Lease is first transaction completed by Bethesda, Maryland-based commercial real estate investment firm since acquiring four-building, 620,000 square foot portfolio earlier this year
Finmarc Management, Inc., a diversified commercial real estate investment and management firm headquartered in Bethesda, Maryland, has signed DLT Solutions to a 51,621 square foot lease extension at Dulles Corner in Northern Virginia. This lease represents the first transaction since Finmarc acquired the four-building portfolio composed of nearly 620,000 square feet of Class “A” commercial office space earlier this year for $51 million. Finmarc Principal Neil Markus together with Cushman & Wakefield’s Tom Walsh, Will Thomas, and Nate Marshall represented the landlord, and Paul Darr and John McManus of Cushman & Wakefield represented the tenant in this transaction.
DLT Solutions intends to maintain its occupancy within 2411 Dulles Corner Park, an eight-story, nearly 180,000 square foot commercial office building for an extended term. The balance of the portfolio consists of 13880 Dulles Corner Lane, a four-story, 150,000 square foot commercial office building; 2355 Dulles Corner Boulevard, an eight-story, more than 180,000 square foot commercial office building; and 13825 Sunrise Valley Drive, a 105,000 square foot two-story office building.
A wholly-owned subsidiary of Tech Data, a TD SYNNEX Company, DLT Solutions is a government solutions aggregator specializing in information technology needs for the federal, state, and local education, utilities, and healthcare markets. Approximately 250 employees are expected to work at 2411 Dulles Corner Park.
“This lease is extremely significant because it completely bucks the office space downsizing trend of recent years and indicates a shift in corporate thinking in the post-COVID era,” stated Neil Markus. “Companies such as DLT Solutions are realizing that traditional workspaces cannot be replicated in a remote environment, and there is significant value in maintaining a strong corporate culture including employee collaboration, socialization, and team work. DLT Solutions is investing in the future of their company with the understanding that its workspace is a corporate advantage.”
Dulles Corner, positioned at the intersection of Dulles Toll Road (VA Route 267) and VA Route 28 and overlooking Dulles International Airport, is anchored by a mix of companies engaged in the aerospace, defense, and high technology industries. The portfolio is benefitted by a best-in-class amenity package and recent capital investments which focused on modernization of the building lobbies, common area spaces and amenities. Dulles Corner is served by the Innovation Center Metro Station on the Silver Line; Reston Town Center, a mixed-use development featuring apartments, retail stores and restaurants; and Village Center at Dulles, with more than 300,000 square feet of retail and restaurants.
The four-building portfolio has more than 2,100 parking spaces and is equipped with state-of-the-art conference facilities, a private fitness center, on-site restaurant options, a daycare center, and a Central Park feature with walking paths, water features, greenspaces, and outdoor eating areas. Representative tenants include Peraton, SAP National Security Services, Mission Essential, Valiant Integrated Services, Synopsys, and BlackSky DC.
“Since acquiring the Dulles Corner portfolio earlier this year, we have experienced significant leasing interest from a diverse range of industries in the DC-Northern Virginia market anxious to leverage the presence of a highly skilled labor force and prime location,” Markus added. “The former owners of Dulles Corner were reluctant to invest additional capital into leasing, which translated to the limited leasing achieved over the past several years. Our team is fully invested in this asset which is demonstrated by the completion of this first lease less than two months after we assumed ownership of the property.”
Finmarc Management, Inc. is a fully integrated commercial real estate company that focuses on real estate investment, management, leasing and development of retail, industrial/flex, and office properties throughout the Mid-Atlantic region. The firm presently owns and manages a portfolio encompassing nearly eight million square feet of commercial properties located in Maryland, Washington, D.C., Virginia, Delaware, Pennsylvania, and North Carolina. For additional information visit www.finmarc.com.
