Origami Capital Partners Acquires 26-Acre CIT Campus In Northern Virginia
A 26-acre office campus with major development potential near Dulles International Airport has found a new owner.
An affiliate of Origami Capital Partners is slated to acquire the Center for Innovative Technology campus for $47M, the Washington Business Journal reports.
Virginia Gov. Ralph Northam Thursday confirmed the commonwealth closed on the sale to Origami and Timberline Real Estate Partners. He said the proceeds will go toward funding a new entity for technology-based economic development. Fairfax County Economic Development Authority CEO Victor Hoskins also released a statement on the deal.
"I am glad to see movement on the sale, because the CIT site and adjacent properties, combined with the strong tech company presence in that area, the transit access afforded by the Silver Line and the proximity to Dulles Airport, make this a desirable candidate for something like an innovation campus or district," Hoskins said.
The property at 2205-2214 Rock Hill Road sits on the border of Loudoun and Fairfax counties. It currently features a seven-story building and a three-story building, and it has the potential for more than 3M SF of additional development.
The CIT campus was one of several sites Virginia proposed for Amazon HQ2, and in early 2019 the commonwealth retained Divaris Real Estate to seek buyers for the property. Origami partner Jeffrey Young said the new owner plans to court major corporate tenants to the property.
Origami, a Chicago-based firm founded in 2008, is also part of the ownership group of The Hub, a nearby site planned for more than 5M SF of development. The CIT property is in between The Hub and the Innovation Center Metro station, part of the Silver Line's second phase that had been planned to open this year but will likely be delayed until mid-2021.
"This event represents a significant milestone toward the goal of delivering to Northern Virginia a development that will entice and excite major corporate tenants,” Origami Managing Partner Jeff Young said in a release. “We know companies will embrace the project and resolve to focus on delivering a development to the residents of Northern Virginia they will celebrate."
