Overview
Avison Young’s U.S. Capital Markets Group, retained as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire 950 Herndon Parkway (the “Property”), a service-oriented, multi-tenant office asset located in the heart of the Herndon/Reston corridor. The Property comprises approximately 90,856 square feet of office space situated on 4.58 acres and is anchored by a PNC Bank branch with drive-through, one of the largest deposit holders in Fairfax County. The rent roll is further diversified by a growing base of medical and healthcare tenants, alongside professional services and financial users.
New ownership will acquire an asset that was resilient when facing headwinds and positioned to be market dominant based on supply reduction tailwinds. The Property has maintained an 85% average occupancy, through a global pandemic and years of office market disruption, without the tailwind it’s about to receive. Nearly 25% of the Town of Herndon’s total office inventory is being permanently removed through demolition and conversion, forcing tenant demand into a shrinking pool of functional, favorably positioned assets. This Property has already demonstrated its standing as one of those assets.
Investment Highlights
SERVICE-ANCHORED TENANCY WITH DURABLE DEMAND
The Property features a PNC Bank branch with drive-through,
supporting consistent daily visitation and serving as a key
neighborhood banking destination. Approximately 20% of
occupied space is leased to medical and healthcare users,
complemented by professional services and financial tenants.
This service-oriented tenancy profile generates stable, repeat
visitation that is structurally insulated from remote-work trends.
PROVEN OPERATING RESILIENCE THROUGH MULTIPLE CYCLES
Since 2016, the Property has maintained approximately 85%
average occupancy through 2025, including throughout the
COVID-19 pandemic and the subsequent office market disruption.
This performance underscores the Property’s ability to retain
and replace tenants across market cycles and reinforces its
positioning as a survivor asset within the Herndon office market.
APPOINTMENT- DRIVEN, ESSENTIAL VISITATION TRENDS
Foot traffic at 950 Herndon Parkway has grown 17% since 2023,
reaching 132,100 visits in 2025. Visits are evenly spread across
every weekday. Over 70% of visits last more than 30 minutes
and primarily originate from visitor’s home. This is appointment driven, purposeful visitation for patients, banking customers, and professionals who deliberately choose to travel to the Property.
BENEFICIARY OF A SIGNIFICANT SUPPLY RESET
Herndon’s office market is undergoing a meaningful structural reset. Within the Town of Herndon, approximately 1.6 million square feet of office inventory is expected to come offline through demolition and conversion, representing nearly 25% of the market’s 6.5 million square foot inventory. As obsolete office product exits the market, tenant demand is expected to concentrate into a smaller pool of functional, well-located assets such as 950 Herndon Parkway.
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