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Posted at 3:57 PM ET, 01/14/2010

Deal to sell Tysons Corner land falls through

By Washington Post Editors

One of the biggest real estate deals in the Washington area in recent years, the sale of developer WestGroup’s holdings in Tysons Corner to a McLean shopping mall developer, is dead because the buyer could not secure financing, WestGroup confirmed Thursday.

The deal’s collapse six months after WestGroup signed a contract to sell 142 acres to an investment group led by Robert Pence leaves the empire built by Gerald T. Halpin in limbo as he approaches 88 and looks to cash out his portfolio. It’s also a reminder that the recession could continue to slow one of the nation’s most closely watched redevelopment efforts, even as Metrorail is extended through Tysons to Dulles International Airport.

WestGroup has now put three buildings in Tysons on the market and hopes they will fetch in excess of $100 million, as the company pursues piecemeal sales of its holdings. Another vacant office property outside the Capital Beltway with 235,000 square feet of space is under contract to a buyer, company officials said.

--- Lisa Rein

By Washington Post Editors  | January 14, 2010; 3:57 PM ET
Categories:  Virginia  
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