CONSTRUCTION MANAGEMENT NORTHERN VIRGINIA PERFORMANCE 1994

Transcription

1 CONSTRUCTION MANAGEMENT NORTHERN VIRGINIA PERFORMANCE PROJECTS / 36 TENANT BUILDOUTS TOTALLING 400,000 SF $5,300,000 IN RETROFIT / RENOVATION INCLUDING MORE COMPLICATED PROJECTS SUCH AS: Roof Replacement Cooling Tower Replacement Lobby Renovation Parking Lot Resurfacing Energy Management System Replacement Structural Steel Reinforcement Building Demolition New Building Permitting Underground Storage Tank Removal Asbestos Removal ADA renovations Waterproofing and Brick repair

2 - Principal Financial Group Portfolio 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Jan. 93 Apr. 94 Avion Mid-rise Office Willard Road Battlefield Business Park Avion Flex III One Fair Oaks Sunset Corporate Plaza Avion Lakeside A Reston Office Campus

3 - Principal Financial Group Portfolio Market Product Leased Leased Project Size Submarket Vacancy Type Jan. 93 Apr. 94 Notes Avion Mid-rise Office 57,340 Chantilly 24.0% Class A Office 56.0% 88.0% 3 new leases Willard Road 49,200 Chantilly 24.0% Industrial 8.0% 91.0% 3 new leases Battlefield Business Park 39,092 Manassas 19.0% R&D / Flex 33.0% 100.0% 3 new leases Avion Flex III 71,340 Chantilly 24.0% R&D / Flex 60.0% 100.0% USI lease One Fair Oaks 214,212 Fairfax Center 15.0% Class A Office 0.0% 100.0% Rockwell lease Sunset Corporate Plaza 99,794 Reston 13.0% Class A Office 0.0% 100.0% Martin Marietta lease Avion Lakeside A 57,278 Chantilly 24.0% Class A Office 87.0% 100.0% USI lease Reston Office Campus 83,000 Reston 13.0% R&D / Flex 63.0% 100.0% PSC lease

4 TENANT REPRESENTATION CONSTRUCTION MANAGEMENT RESULTS Landlord's Budget 100% 80% 60% 40% 20% 16% 25% 14% 20% Savings Actual 0% ABA NASW WASH POST BT TYMNET

5 - Chantilly Submarket Projects All Industrial and R&D/Flex Projects Market Product Leased Leased Project Size Submarket Vacancy Type Jan. 93 Apr. 94 Notes Avion Mid-rise Office 57,340 Chantilly 24.0% Class A Office 56.0% 88.0% 3 new leases Willard Road 49,200 Chantilly 24.0% Industrial 8.0% 91.0% 3 new leases Battlefield Business Park 39,092 Manassas 19.0% R&D / Flex 33.0% 100.0% 3 new leases Avion Flex III 71,340 Chantilly 24.0% R&D / Flex 60.0% 100.0% 1 new lease Dulles International Park 60,000 Sterling 28.0% Industrial 0.0% 100.0% Rockwell lease Avion Lakeside A 57,278 Chantilly 24.0% Class A Office 87.0% 100.0% Martin Marietta lease Reston Office Campus 83,000 Reston 13.0% R&D / Flex 63.0% 100.0% 1 new lease

6 - Chantilly Submarket Projects All Industrial and R&D/Flex Projects 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Jan. 93 Apr. 94 Avion Mid-rise Office Willard Road Battlefield Business Park Avion Flex III Dulles International Park Avion Lakeside A Reston Office Campus

7 - Market Product Leased Leased Project Size Submarket Vacancy Type Jan. 93 Apr. 94 Notes Avion Mid-rise Office 57,340 Chantilly 24.0% Class A Office 56.0% 88.0% 3 new leases Willard Road 49,200 Chantilly 24.0% Industrial 8.0% 91.0% 3 new leases Battlefield Business Park 39,092 Manassas 19.0% R&D / Flex 33.0% 100.0% 3 new leases Avion Flex III 71,340 Chantilly 24.0% R&D / Flex 60.0% 100.0% 1 new lease Mohasco - Fair Lakes 60,000 Fairfax Center 15.0% Class A Office 57.0% 96.0% Sold by TCC One Fair Oaks 214,212 Fairfax Center 15.0% Class A Office 0.0% 100.0% Rockwell lease Sunset Corporate Plaza 99,794 Reston 13.0% Class A Office 0.0% 100.0% Martin Marietta lease Commerce Executive III 105,000 Reston 13.0% Class B Office 15.0% 100.0% 11 new leases Dulles International Park 60,000 Sterling 28.0% Industrial 0.0% 100.0% Rockwell lease Avion Lakeside A 57,278 Chantilly 24.0% Class A Office 87.0% 100.0% Martin Marietta lease Reston Office Campus 83,000 Reston 13.0% R&D / Flex 63.0% 100.0% 1 new lease Shirlington Village I 50,000 Route % Class B Office 48.0% 92.5% 5 new leases

8 % 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% Jan. 93 Apr. 94 Avion Mid-rise Office Willard Road Battlefield Business Park Avion Flex III Mohasco - Fair Lakes One Fair Oaks Sunset Corporate Plaza Commerce Executive III Dulles International Park Avion Lakeside A Reston Office Campus Shirlington Village I

9 Performance Northern Virginia Highlights Represented Owners in the 1st, 4th, 8th, and 13th largest lease transactions of the year - Rockwell International 214,212 square feet - Martin Marietta 99,794 square feet - Universal Systems Inc. 89,000 square feet - MedSurg Industries 60,000 square feet Added 600,000 square feet to property management portfolio - Northern Virginia total is currently 2,200,000 square feet - Washington Metro area total is currently 7,500,000 square feet Selected by Aetna Life Insurance to sell three buildings in the Reston, Virginia portfolio - 200,000 square feet of office space Selected by Miller & Smith Company to sell three buildings in Manassas, Virginia - 100,000 square feet of industrial space 1993 Ranked #1 Nationally for Portfolio Value Increase by Principal Financial Group

10 Northern Virginia Portfolio Asset vs. Market Occupancy Comparison R e s t o n O f f i c e C a m p u s A v i o n L a k e s i d e A D o l l e y M a d i s o n A t r i u m P a r k e - L o n g S u n s e t C o r p o r a t e P l a z a M a r k e t O c c u p a n c y P F G O c c u p a n c y O n e F a i r O a k s A v i o n F l e x I I I B a t t l e f i e l d B u s i n e s s P a r k W i l l a r d R o a d A v i o n M i d - r i s e O f f i c e 0 % 1 0 % 2 0 % 3 0 % 4 0 % 5 0 % 6 0 % 7 0 % 8 0 % 9 0 % %