TYSONS, VA, June 20, 2016–Colliers International has been named exclusive agent to market for sale 575 Herndon Parkway, a 135,000 square-foot office building located on a 4.8-acre site immediately adjacent to the WMATA’s Silver Line Herndon MetroRail station. Situated in Northern Virginia’s prominent Dulles Corridor, the building is currently 100% leased with Booz Allen as the lead tenant.

The property is in the center of Herndon’s Transit Oriented Core, a new zoning district created to encourage mixed-use, urban style development at the Herndon MetroRail Station.As part of the 38-acre Herndon Transit Oriented Core, the allowable FAR at 575 Herndon Parkway is 4.3, translating to 906,400 square feet that could be developed on the site.

“From an investment perspective, 575 Herndon Parkway offers developers incredible flexibility. A purchaser can benefit from the stable cash flow of existing leases while working through the design process,” said William E. Kaye, Executive Vice President at Colliers International who, together with colleague David Gast, is marketing the property on behalf of an undisclosed owner. “Additionally, development of the site can be phased without having to immediately demolish the existing building.”

Last year Kaye and Gast sold the adjacent site at 555 Herndon Parkway and that owner is currently working on site plans and designs for that property.

Originally constructed in 1989, 575 Herndon Parkway is a five-story building that has been renovated. Notable features include a contemporary skylight atrium with glass elevators. This design allows for two efficient wings on each floor with restrooms and systems centralized around the core.

During the last five years, there has been a significant shift in the types of office buildings desired by most tenants. Catering to the needs of their employees, companies are seeking office environments accessible by mass transit and surrounded by amenities. The place, the neighborhood, and the environment are equally as important as the office itself. At the same time, demand for high quality multi-family units served by MetroRail has increased throughout Northern Virginia. 575 Herndon Parkway provides an opportunity for developers to create a mixed-use real estate project of the future.

About Colliers International Group Inc.
Colliers International Group Inc.(NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.

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