The Metropolitan Washington Airports Authority has tapped CBRE to broker the lease or sale of roughly 500 acres on the outskirts of the Dulles International Airport footprint.
Pending the MWAA board’s expected approval Wednesday, CBRE will pick up the five-year contract — with five one-year option periods — for brokerage services and to advise the authority on other real estate matters.
The contract is expected to be worth between $3.9 million and $5 million, though the final amount will be determined by the economic value of the completed transactions.
The 500 acres are split between three parcels, all fronting Route 606. The northernmost parcel totals 68 acres and sits adjacent to the future Loudoun Gateway Metro station. The central parcel, known as the Western Lands, is the largest single block at 416 acres. And the southernmost parcel, at 45 acres, sits about a half mile north of Route 50.
MWAA is largely looking for ground leases as opposed to sales, though it is open to negotiation at least on the Western Lands, as the WBJ’s Karen Goff reported in March. Western Lands has been rumored as a potential site for a new stadium of Washington’s NFL team.