ROCKWELL COLLINS AT TRANSDULLES
Land Acquisition & Build-to-Suit
SQUARE FOOTAGE: 178,198 SF
PROPERTY TYPE: Advanced office/R&D/manufacturing facility build-to-suit
COST: $29.3M ($164 PSF)
- In 2007, New Boston acquired approximately 23 acres of land as part of the purchase of an existing Class A office portfolio, providing a low basis entry point for development and a significant value add opportunity for New Boston’s vertically integrated team.
- New Boston secured land entitlements making development of the site possible and marketed the site for pre-leasing or build-to-suit.
- Ultimately, New Boston won a competitive bidding process to develop a build-to-suit for 17.7 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 office and manufacturing facility for the company’s flight simulator services. Construction was constructed on time and below budget.
- New Boston negotiated a 10.5 year NNN lease for the entire building with the potential to expand by an additional 26,000 SF.
- 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.