Center For Innovative Technology Office Sold For $47.35M

HERNDON, VA — A prime piece of office space along the Dulles Access Road has a new owner. Virginia's Department of General Services (DGS) closed on a deal Thursday to sell the Center for Innovative Technology to affiliates of Origami Capital Partners and Timberline Real Estate Partners, according to a Virginia press release.

Proceeds from the $47.35 million sale of the property located at 2214 Rock Hill Road in Herndon will go to the Virginia Research Investment Fund, which will help fund the Virginia Innovation Partnership Authority (VIPA).

VIPA is a consolidated entity for innovation and new technology-based economic development, which Gov. Ralph Northam championed during the 2020 General Assembly session.

“The sale of this valuable property will help fund innovation programs for the Commonwealth and transform the way Virginia invests in higher education research and job creation in high-technology fields,” Northam said, in the release. “The newly-formed Virginia Innovation Partnership Authority will focus on job creation, new company formation, investment in applied research projects, and capital investment in Virginia companies. This is an exciting opportunity to enhance Virginia’s position as a regional and national technology leader.”

The 26-acre Center for Innovative Technology campus straddles Fairfax and Loudoun counties. It's near Washington Dulles International Airport and the new Innovation Center Metrorail Station.

“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, in the release. “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 Center for Innovative Technology campus was declared surplus property by the General Assembly in 2016. Since then, DGS and its real estate broker, Divaris Real Estate, have been hunting for a buyer. In its initial solicitation, DGS received 13 proposals from 12 potential buyers. A Call for Best and Final Offers in October 2019 brought in 12 proposals from 10 entities.

In November, DGS entered into negotiations with the chosen purchaser.