New Bidders Emerge for Proposed International Place Development

Two more bidders are now vying for a Tysons property poised for redevelopment and new owners.

McLean-based Tepe & Hisar LLC submitted a bid earlier this month to buy the property for $19.5 million, while Virginia Beach-based Cobalt Real Estate Solutions LLC offered to pay $30.4 million for an adjacent office building, the Washington Business Journal reported.

Shortly after Fairfax County OK’d the redevelopment project near the corner of Leesburg Pike and Gallows Road in the Old Courthouse district two years, the developer filed for bankruptcy.

The approved plans for International Place (8201 Leesburg Pike), which were submitted by a limited liability company as a project of the Stafford-based Garrett Cos., would add one main new building and five secondary mixed-use structures.

The Washington Business Journal previously reported that the LLC arranged a May 7 hearing to seek permission to sell the property to a Middle Eastern real estate developer who chairs the United Arab Emirates-based Nobles Properties.

While neither of the new deals is final, a bankruptcy judge authorized the new purchase agreements on May 10, the article notes.

Now, the stalled development may face a decision on new ownership at an upcoming June 4 hearing.

“Representatives for the debtor filed a motion with the court seeking authorization to reject an earlier purchase agreement stuck with Thallium so the office building at 8133 Leesburg can instead be sold to Cobalt,” the Washington Business Journal reported.

Image via Fairfax County