125,000-SF Business Center Nears Full Occupancy

Asking rates for the space is $9.50 per sf, triple net. Most of the building is built out, Benninghoff says, and the average rate at full build out is $17 to $18 per sf, triple net. In general, filling space in Prince William County is a slower process than much of the DC metro area, Benninghoff says. However tenants that located here tend to be long-standing building occupants as they often come from the defense-related and government sectors. "What we have found is that the market takes longer to lease up," Benninghoff says. "But there is a better quality of tenant once they are in place--core business operations, government contractors and so on."

Innovation Business Center is part of INNOVATION @ Prince William Technology Park, a 1,500-acre business and technology park targeting biotechnology, life science, and supporting industries that is anchored by George Mason University's life science campus.

Innovation Business Center is currently leased to Metris which occupies 30,109 sf, the Prince William County government, a 20,156-sf tenant, UTRON at 15,781 sf, Northern Virginia Community College, Christopher Consultants, ECS Mid-Atlantic and DNS. In May, Buchanan Partners sold majority ownership of the property in an 80% to 20% JV structure to New Boston Properties.

Innovation Business Center's three low-rise buildings are situated 11 acres of land at 9371 Innovation Dr. They feature concrete tilt-up construction with brick inserts and a glass line. Hubert Construction of Gaithersburg, MD was the general contractor and Morgan Gick McBeath & Associates of Falls Church, VA was the project architect.