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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Key Facts

Year Built 1986
Building Area

Property Description

Jones Lang LaSalle, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for the sale of Monroe Business Center (the “Properties” or “Portfolio”), consisting of seven Class B office/flex buildings located at 560, 570, 580, 590, 600, 610 and 620 Herndon Parkway, totaling 244,393 square feet in the heart of the Herndon office submarket and just steps away from the Herndon Silver Line Metrorail Station (delivering 2021). The Portfolio is strategically located along Route 267 (Dulles Toll Road), with direct access to the all other major arteries in the Washington, DC Metro including the Capital Beltway (Interstate 495), Interstate 66, Route 50 and Leesburg Pike (Route 7).


The Portfolio sits within the Potential Transit Related Growth Area just steps North of the Herndon Silver Line Metrorail Station. The Properties are currently zoned Office and Light Industrial, but only built out to a 0.3 FAR, below the 0.7 FAR by right, and well below zoning options of 1.0 and 1.25. Investors can potentially unlock over 780,000 SF of additional density through re-entitlement or special exception application.


Accordingly, this investment offering represents a coveted opportunity to acquire an institutional quality office portfolio below replacement cost in a dynamic, on-metro, Northern Virginia location. The Portfolio gives investors highly sought after flexibility and upside with significant in place cash flow and value creation through re-entitlement and potential redevelopment.

Investment Highlights

  • 94% leased institutional quality office portfolio with strong in place cash flow
  • Rare covered land play opportunity, with over 18 acres just steps from the future Herndon Silver Line Metro Station
  • Herndon Silver Line Metro Station's opening (projected 2021) will link Monroe Business Center to the broader DC region by rail and continue to drive adjacent mixed-use developments, further creating a live-work-play environment that attracts the region's premier office tenancy and workforce
  • Weighted average remaining lease term of 2.3 years offers flexibility for retaining in place cash flow while planning future redevelopment options
  • Below market in-place rents offer upside, while still providing low-cost alternative to high rise office along the Toll Road
  • Single-story product is diminishing within infill locations along the Toll Road in favor of higher density, mixed-use projects, removing competitive product from the market
  • The Dulles Toll Road is the epicenter of government spending in cloud and big tech (Amazon, Microsoft and Google all continue to grow in this market), signaling continued real estate and talent demand for contractors and tech companies
  • Superior regional location, with access to all major Washington D.C. metro roadways and Dulles Airport proximity
Last Updated Date: 24 Feb 2021
Bruce Strasburg
Bruce Strasburg
Senior Managing Director, Capital Markets
License details
DC-SP74953 MD-316086 VA-0225026468
Brian Crivella
Brian Crivella
Managing Director, Capital Markets
License details
DC-SP98368957 MD-634831 VA-0225188521

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Last Updated Date: 24 Feb 2021

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The value of trust beneficiary rights fluctuates due to fluctuations in the price of real estate, and there is a risk of falling beyond the investment principal. Real estate prices are fluctuated by changes in the population of the area in which they are located and the number of newly supplied properties, fluctuations in interest rates and exchange rates, changes of tax system, loss/damage due to natural disasters such as earthquakes, deterioration over time, and the discovery of hidden defects such as soil pollution.

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