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FOR IMMEDIATE RELEASE
Alan Fogg,
Director of Communications
afogg@fceda.org, 703-790-0600
Fairfax County Site Selected for Capital One Consolidation
Company to bring 1,000 new jobs to the county
Fairfax County, Virginia, May 18, 2000 — Capital One Financial Corp., one of the nation's largest consumer lenders, today announced plans to buy 28 acres near Tysons Corner to consolidate and expand its Northern Virginia operations. The decision will bring 1,000 new jobs to Fairfax County, company officials said.
The site, part of the Westgate office campus off Route 123 just inside the Capital Beltway, was one of many that Capital One officials evaluated. The Fairfax County Economic Development Authority (FCEDA), the Virginia Economic Development Partnership and the Virginia Department of Transportation assisted the company.
Headquartered in the Falls Church area of Fairfax County, Capital One (www.capitalone.com) offers credit cards and other lending products. The company has about 700 employees in Fairfax County and will have up to 1,700 when the consolidation is complete by mid-2002, company officials said.
"With Capital One, Freddie Mac, Sallie Mae, numerous venture capitalists and commercial lenders here, Fairfax County must be recognized as a leading national location for financial institutions," said Gerald L. Gordon, president of the FCEDA.
Capital One is one of six Fairfax County-based companies on the Fortune 500 list. Fortune magazine has called the company one of the 100 best places to work in the U.S., and it is one of the largest corporate philanthropists in the Washington area.
The Capital One site is part of Fairfax County's largest employment center. In addition to its proximity to the Beltway and Route 123, the site is adjacent to a proposed stop for a rail line envisioned to link Tysons Corner with the West Falls Church Metro Station, Reston, Herndon and Washington Dulles International Airport.
"Capital One's decision to expand its presence demonstrates Fairfax County's attractiveness to Fortune 500 companies," said Katherine K. Hanley, chairman of the Fairfax County Board of Supervisors. "Capital One is an active member of our community, and I applaud their smart growth strategy, deciding to relocate where the transportation enhancements are already planned."
Reporters, editors and producers: Gerald Gordon is available for interviews.
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