PS Business Parks, Inc. (NYSE:PSB) reported Thursday that it has reclassified 7915 Jones Branch Drive in McLean, VA to “land and building held for development,” meaning the company plans to redevelop the asset in the future.
7915 Jones Branch Drive is a 135,296 square foot, Class B office building developed on 5 acres in 1977, according to LoopNet.
In conjunction with the reclassification, PS Business Parks, Inc. ceased depreciation of the asset. The net book value of the asset was $15.4 million at March 31, 2013.
7915 Jones Branch Drive is located directly across the street from the Tysons/McLean Hilton hotel, and will be renovated as a Class A building after the firm signs an anchor tenant for approximately 60,000 square feet. It is also within a mile of the new Metro Rail Station and one block to the new HOT lanes entrance ramp.