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Rockwell Collins at Transdulles
Sterling, VA 20164

Acquired

1/8/2007

Location

The Rockwell Collins at Transdulles development is located five minutes north of Dulles International Airport in one of Metro DC's growing submarkets.

Description

New Boston acquired approximately 23 acres of land as part of the purchase of an existing Class-A office portfolio and was able to secure land entitlements and market the site for pre-leasing or build-to-suit. Ultimately, New Boston won a competitive bidding process to develop a build-to-suit on 18 acres with Rockwell Collins, a Fortune 500 company with an A credit rating engaged in the production of aviation electronics and simulators. The property will serve as the headquarters and office and manufacturing facility for the company's flight simulator services.

New Boston negotiated a 10.5 year NNN lease for the entire building with the potential to expand by an additional 26,000 SF, and broke ground on the 179,000 SF office, laboratory and assembly building in September 2010. The building was completed on time and under budget in October 2011, the same time as Rockwell Collins began to occupy the building. The building covers 12.6 of the 18 acres allowing for future expansion of the facility or further development.

Investment Rationale

The original acquisition of the development parcel (as part of the existing Class-A office purchase) provided a low basis entry point for development and a significant value add opportunity for New Boston's vertically integrated team.

The strong cash flow combined with the lease term and tenant credit will make the asset a highly desirable property for sale. The development also allows for additional construction on the remaining land.

Fund Ownership

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF