Today, the Commonwealth of Virginia announced that an affiliate of Origami Capital Partners, LLC has completed the process of purchasing the Center for Innovative Technology (CIT) campus.
The distinctive CIT building and the surrounding 26 acres straddling Loudoun and Fairfax Counties will be incorporated into the overall vision for a regional destination of office, retail and residential. As I mentioned to the Washington Business Journal this morning:
“We are excited that the CIT site has been sold to a buyer who will be able to incorporate it into the cohesive vision both Loudoun and Fairfax Counties have for Innovation Station, which we think will be the premier transit-oriented development destination on the eastern seaboard for the next 20 years.”
That this deal closed today is also of great significance.
Obviously, we are all dealing with the fallout from COVID-19, which has shaken the world’s economy to the core. With businesses shuttered and unemployment skyrocketing, the easy thing would be to dismiss this deal as business as usual. But that’s not how I see it.
So often, in times of economic turmoil, deals fall apart or are re-negotiated. Not only did this partnership not seek to blow up the deal, but they also closed on time and at full price, reportedly $47.35 million.
As is widely known, the Innovation Station site was a finalist for the Amazon HQ2 project, finishing close behind our neighbors in Arlington. What isn’t known is that interest in the site from office users has remained strong in the months since. The closing of this deal shows the confidence that the market has in the future of the economy in Loudoun County and the Dulles Technology Corridor.
As Stan Nix of Timberline Real Estate Partners, a partner in the deal, told me this morning: “There is no uncertainty in the future of Northern Virginia despite all of the uncertainty we are otherwise faced with today.”
I couldn’t have said it better myself.
So, while we all struggle with the realities of today, take heart that better days are coming. It’s going to be hard, but we are going to get through this.