Turnbridge Equities and joint venture partner Fundamental Advisors LP have sold their five-building, 860,000-square-foot Northern Virginia Cybersecurity and Defense Infrastructure Portfolio for $220 million.

 Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented Turnbridge and Fundamental on the sale of the portfolio.

The five mission-critical office properties include:

• 460 Herndon Parkway, Herndon, VA (205,074 sf)
• 14700 Lee Road, Chantilly, VA (84,652 sf)
• 21700 Atlantic Boulevard, Sterling, VA (112,623 sf)
• 12450 Fair Lakes Circle, Fairfax, VA (184,414 sf)
• 10302 & 10304 Eaton Place, Fairfax, VA (273,713 sf)

The properties are are 96% leased to leading defense contractors including Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp.

Turnbridge and Fundamental began assembling the portfolio in 2018 to mitigate the rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms and diversified tenancy. The joint venture acquired each of the five buildings in separate transactions and renewed each of the expiring leases at accretive terms throughout its ownership of the portfolio.

“Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune from work from home trends due to the sensitive nature of what they do,” commented Ryan Nelson, co-managing principal at Turnbridge Equities.