3850 SE Three Mile
US - McMinnville, OR
IDR 74,875,698,000 | 2,309 m²
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative, is pleased to present this opportunity to purchase Dulles Technology Center III & IV (the “Portfolio” or “Properties”), a two-building 229,027 square foot office complex prominently located along the Dulles Toll Road in Herndon, Virginia. Cisco Systems, Inc. (S&P Credit Rating: AA-) anchors the complex, occupying the entirety of Dulles Technology Center IV (i.e. 50% of the Portfolio) since completion, and expires in March 2025. Dulles Technology Center III is currently 66% leased to six tenants, producing a Portfolio WALT of approximately 2.5 years.
Housed on a single 12-acre site located within 1/2 mile of the Innovation Center Metrorail Station, the Properties could provide investors with more than 1.0 million square feet of total density potential achieved through a rezoning process with Fairfax County. The Innovation Center Metrorail Station (<10 minute walk) has spurred a rapid transformation of the surrounding area into a thriving mixed-use, transit-oriented neighborhood. Over 1,400 residential units have been developed within a 1/2 mile radius of the Properties in the last 24 months, and another 2,610 units are slated for future development.
Dulles Technology Center therefore presents a rare opportunity to maximize the site’s connectivity and integration into the surrounding placemaking developments and provides investors with significant flexibility regarding go-forward business plan and a variety of leasing outcomes with in-place tenancy.