Defense Contractor Exostar Shrinks Space at Dulles Metro Center
By Keith Loria March 24, 2023 11:18 amreprints
Exostar, a global defense contractor, has downsized its lease at Dulles Metro Center, a 225,029-square-foot office building in Herndon, Va.
The company, which has been in the eight-story building since 2016, inked a 21,500-square-foot renewal, reducing its footprint nearly 25 percent from 28,500 square feet. Exostar also maintained exterior building signage with the renewal.
Monday Properties owns the building, having acquired it in 2018 for $71.5 million.
Cresa represented the tenant in the lease.
“This was a rightsize, not a downgrade,” Jon Olmstead, a principal at Cresa, told Commercial Observer. “Exostar has embraced a hybrid work model, and as a forward-thinking company, they are always looking at ways to maximize efficiency. We had a terrific opportunity to capitalize on a favorable market to reimagine Exostar’s office space ahead of its natural lease expiration, thus limiting disruption to operations.”
Located at 2325 Dulles Corner Boulevard, the building features a state-of-the-art conference center, fitness center, full-service café and a tenant only lounge with a pantry and break room area.
“The property is centrally located for Exostar’s workforce,” Olmstead said. “In addition, the top-of-building exterior signage offers high visibility and can be seen from both the Dulles Toll Road as well as Route 28 which runs parallel to Dulles International Airport.”
Cresa’s Tom Birnbach also represented the tenant in the lease, while John Wharton of Monday Properties represented building ownership in-house.
Keith Loria can be reached at Kloria@commercialobserver.com.