JLL Capital Markets led the sales and acquisition financing efforts for the two-building Class A office complex
News release
16 August 2022
Investor purchases Herndon Metro Plaza I & II in Washington, D.C. metro
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WASHINGTON, D.C., August 16, 2022 – JLL Capital Markets announced today that it has completed the sale of and arranged acquisition financing for Herndon Metro Plaza I & II, a two-building, Class A office complex totaling 204,029 square feet in Herndon, Virginia.
JLL exclusively represented the seller and procured the buyer in the sale of the property. In addition, JLL worked on behalf of buyer to secure a fixed-rate loan through Tristate Capital Bank.
Herndon Metro Plaza I & II is situated on a 6.5-acre site at 196 and 198 Van Buren St., approximately 22 miles from downtown Washington, D.C. The properties have a prominent location visible from the Dulles Toll Road, which offers regional vehicular accessibility as well as connections to Dulles International Airport. In addition, the office complex is immediately adjacent to the new Herndon Metrorail Station offering Silver Line access throughout the greater Washington, D.C. metropolitan area.
Collectively, the two properties are 53% leased to seven tenants with three years of weighted average lease term (WALT) remaining. The buildings feature 26,700-square-foot floorplates and offer in-demand amenities, including underground parking and a brand-new tenant lounge and conference center.
The JLL Capital Markets Investment Sales Advisory team representing the owner was led by Matt Nicholson, Dave Baker, Andrew Weir, Jim Meisel and Kevin Byrd.
“Herndon is a rapidly transforming submarket with numerous mixed-use developments in the permitting or planning stages,” Nicholson said. “Herndon Metro Plaza presented a tremendous opportunity for an investor to capitalize on this surrounding momentum, as well as the soon-to-open Herndon Metrorail Station immediately adjacent to the complex.”
The JLL Capital Markets Debt Advisory team representing the buyer was led by Drake Greer and Dan McIntyre.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.