L3 Technologies, Inc. (L3Harris)
Mission Critical Single-Tenant Office Building
Marketing description
Transwestern National Net Lease | Sale Leaseback Group is pleased to present a Mission Critical single-tenant triple net leased office building leased to L3 Technologies, Inc. (NYSE: LHX) in Rockwall (Dallas), Texas. L3 also leases a 100,000 square foot office/warehouse property across the street signaling a further commitment to the Rockwall Technology Park.
L3 Technologies has occupied the building since January 2010 and recently executed a five-year lease extension indicating a strong commitment to the site.
In addition to private offices and workstations, the 1700 building has a Sensitive Compartmented Information Facility (SCIF Room).
L3 Technologies merged with Harris Corporation in 2019 to form L3Harris Technologies, Inc. L3 is a top tier American defense contractor and aerospace technology provider. They specialize in mission-critical systems, including command and control, advanced electronics, secure communications, surveillance, night vision, and aerospace/maritime solutions for military and government customers. L3’s annual revenue exceeds $21 billion operating in more than 100 countries.
Investment highlights
- L3 Technologies is an investment grade tenant with an S&P Rating of “BBB”
- Mission Critical single-story 50,000 SF office building
- The building includes a highly valuable SCIF room
- Recent five-year lease extension shows strong commitment to the site
- Tenant has occupied the building for 16 years lending credibility to their commitment
- Lease runs through 12/31/2030 with two, three (3) year renewal options at market rent
- L3 also has a 100,000 SF facility across the street providing a further commitment to the Rockwall Technology Park
- NOI: $750,000 / year with 2.25% annual increases providing a hedge against inflation and an increasing yield throughout the lease term
- Next rental increase is less than seven months away (January 1, 2027)
- Minimal landlord responsibilities
- Texas is an income tax-free state
- Contact Broker for Pricing Guidance
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