Cassidy Turley will handle divestiture of Exxon Mobil campus
Exxon Mobil Corp. has selected Cassidy Turley, a large commercial real estate firm with offices in Washington, D.C., to provide divestiture services for Exxon Mobil’s 117-acre corporate campus in Fairfax.
Cassidy Turley said in a press release that it will explore various disposition, project leasing and other value enhancement strategies for the campus at 3225 Gallows Road. Exxon Mobile announced plans last year to relocate operations at its Northern Virginia campus to a new corporate campus currently under development in suburban Houston.
The property includes five buildings with 1.3 million square feet of Class A office space, secured, underground parking totaling about 1 million square feet and about 92 acres of undeveloped land. Floor plates for the existing office space are approximately 21,000 square feet. The property has access to Arlington Boulevard, the Capital Beltway (Interstate 495) and Interstate 66.
“The Exxon Mobil Northern Virginia campus offers a number of unique opportunities to potential investors and end users,” Paul Collins, vice chairman of Cassidy Turley, said in a statement. “We will take a creative, strategic approach to the property’s divestiture to maximize value and deliver the best possible outcome for Exxon Mobil.”
The large campus is being vacated at a time when 2.5 million square feet of new, Class A office space is under construction in the county. Speculation already has begun that the vacancy rate for Class A space could hit new highs unless another large tenant quickly leases the space. According to CBRE, office vacancy rates in Northern Virginia were nearly 16 percent at the end of the first quarter.