$46M Financing Deal for Dulles Corridor Property

HERNDON, VA-Financing to the tune of $46 million has been put in place for the acquisition of the Dulles Technology Center, a multi-structure office compound accounting for 350,000 sf of class A space. The buyers, Republic Properties Corp. and the RKB Washington Property Fund I LP, were able to secure the funds from Archon Financial with the assistance of LJ Melody & Co., the financing division of real estate services firm CB Richard Ellis.

Located on 25 acres in the Dulles Corridor just two miles from the Washington-Dulles International Airport, the property consists of seven structures built in 1998 and 1999, and ranging in size from 30,000 to 90,000 sf. Major tenants of the 94% occupied compound include Cisco Systems Inc., which has 150,000 sf, and Northrop Grumman/TASC Inc. and Focus Technologies Inc., which occupy 50,000 sf and 40,000 sf spaces, respectively. “The strength of the tenant roster was crucial to the transaction as lenders have become much more selective and market metrics are more closely scrutinized in the suburban office markets,” explains LJ Melody DC office director Joe Donato.