CIT building

Virginia has sold the Center for Innovative Technology property that straddles the Loudoun County-Fairfax County line and was once floated as a potential site for Amazon's HQ2.

Affiliates of Origami Capital Partners and Timberline Real Estate Partners purchased the property from the commonwealth for $47.35 million, Gov. Ralph Northam's office announced today. Proceeds from the sale will be deposited into the Virginia Research Investment Fund. The money will go toward the new Virginia Innovation Partnership Authority, or VIPA, which the governor's office calls a consolidated entity for innovation and new technology-based economic development.

The CIT property consists of a 149,000-square-foot office building on nearly 26 acres about a mile from Dulles Airport.

The property, which was included in one of the commonwealth's Amazon HQ2 pitches, formerly housed the nonprofit Center for Innovative Technology, Northern Virginia Technology Council and other private tech firms.

“The sale of this valuable property will help fund innovation programs for the commonwealth and transform the way Virginia invests in higher education research and job creation in high-technology fields,” Northam (D) said in a prepared statement. “The newly-formed Virginia Innovation Partnership Authority will focus on job creation, new company formation, investment in applied research projects and capital investment in Virginia companies.”

Jeff Young, managing partner for Origami, said, “This event represents a significant milestone toward the goal of delivering to northern Virginia a development that will entice and excite major corporate tenants. We know companies will embrace the project ... We look forward to our ongoing partnership with the commonwealth, Loudoun and Fairfax counties.”

The General Assembly of Virginia declared the property surplus in 2016 and directed the Department of General Services, which manages Virginia’s real estate portfolio, to dispose of it, according to Thursday's announcement. The department and its contracted real estate broker, Divaris Real Estate, marketed the property and received 13 proposals from 12 offerors in its initial solicitation. A call for final offers last fall resulted in 12 proposals from 10 potential purchasers, and general services began discussions with the chosen purchaser in November, according to the governor's office.

“The sale of this property in an area of Virginia where property development continues at a robust pace provided the commonwealth an opportunity to receive the most favorable outcome from an open competitive sale process,” Department of General Services Director Joe Damico said in a prepared statement.

Chicago-based Origami Capital Partners is a private equity firm "that acquires assets trapped in complex structures and provides patient, flexible solutions to owners who are seeking liquidity," according to company representatives.

Timberline, headquartered in Texas, "acquires, repositions and develops hospitality-led real estate assets, including mixed-use, residential and infill land," according to its website.

(19) comments

amerigirl

I have to say that this is the ugliest building I have ever seen.

Thebroof

NoVA residents are excited about future tax increases. They keep voting for it.

Oldbroad

What exactly is VIPA? Will they pay taxes? Who oversees it/them. Another shell game!?

hardworkingamerican

"Coonman" Northam must go. Take back our lives. Go back to work, masks don't help unless you are sick, as a matter of fact, masks cause worse health issues due to the abnormal re breathing of CO2 from your normal lung exchange, so those that are out and don't need them are increasing their risks of respiratory issues. Plus masks cause you to do stupid things like pull it down, pull it up, pull it down, pull it up, ok you get the point. Coonman must go. Give this money to those he has destroyed and then prosecute him for violation of civil rights.

darth

Masks are very effective in preventing asymptomatic carriers from spreading the disease. Masks, hand washing and social distancing are the key to lowering the R-naught number and keeping it below 1. These are well known things.

But yeah, we could use a more progressive Democrat in the Governor's office next time.

Oldbroad

You are correct te masks and our Gov. But right now the Pope could be Gov and we would disagree with whatever HE decided to do. Everyone is at the 1 yd line and I truly, hopefully believe these folks are trying to make the best drcisions they can with the information they have. If the info changes then the decisions change...we have sern this in a constant changing stream of info. These are uncharted waters and we aim for the closest star and steady the course. Be patient, most are biting the bullet but I hope being conservative now we keep us from a worse fate down the road. Or at least make us wiser and better prepared.

amerigirl

No racist like you that know only 2 people ever, ever called him that but you continue to use the racist slur need to go. Masks do not cause more health issues, what an idiotic thing to say. Why do you think doctors and nurses use them? To make sure they don't spread anything to their patients. Ask you D-I-L.Stupid thins are not caused by the masks, they are caused by stupid people who don't want to wear them. How about Trump must go, That ha about as much to do with this article as anything in your statement.

Ald-Nova

These Russian Psy ops commentors are hilarious! Obviously Russian because they have a poor command of the English language. They must be getting worried that their comrade pres is going to fail and America will go back to being a World leader instead of the World's joke reality show.

darth

lol

LetsBreal

Da, tovarish! I normally spread panic for fun by walking around local stores dressed in a moon suit and taking note of the reactions. Sometimes I fall over in an aisle and start shaking uncontrollably on the floor just to add a little spice. Soccer and helicopter moms tend to go berzerk the quickest.

workhardgetahead

I guess you didn't get the memo. Russian Collusion has been proven to be a hoax.

amerigirl

I guess you didn't read the Mueller report. That is completely [offtopic]

amerigirl

Try conspiracy.

ace10

Liquidating real assets and turning them into government handouts. Nice!

Guest

Donald Trump, The second amendment, american history and heritage, and Putins post soviet Russia are the NWO's four biggest obstacles. and what has the liberal media been attacking lately? Although it has been proven time and time again crazies with guns are the best weapon against UN blue helmets.

amerigirl

Guns against peacekeepers, wow this is so far out of touch with reality or anything this article is about. [offtopic][offtopic][offtopic][offtopic][offtopic][offtopic][offtopic][offtopic]

amerigirl

How is job creation a handout? Explain

hardworkingamerican

Why doesn't our loser, "Coonman" Governor take this money and give it to the business owners he has maliciously and politically put out of business. Get rid of this Communist. He is lining his pockets and everyone knows it. Call for him to leave office, then we can work on the other criminal the Lt. Governor. Democraps are the evil that wants to destroy America.

applicant45554

Virginia inov .,, what? How about giving straight to schools or taxpayers. Enough with these inefficient programs.

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