JLL to Manage 640 KSF at Suburban DC Headquarters Campus
- Aug 16, 2013
Jones Lang LaSalle’s management responsibilities in suburban Washington, D.C., just grew by 640,000 square feet. The commercial real estate services firm has been tapped by The Meridian Group to manage three buildings at the 18-acre Solutions Plaza corporate headquarters campus in Tysons, Va.
It’s a new assignment for JLL and a new property for Meridian. The real estate investment and development firm acquired Solutions Plaza in May in a partial sale-leaseback transaction with tenant Science Applications International Corp. SAIC had occupied all three office towers–which sit on 3.4 acres of the campus and carry the addresses of 1707, 1709 and 1710 SAIC Dr.–but post-sale, the company will whittle its occupancy on the site down to Tower III under a seven-year lease agreement with Meridian.
Although there’s just one fully occupied building on the premises and two towers that are set to be vacated within one year, JLL will still have its hands full with its new management assignment at Solutions Plaza, as Towers I and II have been designated for a $20 million renovation that will transform the structures into multi-tenant office destinations.
“This property’s a little bit unique, but it’s actually becoming more of the norm for the marketplace,” Meredith Roark, Regional Director, Mid-Atlantic Property Management with JLL, told Commercial Property Executive. “There are a number of properties in our market that are single-user occupied and you need to have a different approach when you’re changing that asset from a single-user facility to a multi-tenant facility, and that’s what this property will eventually be.”
Different approach, indeed. To accommodate multiple users, JLL will manage such changes and activities as the opening up of access to conference rooms and restrooms; rearrangement of corridors; figuring of shared common-area costs versus individual costs; lining up the appropriate inspectors, and the list goes on.
“It’s a very different setup so while they’re transitioning the asset to a multi-tenant asset, there are a lot of different pieces you have to think about,” Roark added. “We have to put things in place so that we can ensure there’s a clear line of delineation transferring from a single-user to a multi-tenant facility.”
There may be even more on JLL’s plate at Solutions Plaza in the future. There’s a fourth building on the campus that will be demolished for redevelopment. And the property is already positioned for a 3 million-square-foot mixed-use addition. As for JLL’s potential involvement in the redevelopment endeavor, Roark said, “It’s too early to know.”
Solutions Plaza is not the sole Meridian property under JLL’s management. The real estate services firm also oversees One Ballston Plaza and National Gateway in Arlington, Va., as well as the SAIC buildings right around the corner from Solutions Plaza.
It’s been a busy summer for JLL’s Washington, D.C.-area management team. Including the Solutions Plaza assignment, the commercial real estate services firm’s local property management portfolio has swelled by more than 5 million square feet within the last 60 days.