print header

# 1 Commercial Real Estate Information Company

  • Find Properties 
  • Market Properties 
  • Analyze Properties 
Products
Commercial Real Estate News

Hilton Selects Tysons Corner for New Global HQ

B.F. Saul Signs Hotel Giant at Park Place II
March 11, 2009
Hilton Hotels has chosen Park Place II in Tysons Corner, VA, as the location for its new global headquarters.

The hotel juggernaut signed a 10-year lease for 118,000 square feet in the office building. Hilton plans to move its offices from Beverly Hills in the third quarter of this year.

Brian McVay, Moe Hamilton, Lou Christopher and Ali Bakke with Cushman & Wakefield of Virginia represented the building owner, B.F. Saul. Dan Evans and Jeff Groh with Jones Lang LaSalle handled negotiations for Hilton.

The $17 million move is expected to create more than 300 new jobs over the next three years.

In January, Hilton announced that it was scouting potential relocation sites in Maryland and Virginia. Hilton selected Fairfax County, VA, largely due to the efforts of the Fairfax County Economic Development Authority (FCEDA), which offered up a $4.6 million incentive package to bring the company to the region.

The FCEDA believes that the addition of Hilton would grow business significantly in an already thriving community. Companies such as Volkswagen Group of America and CSC (formerly Computer Sciences Corp.) relocated to Fairfax County in 2007.

"The Hilton announcement illustrates the strength of the Tysons Corner market, which will continue to evolve and improve with the coming of Metrorail service and Fairfax County's plans for a model urban center," said Gerald L. Gordon, Ph.D., president and chief executive officer of the FCEDA.

B.F. Saul delivered Park Place II in December at 7930 Jones Branch Drive. The 323,000-square-foot office building is adjacent to the Hilton McLean Tyson's Corner, about 14 miles outside of Washington, DC. It is aiming for LEED Gold certification.

Hilton was acquired by Blackstone Group in 2007 for $26 billion. It is the second largest hospitality company in the world, next to Marriott International.





GET IN TOUCH        Contact CoStar News Team:   News@CoStar.com

 Find us on 

Welcome To CoStar's
Industry-Focused,
Award-Winning News

Winner of three Journalism Awards from the National Association of Real Estate Editors (NAREE)

Award-Winning News