News release

Northern Virginia’s Dulles Executive Plaza trades in $113.5M sale

JLL Capital Markets led the sale and financing efforts for the Class A office buildings 

June 01, 2021

WASHINGTON, D.C., June 1, 2021JLL Capital Markets announced today that it has closed the $113.5 million sale and financing of Dulles Executive Plaza, a two-building, Class A office complex totaling 384,336 square feet in Herndon, Virginia.

JLL represented the seller, a partnership between affiliates of Lionstone Investments and funds advised by Columbia Real Estate Management, a subsidiary of Columbia Property Trust, and procured the buyer, Innovatus Capital Partners, LLC. Additionally, JLL worked on behalf of Innovatus to secure acquisition financing.

Dulles Executive Plaza is located at 13530 and 13560 Dulles Technology Drive in the Innovation Center micro-market of Herndon. This submarket is rapidly becoming a transit-oriented, mixed-use environment with the opening of the Innovation Center Silver Line Metro Rail Station later this year, which will link the property to the broader D.C. region and continue to spur additional development.

Renovated and repositioned in 2019, Dulles Executive Plaza offers market leading on-site amenities, including a conference center, fitness facility, tenant lounge, and food service. The property is 94% leased to name brand government contractors such as Lockheed Martin and Constellis.

The JLL team representing the seller was led by Matt Nicholson, Jim Meisel, Andrew Weir and Dave  Baker.

JLL’s debt placement team leading the financing was led by Paul Spellman, Rob Carey and Susan Carras.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Lionstone Investments

Lionstone Investments is a data-analytics driven real estate investment firm that conceptualizes, analyzes, and executes national investment strategies using proprietary algorithms and advanced analytics to understand the changing ways people in America want to live and work — Places for Productive People.® Lionstone Investments is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. For more information, please visit:

About Columbia Real Estate Management (“CREM”) 

CREM, a wholly owned subsidiary of Columbia Property Trust, Inc. (“Columbia”), is advisor to several funds that were formerly advised by Normandy Real Estate Management, a former real estate developer, owner and manager, and fund manager that was acquired by Columbia in January 2020. Columbia also serves as general partner for these funds and is a joint venture participant with certain of these funds in several development and re-development projects. For more information, please visit 

About Innovatus Capital Partners, LLC

Innovatus Capital Partners, LLC is a boutique specialty finance firm focused on creating value for investors in emergent asset classes, private credit and asset-based investments, based in New York.  Innovatus has assets under management in excess of $1.5 billion. Innovatus has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, multifamily, hotel, retail, medical, and industrial. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at