218,245 SF office building located at 4114 Legato Road in Fairfax, VA.
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for the Owner, is pleased to present this offering for One Fair Oaks (the “Property”), a 219,558 RSF Class A office asset located at 4114 Legato Road in Fairfax, Virginia. The recent $21 MM investment has strategically transformed the asset into a fully amenitized, best-in-class office building with all first generation tenant spaces. The Property now offers tenants a dynamic, new lobby and unparalleled amenities including: a fully equipped fitness center, 99-person conference room and 14-person board room, tenant lounge inclusive of a self-service marketplace, secure bike room, and communal work areas including an outdoor terrace space (with wifi connectivity throughout the first floor). The innovative design and unique property offerings have led to the remarkable leasing velocity with approximately 195,000 SF leased in 2 years (first lease signed October 2017). One Fair Oaks is currently 89% committed (inclusive of 1 executed LOI) to 18 Tenants with 7.8 years of weighted average lease term. Base rental rates at the Property have increased 19% over the past 2 years, which offers potential investors a compelling upside potential. At the confluence of Route 50 and Route 66 (in addition to Fairfax County Parkway and Fair Lakes Parkway), One Fair Oaks provides outstanding accessibility to downtown Washington, DC within 30 minutes and to the broader Northern Virginia region. Located in the heart of the Fairfax Center mixed-use environment, the Property offers tenants an amenity-rich surrounding area with over 3.2 MM SF of retail space within a one-mile radius. One Fair Oaks presents investors a unique opportunity to acquire a market leading office asset with significant upside. Investors will benefit from continued leasing momentum and embedded rental rate appreciation without the need for substantial go-forward capital investment due to Seller’s transformative renovation and investment into the asset and its tenancy.