Inova Health to Utilize ExxonMobil Fairfax Campus
- Feb 10, 2015
ExxonMobil has a 117-acre corporate campus to spare and now it has found a use for the Fairfax, Va., property. With the assistance of commercial real estate firm DTZ, the oil and gas company has signed a deal with Inova Health System for the healthcare entity to occupy the 1.2 million square feet of office space at the property, also known as the ExxonMobil Fairfax Campus or One Fairfax, with the option to buy and expand.
Located at 3225 Gallows Rd., less than 15 miles from Washington, D.C., One Fairfax encompasses four interconnected structures with six towers and an amenities building. The site also features approximately 2,500 parking spaces and such amenities as a 1.1-mile nature trail. But perhaps the biggest bonus is the potential for new development.
Per contractual terms, neither DTZ nor JLL, the commercial real estate services firm that represented Inova in the transaction, is not at liberty to discuss the particulars of the agreement. However, it has been confirmed that Inova will lease One Fairfax under a 99-year agreement and develop the new Inova Translational Medicine Institute and the Inova Comprehensive Cancer and Research Institute on the site, which is zoned to accommodate an additional 550,000 square feet. The healthcare company also has right of first refusal, so its future acquisition of the property is on the table.
It was in 2013 when ExxonMobil selected DTZ– then Cassidy Turley–to provide divestiture services for One Fairfax. DTZ put the campus on the market, with the intention of remaining open to various options, including disposition, leasing and other value enhancement strategies. The campus is particularly well-suited to Inova for a few reasons, including the fact that it sits just a stone’s throw away from its flagship hospital at 3300 Gallows Rd.
Inova is on track to take occupancy of the ExxonMobil Fairfax Campus in late 2015.