Makers Point

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this lender driven opportunity to acquire Makers Point (the “Property” or “Properties”), a 3 building portfolio that is 56% leased to 24 tenants with 3.6 years WALT. Immaculately repositioned by the seller, the assets have been the beneficiaries of over $9.7 MM ($37/sf) in historical capital spend since 2019, addressing offensive and base building capital alike.

Situated in Reston along the Dulles Toll Road (Rt-267), the asset will benefit from tightening in the Toll Road trophy market and the trickle down effect to other high quality office space, as well as a significantly declining supply as Toll Road office buildings are redeveloped into alternative uses. Already 2.5 MSF of office in Reston alone is programmed to come offline, paving the way in coming years for reduced vacancy. Makers Point has also already seen leasing demand from tenants that are being displaced by redevelopment. Given that only one office building in all of northern Virginia is currently under construction, these trends will further stabilize the leasing market.

As reflected by recent leasing and the assets’ current rent roll, the Toll Road generally and Makers Point specifically are positioned to capture demand from the defense contractor community. This industry represents a significant portion of Northern Virginia’s leasing market and is anticipated to benefit under the current administration’s proposed 13% increase to the Department of Defense budget (to $1.0 TN), and a similar increase in the proposed budget for the Department of Homeland Security. 11 of Makers Point’s 24 tenants are defense oriented and three of Makers Point’s four largest tenants are government contractors.

Situated on 12.1 acres across three parcels with I-3 (light intensity industrial) zoning and Reston East’s non-TOD district comprehensive plan overlay, Makers Point is also ideally positioned as a cash flowing covered land play for redevelopment.