Two-Building Herndon Office Park Sells For $114M
An office park near Dulles International Airport has traded hands in a $113.5M deal.
New York-based Innovatus Capital Partners acquired Dulles Executive Plaza, two office buildings at 13530 and 13560 Dulles Technology Drive totaling 384K SF, JLL announced Tuesday.
JLL's Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker represented the seller, a partnership between affiliates of Lionstone Investments and a fund managed by a subsidiary of Columbia Property Trust. JLL's Paul Spellman, Rob Carey and Susan Carras worked on behalf of Innovatus to secure acquisition financing.
The property, renovated in 2019, is 94% leased to Lockheed Martin and Constellis. Its amenities include a conference center, fitness facility, tenant lounge and food service.
The office buildings sit near the intersection of Sunrise Valley Drive and Centreville Road, about 3 miles from the airport. The property is about a mile from the future Innovation Center Silver Line station and the Center for Innovative Technology campus, where a 4M SF mixed-use development is in the works.
The office investment sales market in the D.C. area has remained slow over the past year, with only the most stable assets trading hands, but brokers told Bisnow last month they see more properties hitting the market and expect more deals to close later this year.
