CHANTILLY, VA-A specialty pharmaceutical company is taking space in two buildings in the Avion Business Park as the existing tenant moves out. It is an unusual development for the submarket, which has seen vacancy rates as high as 20% and rarely sees lease deals fill up off-market.
Chantilly BioPharma is taking 79,776-square feet at Avion Flex Tech I & II, located at 3701 & 3725 Concorde Parkway. Cassidy Turley’s Tom Cresce and Chris Lucey brokered the lease. Cresce declined to comment beyond the announcement.
The building is fully occupied and while the new tenant doesn’t represent positive absorption for Chantilly it is an interesting glimpse into the serendipity that can occasionally characterize a real estate deal. The previous tenant, according to a source close to the deal, wanted to break its lease early. The new tenant, whose space needs were tightly defined by the requirement for specialized, high-end laboratory space, approached Cassidy Turley about a deal. Within the span of three months these various moving parts had coalesced around a deal. Cresce and Chris Lucey handle the leasing of the building. “We are extremely pleased to finalize this transaction—especially because of its complexity and the specialized use of the tenant, which is unique to the Northern Virginia market,“ Cresce said in a statement.
The Avion Business Park, situated on 188 acres, consists of 19 existing buildings, with the potential to add up to 10 proposed buildings. It is next to Washington Dulles International Airport.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
