Pentagon Federal Credit Union (PenFed), one of the largest credit unions in the nation, will relocate its corporate headquarters to the Tysons Corner area as it expands its operations. The credit union bought the headquarters building that opened in 2015, and 500 employees will work at the site.

PenFed president and CEO James Schenck said the new location “will continue to enhance our operational efficiency and it will be conducive to sustaining growth of the intellectual capital required to keep pace with our members’ needs.”

Gerald L. Gordon, Ph.D., president and CEO of the Fairfax County Economic Development Authority (FCEDA), said the PenFed decision is important for a number of reasons.

“PenFed’s decision to expand its investment in Fairfax County is welcome news,” Gordon said. “We are delighted to host another corporate headquarters in Tysons Corner, which has become a prime location for headquarters operations because of its location, amenities for employees and access to Metro. The credit union’s decision to buy its building is a testament to the evolution of Tysons Corner, and to Fairfax County as a business location and as a base from which to draw talent and to grow.

“Further, we are excited to see the expansion of a leader in financial services, an important industry sector in an increasingly diversified local economy,” Gordon said. “Finally, PenFed has built an outstanding reputation as a corporate citizen that has made a difference in northern Virginia. At a moment when the larger economy is in a recovery mode, and when economic diversification is an obvious objective for communities, this announcement is significant and timely.”

Established in 1935 as the War Department Credit Union, PenFed is one of the largest credit unions in the nation, serving 1.4 million members worldwide. It has $19 billion in assets.

Time magazine called Fairfax County “one of the great economic success stories of our time.” Business growth and innovation helps Fairfax County fund one of the nation’s most prestigious school systems and other public services that contribute to the quality of life of residents. Fairfax County offers businesses a state-of-the-art telecommunications infrastructure, access to global markets through Washington Dulles International Airport, a vibrant investment capital community and a highly skilled, well-educated workforce.

The award-winning Fairfax County Economic Development Authority promotes Fairfax County as a business and technology center. The FCEDA offers site location and business development assistance, and connections with county and state government agencies, to help companies locate and expand in Fairfax County. In addition to its headquarters in Tysons Corner, Fairfax County’s largest business district, the FCEDA maintains marketing offices in six important global business centers: Bangalore, Munich, London, Los Angeles, Seoul and Tel Aviv. Follow the FCEDA on Twitter and LinkedIn.