a single-tenant, net lease investment opportunity …€¦ · portfolio (the “portfolio”), a...

THE APEX SYSTEMS H E A D Q UA RT E R S

P O R T F O L I O

A SINGLE-TENANT, NET LEASE INVESTMENT OPPORTUNITY IN RICHMOND'S PREMIER OFFICE PARK

CAPITAL MARKET ADVISORS

1 | The Apex Systems Headquarters Portfolio

THE OFFERINGColliers Capital Market Advisors has been exclusively retained to market the Apex Systems Headquarters portfolio (the “Portfolio”), a premier credit, single-tenant, mission critical asset in Richmond’s most prominent and largest office market. The 71,751 square foot Portfolio is 100% leased to ASGN Incorporated’s (Fortune 1000 – #698 | NYSE: ASGN) wholly owned and largest subsidiary, Apex Systems, Inc, (“Apex”) which accounted for $2.3 billion in total revenues in 2018, nearly 65% of ASGN's total revenues. Since 2004, the Portfolio has served as Apex System’s Headquarters where Apex’s C-Suite, Legal, Accounting and other mission-critical corporate functions are housed.

Apex Systems, Inc., under a new lease, extended their occupancy in the Portfolio until October 31, 2024. Concurrently with the new lease, Apex Systems is significantly investing in the Portfolio to provide additional employee amenities and upgrades, showing long-term commitment to the assets.

The Apex Systems Headquarters Portfolio is located in Richmond’s preeminent corporate office park, Innsbrook, totaling over 8 million square feet of office space housing over 23,000 employees. Innsbrook is home to major corporate offices and headquarters for the likes of: Wells Fargo, SunTrust (Truist), Dominion Energy, Markel Insurance Company, GE, Capital One, VHDA, ChemTreat, ICL, and Patient First. Easily accessible from the entire region and proximate to unmatched amenities, Innsbrook is the dominate office destination for companies of all size and types including the region’s largest and most respected corporations, like Apex Systems.

EXECUTIVESUMMARY

THE APEX SYSTEMS HEADQUARTERS PORTFOLIO SINGLE-TENANT, NET LEASED OPPORTUNITY

44,500+ CONTRACTORS IN U.S. & CANADA

2ND LARGEST IT STAFFING FIRM IN THE U.S.

FOUNDED IN

1995 2018 REVENUES

$2.3B

71,751 SF MISSION CRITICAL HEADQUARTERS LOCATION

71,751 Square Feet

NNN Lease Structure

2.5% Annual Increases

FMV OPTIONS With 2.5% Annual Increases

ASGN WHOLLY OWNED BY

(Fortune #698NYSE: ASGN)

Colliers International | 2

P R O P E R T Y 0 1

4 4 0 0 C O X R O A D

ADDRESS 4400 Cox RoadGlen Allen, VA 23060

OCCUPANCY 91.41%

TOTAL SF 43,000 SF

YEAR BUILT 1986

FLOORS 2

P R O P E R T Y 0 2

5 0 2 0 S A D L E R P L A C E

ADDRESS 5020 Sadler PlaceGlen Allen, VA 23060

OCCUPANCY 100%

TOTAL SF 28,751 SF

YEAR BUILT 1999

FLOORS 2Colliers International | 2

MISSION CRITICAL HEADQUARTERS PORTFOLIOFor over 15 years, Apex Systems has been headquartered in the Portfolio, spending considerable funds tailoring the buildings to serve their operations including executive operations, human resources, legal, and sales. Concurrent with the execution of the new lease, Apex Systems is self-funding the refurbishment of the executive wing and addition of an employee fitness center in 4400 Cox Road.

INVE

STM

ENT

HIGH

LIGH

TS


MISSION CRITICAL

HEADQUARTERS TENANT TENURE OF

15 YEARS

44,500+ CONTRACTORS IN U.S. & CANADA

2ND LARGEST IT STAFFING FIRM IN THE U.S.

2018 REVENUES

$2.3B

HIGHLY ATTRACTIVE TENANT WITH REVENUES OVER $2.3 BILLION IN 2018Wholly owned by ASGN (Fortune #698 | NYSE: ASGN), Apex Systems revenues accounted for 64.8% of ASGN’s revenue in 2018.

FOUNDED IN

1995

INVESTMENT HIGHLIGHTS


CLASS A LOCATION IN INNSBROOK, RICHMOND’S LARGEST CORPORATE OFFICE PARKLocation, Location, Location – The Portfolio is located along the backbone of the Innsbrook Corporate Center (“Innsbrook”), Richmond’s largest and most dynamic corporate office park. Innsbrook houses several Fortune 500 headquarters and major operations hubs for Dominion Energy (HQ), Apex Systems (HQ), Markel Corporation (HQ), McKesson Medical Surgical and Allianz (North America HQ), Capital One, Wells Fargo Bank and SunTrust Bank.

8.1MSQUARE FEET OF TOTAL GLA

400 COMPANIES

23,000 EMPLOYEES

NET LEASED WITH MINIMAL LANDLORD RESPONSIBILITIESThe net lease structure provides Apex Systems control of the operation and feel of their Headquarters. The net structure significantly limits landlord expense responsibility and exposure. (See Lease Abstract on page 33 for more detail.)

LIMITEDLANDLORD LIABILITY

NNNLEASE STRUCTURE


Founded in 1995 In Richmond by three college friends, Apex Systems has grown and developed into a leading provider of IT staffing and services with 2018 revenues over $2.3 Billion. Apex Systems assists clients in 20 unique skill areas across the United States and Canada; from large, multi-location call centers to specialized Front End Developers. Apex has placed over 12,000 technical professionals in support of over 400 clients in the business services industry since 2010. Clients primarily include organizations in the following industries: technology, financial services, healthcare, business services, telecommunications, government services and consumer/industrials.

2018 Revenue $2.3BNorth American Markets 65+Year Established 19952018 Contractors 44,500+2018 Customers 1,000+Sales & Recruiting Staff 625+Support Staff 375+

FAST FACTS

BUSINESS SERVICES

COMMUNICATIONS & MEDIA

ENERGY & UTILITIES

FINANCIAL SERVICES

GOVERNMENT SERVICES

S E R V I C E L I N E


AWA R D S A N D M E M B E R S H I P S

BEST OF STAFFING® CLIENT AWARDApex has been named to the Best of Staffing - Client list eight years in a row. The award was based on the results of a third-party client survey through ClearlyRated (formerly Inavero) and was presented by CareerBuilder.

TOP 10 DIVERSITY LEADING EMPLOYERApex received the award from Professional Diversity Network based on a commitment to diversity with a 'culture of inclusion, exceptional outreach efforts, and defined diversity recruitment strategy.

2019 MILITARY FRIENDLY® EMPLOYERApex has been recognized as a military friendly employer based on an independent survey and analysis of our support of veterans and military employees throughout their careers.

RICHMOND TOP WORKPLACES AWARDApex has been recognized as a Richmond Top Workplace based on internal employee surveys about workplace satisfaction. The survey was conducted by the Richmond Times-Dispatch and Energage.

HEALTHCARE

INSURANCE

LIFE SCIENCES

RETAIL

TECHNOLOGY

I N D U S T R I E S


W BROAD STW BROAD STThe Innsbrook submarket is comprised of 8.1 million square feet of office space and

is home to over 400 companies employing in excess of 32,000 people with a high concentration in finance, insurance, healthcare and scientific and technical services.

Located at the convergence of three major interstates (I-64, I-295 and Route 288), Innsbrook is easily accessible to the entire Richmond MSA and nearby executive housing.

The most amenitized submarket in Richmond, Innsbrook spans of over 800 acres inclusive of three lakes totaling 37 acres, 5 miles of paved running trails, numerous natural areas and is home to the Innsbrook After Hours concert venue.

Located less than 2 miles from Short Pump, Richmond’s super regional retail and dining destination, Innsbrook offers unparalleled access to over 5.5 million square feet of amenities.

Innsbrook is surrounded by regionally prominent demographics with a population of 182,643 and an average income of $113,724 in a 5 mile radius.

For over 34 years, Innsbrook After Hours has brought the Innsbrook Community and greater Richmond area excellent live music entertainment weekly from May to October. Attracting headline bands and artists (in 2019) such as Lady Antebellum, Brett Eldredge, Little Big Town, and Brantley Gilbert.

INNS

BROOK STATISTICS

2.23 AVERAGE RENTAL

RATE GROWTH

8.1MSQUARE FEET OF TOTAL GLA 302,531

SQUARE FEET CUMULATIVE 5 YEAR

NET ABSORPTION Innsbrook houses several Fortune 500 headquarters and major operations hubs:

400 COMPANIES

23K+ EMPLOYEES

INNSBROOK RICHMOND'S PREMIER OFFICE SUBMARKET

INNSBROOK SHOPPES

4400 COX RD


NUCKOLS RD

NUCKOLS RD

COX RDCOX RD

W BROAD STW BROAD ST

Innsbrook is a true mixed-use destination with over 45 different retailers and restaurants, 8 full service hotels, and over 1,000 multifamily units in the pipeline. Innsbrook is expected to see significantly more mixed-use development in the near future, especially multifamily housing options, since Henrico County’s recent implementation of their Urban Mixed Use (UMU) zoning code promoting significant densification of previously developed sites. The county projects doubling the existing buildable area, which, currently, is predominately office, with a mix of uses over the next two decades with several projects underway:

INNSBROOK CITY CENTER - proposed mixed use development

4359 SADLER ROAD - 700 apartments and 28,000 of retail and amenities proposed

INNSLAKE PLACE - 221 apartment units under construction

Source: Saunders+Crouse Architects

Source: Henrico County

SHORT PUMP TOWN CENTER

Source: Sydney Gunst

5020 SADLER PL

P O R T F O L I O T H E A P E X S Y S T E M S H E A D Q U A R T E R S

WILL BRADLEYExecutive Vice President+1 804 237 [email protected]

MARK WILLIFORD Vice President+1 804 441 [email protected]

JOE MARCHETTIManaging Director+1 804 267 [email protected]

6641 West Broad St. | Suite 101Richmond, VA 23230

+1 804 320 5500www.colliers.com/richmond

CAPITAL MARKET ADVISORS

a single-tenant, net lease investment opportunity …€¦ · portfolio (the “portfolio”), a...

Documents