DLT Solutions Inks 52K-SF Renewal at Finmarc’s NoVA Office Complex

Just a few months after snagging an office portfolio in its backyard for a massive discount, investment and management firm Finmarc has landed its first major lease deal for the space.

The Bethesda, Md.-based firm has signed software company DLT Solutions to a 51,621-square-foot renewal at 2411 Dulles Corner Park, part of a four-building complex in Herndon, Va., dubbed Dulles Corner, according to Finmarc. 

DLT is a subsidiary of tech product and service distribution company TD Synnex, also known as Tech Data. About 250 DLT employees work at the office, located just east of Virginia State Route 28 from Dulles International Airport. 

Finmarc Principal Neil Markus, along with Cushman & Wakefield’s Tom Walsh, Will Thomas and Nathan Marshall represented Finmarc, while C&W’s Paul Darr and John McManus brokered the deal for the tenant. Other tenants at Dulles Corner largely include other tech or national security-focused consultancy firms, such as Peraton, SAP National Security Services, Synopsys and BlackSky DC.

“This lease is extremely significant because it completely bucks the office space downsizing trend of recent years and indicates a shift in corporate thinking in the post-COVID era,” Markus said in a statement. “Companies such as DLT Solutions are realizing that traditional workspaces cannot be replicated in a remote environment, and there is significant value in maintaining a strong corporate culture including employee collaboration, socialization and teamwork.”

Finmarc paid $51 million earlier this year for the 620,000-square-foot complex, barely more than a third of the $141.5 million that seller Rockpoint acquired it for in 2018. 

“Since acquiring the Dulles Corner portfolio earlier this year, we have experienced significant leasing interest from a diverse range of industries in the D.C.-Northern Virginia market anxious to leverage the presence of a highly skilled labor force and prime location,” Markus added. “Our team is fully invested in this asset, which is demonstrated by the completion of this first lease less than two months after we assumed ownership of the property.”

Although Finmarc has historically focused on value-add retail and industrial space, its discounted deal for Dulles Corner wasn’t an isolated event. Last summer, the firm paid just $39 million for a four-building, 500,000-square-foot office complex 11 miles south of Dulles Corner dubbed Trinity Centre — nearly 72 percent off the $139 million that sellers Spear Street Capital and Partners Group paid for it in 2016.

Finmarc announced in February that it planned to spend $200 million more on new assets in 2025, particularly if it can acquire them at bargain prices. The firm’s quick access to capital has largely contributed to the acquisition of more than 1.3 million square feet in 2024, making it one of just a handful of DMV firms able to maintain its acquisition pace throughout last year, Markus said at the time. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.