Dulles Executive Plaza

Jones Lang LaSalle Americas, Inc. ("JLL"), as exclusive representative for Owner, is pleased to present this opportunity to purchase Dulles Executive Plaza ("DEP" or the "Properties"), two Class A office buildings consisting of 384,336 (BOMA) square feet. The Properties are located at 13530 & 13560 Dulles Technology Drive in Herndon, Virginia, and are collectively 94% occupied after undergoing a market leading, $4.7 million renovation in 2019. DEP is substantially leased to name brand government contractors such as Fortune 100 company Lockheed Martin (“Lockheed” or “LMT”), occupying 50% of RBA through November 2024, and Constellis, leasing 28% of RBA through June 2031. Lockheed has been at DEP for over 20 years and has invested significant capital in its on-site infrastructure, establishing the location as mission critical, highly secure, 24-7 operation for its Space Systems division.

Dulles Executive Plaza also provides investors with significant near-term development potential with over 850,000+ SF in additional density through re-entitlement. This embedded upside, along with durable in-place cash flow from entrenched credit tenancy, makes Dulles Executive Plaza one of the most compelling Covid-proof investment opportunities available in the Washington, DC marketplace today.

• 94% leased to entrenched government contractors with 5.5 years of WALT -> offers significant in-place cash flow and compelling yields
• Fortune 100 company Lockheed Martin occupies 50% of the complex with approximately two-thirds of their footprint operating 24-7 in secure space, for mission critical contract work that can only be done on-site
• Constellis, after an extensive Global HQ search, now occupies 28% of the complex (and 56% of DEP I), and conducts mission critical 24-7 operations on a secure full floor
• Recent market leading $4.7 MM renovation provides minimal go forward capital spend and ensures high probability of renewal for all tenants
• In-place rents are significantly below market (~10%) and at a substantial discount to new development (~40% discount), which offers investors embedded mark-to-market upside and certainty of renewal in the future
• Innovation Center's opening in 2021 (less than 10 minute walk from properties) will link DEP to the broader DC region via Metro, drive continued development, and further create a live-work-play environment that attracts and retains Northern Virginia's premier office tenancy
• 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); $75 B of cloud computing contracts to be awarded throughout the region in FY 2021
• 850,000+ SF of additional density available provides significant upside potential with minimal parking replacement costs