Bethesda, Maryland-based Finmarc Management has acquired the two Ashburn buildings that house Telos Corporation's headquarters for more than $26.1 million, according to company officials.
The 26-acre site on Ashburn Road consists of a three-story commercial office building with more than 110,000 square feet and a nearly 80,000-square-foot, one-story facility with industrial or research and development space.
The sale of the building is not expected to impact cybersecurity firm Telos' operations, company officials said. Founded in 1987, the major government contractor employs more than 500 workers. The firm completed a major renovation of the building in 2015.
“We successfully acquired this asset significantly below replacement value and, with a stable and creditworthy single-use tenant in place with a long-term lease, are confident about the strong upside potential of this property,” David B. Fink, principal of Finmarc Management, said in a prepared statement. “Given the recent $5 million capital expenditure for extensive upgrades at both buildings, no additional investment is needed in the near-term.”
The seller, Telosco Property LLC – a joint venture between U.S. Realty Advisors, LLC and Bain Capital – was represented by the firm HFF.
Defense spending by the federal government is expected to grow by nearly 7 percent through next year and more than 4 percent through 2023, according to industry experts.
Telos CEO and Chairman John Wood commented on his company's “deep roots in Loudoun County.”
“The recent sale of our headquarters building will not impact our business operations, or our commitment to this community,” Wood said.