square foot, and added a redesigned lobby and elevator entrance, a tenant lounge and kitchenette integrated with a 100-person indoor/outdoor conference center, a furnished outdoor patio, renovated common corridors and restrooms, a refreshed façade and a high-end ground-floor restaurant.

JLL said the renovation led to more than 136,000 square feet of leasing activity, equal to 82% of the building's rentable area, and a 28% increase in rents. The firm characterized the results as an example of tenants' continued flight to quality.

Location on The Hill, Near The Boro and Metro

The property sits on "The Hill," which JLL describes as Tysons' premier office micromarket. It is one block from The Boro, the submarket's only walkable mixed-use environment. Developed in 2019, The Boro is a five-million-square-foot destination with 700 residential units, four acres of green space and 250,000 square feet of retail anchored by Whole Foods. The building is also less than a five-minute walk from the Greensboro Metro Station on the Silver Line.

JLL's Capital Markets Investment Sales and Advisory team representing Nuveen was led by Senior Managing Director Andrew Weir and Senior Director Kevin Byrd, along with Jim Meisel, Dave Baker and Trey Ramsey.

"Tysons continues to be the premier submarket in Northern Virginia, particularly for well-located, renovated assets with proven leasing success such as 8270 Greensboro," Weir said. "The asset has already exhibited significant rental-rate growth and will continue to benefit from tenants' desire for high-quality space."

Tysons and Northern Virginia Office Market Context

The sale comes as Northern Virginia office fundamentals remain uneven. Overall vacancy stood at 22.5% in the second quarter of 2026, with Class A vacancy of approximately 26.9% to 27.3%, depending on the market-series calculation. Class A asking rents reached $40.04 per square foot, compared with $31.23 for Class B. A separate survey put overall vacancy at 24.4% and Class A vacancy at 24.1% for the same quarter.

Tysons data showed signs of stabilization in some surveys. Tysons total vacancy fell to 16.6% in the second quarter of 2026 from 17.8% in the first quarter, with 189,313 square feet of positive net absorption during the quarter. Another source reported overall Tysons vacancy of about 20% and a 2% year-over-year increase in average rents in the first quarter of 2026. The differing figures reflect variations in inventory, vacancy definitions and coverage. Tysons also recorded approximately 52,000 square feet of new sublease availability across eight listings in the second quarter, the largest increase among Northern Virginia submarkets in the survey.

Other recent Tysons office sales included Lafayette Federal Credit Union's $20 million acquisition of 1577 Spring Hill Road, or $162 per square foot, and the Air Line Pilots Association's purchase of the fully vacant property at 8020 Towers Crescent Drive.

About the Buyer and Seller

Onward Investors, founded in 2011 and headquartered in Minneapolis, is a real estate-focused alternative investment firm. The company says it has invested more than $1.5 billion of capital on behalf of institutions, global fund sponsors and individual investors across more than 60 investments spanning multiple asset classes and major U.S. markets.

The building's 96% occupancy exceeds the regional Class A occupancy levels cited above, and the post-renovation rent increase provides an operating track record for the new owner. Nuveen's sale follows a capital program that produced substantial leasing and rent growth at the asset.

Sources

• JLL, "Fully renovated, Class A office building in Tysons sold," Oct. 7, 2026: https://www.jll.com/en-us/newsroom/fully-renovated-class-a-office-building-in-tysons-sold