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447,687 Square Foot Institutional Quality Office Opportunity

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447,687 Square Foot Institutional Quality Office Opportunity 447,687 SQUARE FOOT INSTITUTIONAL QUALITY OFFICE OPPORTUNITY EXECUTIVE SUMMARY 1921 Gallows Main Lobby Executive Summary Holliday Fenoglio Fowler, L.P. (“HFF”), as exclusive representative for the Accordingly, this offering represents a compelling opportunity to acquire Owner, is pleased to offer for sale Tysons International Plaza (the “Property” an institutional quality office asset well below replacement cost at the or “Properties”), a two building, 447,687 BRSF Class A office investment epicenter of Tyson’s continued transformation. Investors will be positioned opportunity located in the heart of the Tysons submarket of Northern Virginia. long-term at an attractive basis and poised to capitalize on the outsized Collectively 83% leased to a diverse roster of 34 tenants, the Property has rent growth and above market tenant retention associated with best-in- benefited from $11 million in capital improvements since 2007 and has class office product in a dynamic mixed-use, transit-oriented environment. experienced over 420,000 square feet of leasing activity since 2013. The opening of the Silver Line Metrorail in 2014 has been transformational for PROPERTY OVERVIEW both the region and Tysons in particular, establishing it as one of the nation’s premier office markets. Sustained tenant demand and rental rate growth for 1919 & 1921 Gallows Road Address: best-in-class office product like Tysons International Plaza is expected as the Vienna, Virginia 22182 submarket evolves into one of the nation’s most dynamic urban centers – a Type of Property: Two Building, 10-Story, Class A Office Property true 24-7 transit-oriented environment with a full complement of amenities appealing to tenants and residents alike. Rentable Area: 447,687 BRSF (Office & Retail) Tysons International Plaza offers convenient access to Tysons’ renowned 475,395 BRSF (Total) amenity base featuring Tysons Corner Center (10 minute walk) and Tysons Floor Plates: ± 24,000 SF Galleria (15 minute walk), two of the premier shopping destinations in the 1,509 spaces (3.2 per 1,000 SF) country that feature international designers, local boutiques, national chains, Parking: and fine and casual dining restaurants. The Property enjoys an enviable (surface and structured) public transit location in the evolving Tysons urban hub. It is located one Percent Leased: 83% half mile from the Tysons Corner and Greensboro Metrorail Stations, in NetApp, Inc. addition to offering a five minute shuttle to the McLean Metrorail Station. The (66,867 SF; LXD: Feb-24, 15% of RBA) Property’s location on Gallows Road allows for seamless ingress / egress Major Tenants: Concur Technologies, Inc. off of Leesburg Pike (Route 7) and onto the Capital Beltway (I-495) and the EXECUTIVE SUMMARY (40,524 SF; LXD: Oct-21, 9% of RBA) transformative HOT Lanes (a quarter mile) to the southeast. 2 INSTITUTIONAL-QUALITY, TRANSIT- INVESTMENT HIGHLIGHTS ORIENTED OFFICE PROPERTY • 83% Leased, Institutional-Quality Tysons Office Property • Tysons International Plaza is a two building office complex that is • Over $11 Million in Recent Capital Improvements collectively 83% leased to 34 tenants with a weighted average Differentiates The Property From The Competition remaining lease term of approximately six years. • Compelling Discount to New Construction Rents With • The Property is less than half a mile from the Tysons Corner and Strong Growth Anticipated Greensboro Metrorail Stations (Silver Line), providing access to • Over 420,000 RSF of Total Leasing Activity Since 2013 Downtown Washington, DC (20 minutes) and, as of 2020, to Reston Town Center, Herndon, and Washington Dulles • Proximate to the Tysons Corner & Greensboro Metrorail International Airport. Stations; On Site Shuttle to McLean Metrorail • The Capital Beltway (I-495) and transformative HOT Lanes are • Convenient Surface & Structured Parking immediately accessible to the southeast, providing a seamless • Direct Leesburg Pike (Route 7) Access Provides Connectivity connection to the Dulles Toll Road (2 miles) and the greater to the Capital Beltway (I-495), HOT Lanes, & Dulles Toll Washington, DC area. Road (Route 267) • Highly Walkable Existing Amenity Base; Proximity to $11 MILLION IN CAPITAL IMPROVEMENTS Tysons Corner Center & Tysons Galleria SINCE 2007 • Superior Submarket Fundamentals; Tysons Experienced 1.3 Million SF of Leasing Activity in 2016 • Notable improvements include main lobby renovations, fitness • Increase in Government Spending Will Propel Outsized center, elevator modernization, and common area upgrades. Economic Growth in Northern Virginia • Ongoing projects including a state-of-the art conference center • Free & Clear of Existing Debt ($550K), plaza and landscaping renovations ($425K), and 1921 Gallows Main Lobby garage concrete repairs ($1.5MM). OUTSTANDING LEASING ACTIVITY & TENANT DEMAND • As a result of the Property’s asset quality, convenient access, and ample surrounding amenities, Tysons International Plaza has experienced over 420,000 RSF of leasing activity since 2013, bringing 12 new tenants to the Property. • Ownership introduced an extremely successful spec suite program Middleburg Real Estate Partners in 2014 - 2015, delivering seven spec suites that leased up within one month of delivery, on average. • Three new spec suites totaling 8,667 SF are nearing completion EXECUTIVE SUMMARY on the 6th floor of 1919 Gallows and are sure to garner similar leasing momentum. • Anchor tenants include multinational storage data management company NetApp, Inc. (66,867 RSF; 15% of RBA) and Concur Technologies, Inc. (40,524 SF; 9% of RBA), the world’s leading provider of integrated travel and expense management services. 3 TYSONS INTERNATIONAL PLAZA LOCATED IN THE HEART OF ONE OF THE NATION’S MOST DYNAMIC URBAN CENTERS TYSONS’ RENOWNED RETAIL PROVIDES CYBERSECURITY & BIG DATA DRAWN TO ROBUST AMENITY BASE FAIRFAX COUNTY • Nearby Tysons Corner Center (directly across Route 7 from the • The business climate, infrastructure, talent pool, and proximity Property) and Tysons Galleria cumulatively offer hundreds of to Washington, D.C. have made Fairfax County a preferred retailers and are the unequivocal shopping destination of the location for cybersecurity and big data firms. Washington, DC metropolitan area. Tysons Corner Center offers • Fairfax County is a recognized leader in cybersecurity and is home 300+ popular retailers, an AMC Theater, 10 food courts, and a children’s play area in over 2 million SF of retail space. Tysons to more than 350 firms including BAE, SAIC, Northrop Grumman, Galleria features 100+ luxury retailers in 800,000 SF of retail CSC, General Dynamics, CACI, Lockheed Martin, Leidos, BAE, space including anchors Neiman Marcus, Saks Fifth Avenue, Raytheon and MITRE Corporation. 50 of the top 500 global and Macy’s. The two malls host over 55,000 shoppers daily. cybersecurity firms have a presence in Fairfax County. • Fairfax Square, located immediately adjacent to the Property, • The County is also on the cutting edge of the technology ecosystem offers a Chef Geoff’s restaurant, 47,000 SF Equinox gym, The due to the abundance of research scientists, statisticians, and Red Door Spa, and a Tiffany & Co. software developers that call the Washington, D.C. region home. Big data market leaders and innovators with operations EXECUTIVE SUMMARY in Fairfax County include Amazon Web Services, Compuware, Novetta, Informatica, Logi Analytics and Splunk. 4 TYSONS AT A GLANCE Tysons Is Fairfax County’s “Downtown” – A Burgeoning 24-7 Urban Center By 2020, Phase II of the Silver Line Will Connect Tenants To: • Reston Town Center • Herndon • Dulles International Airport • Ashburn/Loudoun County By 2050, Tysons Will: • Add 45 million SF of new construction • Provide over 200,000 jobs • House over 100,000 residents TYSONS IS NORTHERN VIRGINIA’S INCREASE IN GOVERNMENT SPENDING WILL ECONOMIC & CULTURAL HUB PROPEL REGIONAL ECONOMIC GROWTH • As Virginia’s largest office market – boasting over 28 million SF • The proposed $54 billion increase in defense spending will of office space and 105,000 jobs – Tysons is the economic hub result in outsized economic growth and job creation in Northern of Northern Virginia and impressively is the 13th largest Central Virginia and Fairfax County specifically 5% of all DOD and Business District in the United States. DHS aggregate contracts were performed in Fairfax County in • Due to its proximity to the Nation’s Capitol, central geographic fiscal year 2016. location on the East Coast, regional accessibility and Fairfax • 31 companies on Washington Technology magazine’s 2016 County’s highly skilled workforce, Tysons is a preferred business list of the 100 largest government contractors in the nation are location and is home to the headquarters of four Fortune 500 based in Fairfax County and 82 of the top 100 companies have EXECUTIVE SUMMARY companies: Freddie Mac, Capital One, Hilton Worldwide, and operations in Fairfax County. Booz Allen Hamilton. • Government contracts executed in Fairfax County in fiscal year • Spurred by the Silver Line Metro delivery in 2014, Tysons 2016 reached $23.9 billion. The County total was higher than experienced in excess of 3 million square feet of new leasing any other county or city, 46 states and the District of Columbia. activity in 2016 and Tysons alone accounted for 43% of all Northern Virginia leasing activity. 5 Andrew M. Weir Holliday Fenoglio Fowler, L.P. Senior Managing Director 202.533.2504 [email protected] James A. Meisel Holliday Fenoglio Fowler, L.P. Senior Managing Director 202.533.2505 [email protected] Stephen “Dek” Potts, Jr. Holliday Fenoglio Fowler, L.P. Senior Managing Director 202.533.2528 [email protected] Stephen C. Conley Holliday Fenoglio Fowler, L.P. Executive Managing Director 202.533.2533 [email protected] Matthew T. Nicholson Holliday Fenoglio Fowler, L.P. Associate Director 202.533.2502 [email protected] Robert M. Jenkins Holliday Fenoglio Fowler, L.P. Associate 202.777.2308 [email protected] Financing Susan B. Carras Holliday Fenoglio Fowler, L.P. Senior Managing Director 202.533.2526 [email protected] 1775 Pennsylvania Ave, NW 5th Floor Washington, DC 20006 202.533.2500 hfflp.com.
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