Wednesday, January 6, 2016

Pentagon Federal Credit Union Pays $164.1 Million for New HQ

Pentagon Federal Credit Union has paid $164.1 million for a new headquarters building in Tysons, Virginia.

The credit union bought Tysons Overlook, an 11-story 307,634-square-foot Class A office tower.

The credit union plans to initially occupy about half of the office building.

Pentagon FCU will lease about 150,000 square feet to LMI, a consulting firm that currently occupies the lower part of the building, under a long-term sale-leaseback arrangement. LMI was one of the owners of the office tower.

Income from this leaseback arrangement will be exempt from taxation because federal credit unions are exempt from all forms of federal taxation including unrelated business income taxes.

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