When I open my existing solution in Visual Studio 2012 professional, I got the above error. This used to work but something messed up after the computer is rebuilt.
This error is usually related to the TFS cache. Before you clear the cache folder, please make sure you have closed all instances of Visual Studio and also try to open Task Manager and check if any TFS Services are running. Select each of them and click on End Process Tree.
And also clear the server cache Server cache, the path like C:\ProgramData\Microsoft\Team Foundation\Web Access
Then restart Visual Studio and run as Administrator Mode.
More details you can refer this blog (archived version at the bottom) and also could try the better fix.
Note: Make sure you are working on a different workspace rather then VS2015's.