6849 Old Dominion Drive
The property was acquired off market from a major institutional owner who was right sizing its portfolio. The property is located in the heart of the retail and office corridor of McLean, VA one of the most affluent communities in Northern Virginia. The asset works exceptionally well in its current configuration as a renovated office building but has significant upside through a future conversion to a dense urban mixed use project.
- Off-market acquisition of boutique office building in affluent, amenity-rich submarket of Northern Virginia adjacent to 1420 Beverly Road also owned by SIP.
- Predominantly a lease-up strategy, with special focus on medical office tenancy. Only light, cosmetic improvements planned.
- Increased leasing level from 65% to mid-90’s in less than 6 months.
- $40-$42 rental rates being achieved; up over 25% since acquisition.
- Significant upside potential through future re-development of the site into mixed-use residential & retail.