6849 Old Dominion Drive

McLean, VA
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 Norther Virginia.
  • Predominantly a lease-up strategy. Only light, cosmetic improvements planned.
  • Significant upside potential through future re-development of the site into mixed-use residential & retail.
  • Increased leasing level from 65% to mid-90’s in less than 6 months.
  • $35-$36 rental rates being achieved; up 10% from $33 at time of acquisition.
Building Size

67,000 sf

Acquisition Source

Off-Market

Equity Partner

Chestnut

Acquisition Price

$15.8 M

Redevelopment

$0.5 M

Total Project Costs

$20.0 M

Exit Price

N/A

Date
Category
McLean, VA