Alexandria's PenFed Purchases New Corporate HQ Building in Tysons

PHOTO of new headquarters in Tysons Corner courtesy of PenFed.

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ALEXANDRIA, VA -- Alexandria-headquartered PenFed Credit Union announced Tuesday that it has purchased Tysons Overlook, an 11-story, Class A office tower in the heart of Tysons Corner, which includes the adjoining land parcel to meet future growth needs.

The credit union is moving its headquarters from the City to Tysons, but will retain the Alexandria headquarters for mortgage processing and other needs. The credit union is planning to shift about 300 employees from its Alexandria and Chantilly locations into the new space starting around September, Washington Business Journal reported.

Washington Business Journal reported that PenFed paid $164.1 million for the building.

Tysons Overlook is prominently situated at the gateway to Tysons Corner and offers an unrivaled atmosphere for employees, the credit union said in a news release announcing the purchase. The new headquarters is near Capital One, Deloitte, Intelsat, Freddie Mac and Hilton Worldwide, the credit union noted.

PenFed experienced extraordinary growth in 2015—defined by $1.6 billion in asset growth and the hiring of more than 600 new employees across all of its locations. Of those new hires, 295 joined PenFed from the D.C. Metro area.

PenFed has no plans to close or sell its current headquarters building in Alexandria, at 2930 Eisenhower Ave., the credit union noted.