BREAKING: Center for Innovative Technology Complex Sold for $47 Million

Virginia has sold off the Center for Innovative Technology office building in Herndon, Gov. Ralph Northam announced today.

The 149,000-square-foot office building that’s located on a 26-acre parcel near the Washington Dulles International Airport and the future Innovation Center Metro Station was sold for $47.4 million to Origami Capital Partners and Timberline Real Estate Partners.

The sale will help fund the Virginia Innovation Partnership Authority, a new entity for “innovation ad new technology-based economic development,” according to a release. Funds will be allocated directly to the Virginia Research Investment Fund.

The building housed the nonprofit Center for Innovative Technology, Northern Virginia Technology Council and other private technology firms.

Here’s more from the release:

“This event represents a significant milestone toward the goal of delivering to Northern Virginia a development that will entice and excite major corporate tenants,” said Jeff Young, Managing Partner of Origami. “We know companies will embrace the project and resolve to focus on delivering a development to the residents of Northern Virginia they will celebrate. We look forward to our ongoing partnership with the commonwealth, Loudoun and Fairfax counties.”

The General Assembly declared the property surplus in 2016 and directed DGS, which manages Virginia’s real estate portfolio, to dispose of it. DGS and its contracted real estate broker, Divaris Real Estate, marketed the property and received 13 proposals from 12 offerors in its initial solicitation. In October 2019, a Call for Best and Final Offers resulted in 12 proposals from 10 potential purchasers. DGS began discussions with the chosen purchaser in November.

“The sale of this property in an area of Virginia where property development continues at a robust pace provided the Commonwealth an opportunity to receive the most favorable outcome from an open competitive sale process,” said DGS Director Joe Damico. “DGS worked collaboratively with many stakeholders, including the localities where the property resides, the Office of the Attorney General, building tenants, and the new owners to complete the successful surplus property sale that will further the Commonwealth’s economic development goals.”

Photo via Facebook/CIT