CIT complex sold for $47.35 million to help fund high-tech research
The Center for Innovative Technology complex, a visible symbol of Virginia’s commitment to high-tech research, has been sold for $47.35 million, with the proceeds dedicated to new state investments in research for a technology-driven economy.
Affiliates of Origami Capital Partners, a Chicago-based capital investment firm, and Timberline Real Estate Partners, based in Texas, purchased the 149,000-square-foot building with the iconic profile near Washington Dulles International Airport on Thursday. The building sits on a 26-acre property in Herndon across the Dulles Toll Road from a future Metro Silver Line stop.
“The sale of this valuable property will help fund innovation programs for the commonwealth and transform the way Virginia invests in higher education research and job creation in high-technology fields,” Gov. Ralph Northam said Thursday.
The CIT, an institution created in 1984, will become part of the new Virginia Innovation Partnership Authority under legislation the General Assembly adopted this year. The new authority also incorporates the 4-year-old Virginia Research Investment Fund for financing higher education research with high commercial potential for the state economy.
The proceeds from the sale will be dedicated to the research fund, but the new two-year state budget reserves $10 million for a fledgling cybersecurity research initiative led by Virginia Tech and $10 million for commercialization of technological research.
To learn more, check out the whole article below.