HERNDON, VA. — Enverra Real Estate has acquired Caywood, a 260,000-square-foot office campus located at 13221 and 13241 Woodland Park Drive in Herndon, a Washington, D.C., suburb near Washington Dulles International Airport. The purchase price was $42 million, according to multiple media outlets. Drew Flood of Cushman & Wakefield represented the undisclosed seller, and Michael Zelin, also with Cushman & Wakefield, arranged acquisition financing on behalf of Enverra. Lincoln Property Co. will serve as property manager, and Tim Summers of Cushman & Wakefield will handle leasing.
The campus, which was fully renovated by the previous ownership, was 95 percent leased at the time of sale to tenants such as Small Business Association, Vulcan Materials, Four Points Technology LLC, Occam Solutions and NIHA Technologies, among others. Recent improvements at the campus include renovated, hospitality-style lobbies, a 100-person conference center, fitness and wellness center, tenant lounge with coworking space and outdoor collaboration areas and landscaped terraces.
Enverra plans to open a full-service café off the lower-level lobby and add coffee service across the campus; bring additional tenant services to the property; implement a tenant experience program; and provide a multimillion-dollar investment for back-of-house upgrades including replacements to the cooling tower, HVAC and building automation systems.