WASHINGTON, DC--Chambers Street Properties has put on the market the former AOL headquarters building that has come to represent the high-water mark in office park quality in Loudoun County. The four building, 696,377-square foot complex is 86% leased by Raytheon's Intelligence, Information and Services business unit, including its cybersecurity division, through 2026 on a triple net basis having just recently signed an early extension of its lease obligation.
In addition, Comcast just signed a 30,000-square foot lease at the property, CBRE SVP Tom Cleaver tells GlobeSt.com. Chambers Street has tapped CBRE to market the complex.
A source told GlobeSt.com the whisper price for the complex is $165 million. Cleaver declined to discuss pricing with GlobeSt.com.
Prospective buyers have already expressed interest, Cleaver says, although the bidding process hasn't even officially started. He anticipates the bidding process to begin in February of 2016. "This is a unique opportunity for buyers on a couple of fronts," Cleaver says. "The tenant and tenancy term cannot be any better and the quality of the product is excellent." In addition, because it is Raytheon, its suppliers also tend to locate nearby.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
