June 17, 2021
Innovatus Capital Partners, LLC Acquires Dulles Executive Plaza in Herndon, Virginia
Innovatus Capital Partners, LLC (“Innovatus”) is pleased to announce its acquisition of Dulles Executive Plaza located at 13530 & 13560 Dulles Technology Drive in Herndon, Virginia. Dulles Executive Plaza consists of two Class A properties totaling 384,336 square feet. The property is 94% leased and recently underwent a $4.7MM renovation with the construction of a market-leading amenity center featuring a tenant lounge, conference center, on-site food service, and fitness center. Lincoln Property Company (“LPC”) has been retained to lease and manage the property in the expansion of a national partnership between Innovatus and LPC.
“The acquisition of Dulles Executive Plaza is another example of Innovatus’ strategy of identifying and acquiring best-in-class office properties in certain high growth micro markets.” said Bradley Seiden, Managing Director, Innovatus Capital Partners. “We look forward to building a hub of properties in this location.”
Dulles Executive Plaza is located in a burgeoning transit-oriented, mixed-use environment centered on the Innovation Center Silver Line Metro Rail Station and the Dulles Toll Road. With the Station’s opening later this year providing public transportation access from Downtown DC to Dulles Airport, Dulles Executive Plaza will benefit from this enhanced connectivity within the greater Washington, DC. The arrival of the Dulles Toll Road and Silver Line have spurred the development of a “Dulles Technology Corridor”, stretching between Route 267, Dulles Toll Road and Route 7. The Dulles Technology Corridor has become the epicenter of federal government spending in cloud computing and technology, with Amazon Web Services, Microsoft and Google all committing and growing in this market.
“Innovatus is pleased to increase its holdings in Northern Virginia with the acquisition of Dulles Executive Plaza,” said Tom Wasko of Innovatus. “The property’s best-in-class amenity buildout coupled with its irreplaceable infrastructure has attracted a name brand roster of defense and cybersecurity industry tenants. We are believers in Northern Virginia’s long-term growth as defense and technology companies such as Microsoft and Amazon Web Services continue to expand their presence in this market – opening of the Silver Line will further accelerate Northern Virginia’s economic expansion. We look forward to working closely with our tenants in maintaining this asset’s reputation as being one the top office assets in the area.”
Lincoln Property Company and Innovatus have a longstanding history of working together both nationally and in the Washington, D.C. area market and look forward to partnering on this venture.