PC Construction Headquarters | NNN Office
100% Occupied NNN Office
Marketing description
The PC Construction Headquarters building at 193 Tilley Drive in South Burlington, Vermont is a high-quality multi-tenant office building in one of the most desirable commercial corridors within the Burlington metropolitan area. The property contains approximately 28,299 rentable square feet and is currently 100% leased on a NNN basis to a stable mix of professional office tenants.
The tenant roster includes PC Construction Company, a nationally recognized construction firm headquartered in at the subject property, along with Stantec Consulting Services, a global engineering and design company, and Performance Orthopedic Design, a medical orthotic device design firm.
The property offers investors stable in-place income with long-term historic tenancy, a strong regional location, and the opportunity to acquire a well-maintained office asset in Vermont’s largest and most economically vibrant metropolitan market.
Investment highlights
INSTITUTIONAL-QUALITY ANCHOR TENANCY
65% occupied by PC Construction Co., a 100% employee-owned firm headquartered at this location since 2011. The current lease runs through 2032 (6.6 years remaining).
INVESTMENT-GRADE CREDIT CO-TENANT
25% occupied by Stantec Inc. (NYSE: STN), a $6.5B revenue, BBB-rated global engineering firm with 32,000+ employees. The current lease runs through 2031 (~5.3 years remaining).
TENANT SYNERGY & COLLABORATION
Anchor tenants actively collaborate, reinforcing long-term occupancy commitment. By example, PC Construction and Stantec were jointly selected for a $175M bioenergy facility in Arlington, VA and recently completed a $271 million bioenergy facility project in Prince George’s County, Maryland.
100% OCCUPIED + STRONG WEIGHTED AVG. LEASE TERM
Current WALT of 6.3 years. Staggered expirations through 2032 minimize rollover concentration risk.
GROWING RETURN PROFILE
5-year projected NOI growth from $474,015 to $505,697 (~6.7% cumulative), driven by built-in rent escalations across all three leases.
LEED CERTIFIED BUILDING
LEED certification lowers operating costs, enhances asset value, and aligns with ESG priorities of institutional tenants like Stantec and PC Construction.
PREMIER SOUTH BURLINGTON LOCATION
Highly desirable and stable office sub-market appeals particularly to medical, professional, and institutional tenants due to its established healthcare cluster anchored by the University of Vermont Medical Center and close proximity to Burlington International Airport. The property is just minutes from University of Vermont and UVM Medical Center and household incomes exceed $122,000 within 3 miles.
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