Orion Office REIT
Orion Properties Inc. (NYSE: ONL) is a publicly traded REIT that owns and manages single-tenant net lease office and dedicated use properties across 26 U.S. states, serving investment-grade tenants including the GSA and Merrill Lynch.
- Company typePublic
- Founded2021
- HeadquartersPhoenix, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Orion Office REIT does
Orion Properties Inc. (NYSE: ONL) is a publicly traded real estate investment trust that specializes in the ownership, acquisition, and management of single-tenant net lease office properties located in suburban markets across the United States. As of December 31, 2025, the company operated 58 consolidated properties comprising approximately 6.5 million leasable square feet across 26 states, plus a 20% interest in the Arch Street Joint Venture, which holds six additional 100%-occupied properties with 1.0 million square feet. Orion generates the substantial majority of its revenue from rental income under triple-net and double-net lease arrangements with creditworthy tenants; fee income from the Arch Street JV and one-time gains on property dispositions provide secondary revenue streams. Approximately 66.7% of annualized base rent comes from investment-grade tenants (BBB-/Baa3 or higher), with the General Services Administration (17.8%) and Merrill Lynch (10.0%) as the largest counterparties.
In March 2025, the company rebranded from Orion Office REIT to Orion Properties Inc. to reflect a strategic transformation away from traditional suburban office assets toward dedicated use assets, including government, medical, R&D, and flex properties, which represented 37.1% of annualized base rent as of Q1 2026. The portfolio is being reshaped through non-core property dispositions ($80.7M of sales in 2025) and selective DUA acquisitions, including a $15M Northbrook, Illinois acquisition in February 2026. The company completed 924,000 square feet of leasing in 2025 at a 7.5-year weighted average lease term, lifting occupancy to 83.1% by Q1 2026 from 78.7% at year-end. Capital structure was refinanced in February 2026 with a new $215M senior secured revolving credit facility and an extended $355M CMBS loan to August 2030.
On January 26, 2026, Orion announced a formal review of strategic options, including potential acquisition or merger targets, a possible sale of the company, or continuation as an independent publicly traded entity, alongside a cooperation agreement with activist investor The Kawa Fund Limited. FY2025 total revenue was $147.6M with Core FFO of $43.7M ($0.78 per diluted share); 2026 Core FFO guidance is set at $0.69-$0.76 per share.
Orion Office REIT firmographics
Firmographics- Name
- Orion Office REIT
- Legal name
- Orion Properties Inc.
- Website
- https://onlreit.com
- Company type
- Public
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Orion Properties Inc. (NYSE: ONL) is a publicly traded REIT that owns and manages single-tenant net lease office and dedicated use properties across 26 U.S. states, serving investment-grade tenants including the GSA and Merrill Lynch.
- Ownership category
- akta.pro rank
Orion Office REIT industry classification
Industry- Product category
- Commercial Real Estate
- NAICS
- Rental and Leasing Services (532)
- SIC
- Real Estate Investment Trusts (6798)
- akta.pro primary industry
- Office Real Estate Asset Management (BPAJAMAG)
- akta.pro secondary industry
- Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA)
Keywords
Where Orion Office REIT is headquartered
LocationHeadquarters
- HQ city
- Phoenix
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Orion Office REIT business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Personnel, Others
Revenue model
- Rental Revenue: Primary revenue stream from rental income from single-tenant net lease office properties. Tenants pay rent under triple net or double net lease arrangements. Revenue is predictable and stable over lease terms.
- Fee Income from Joint Venture: Fee income from the Arch Street Joint Venture (20% owned unconsolidated joint venture). Beginning in 2026, recorded on cash basis rather than accrual basis.
- Property Dispositions: Capital recycling through property dispositions generates proceeds used to fund acquisitions and reduce leverage.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
Orion Office REIT product offering
Product offeringCore offering
Orion Office REIT owns, acquires, and manages a diversified portfolio of single-tenant net lease office buildings leased primarily to creditworthy tenants in suburban U.S. markets. The company generates revenue through rental income under triple-net and double-net lease arrangements, supplemented by property dispositions and fee income from the Arch Street Joint Venture. Its portfolio is undergoing a strategic transformation toward dedicated use assets such as government, medical office, flex/R&D, and flex/industrial properties.
Product overview
Orion Properties Inc. operates as a fully-integrated Real Estate Investment Trust (REIT) that owns and manages a diversified portfolio of single-tenant net lease office properties and dedicated use assets across the United States. The portfolio consists of 58 operating properties and 6 joint venture properties, comprising traditional office properties as well as governmental, medical office, flex/laboratory and R&D, and flex/industrial properties. The company's investment strategy involves shifting portfolio concentration away from traditional office properties toward dedicated use assets (DUAs), which represented 35.8% of annualized base rent as of December 31, 2025. Properties are offered through both lease and sale channels.
Differentiator
Problem solved
Functional benefit
Products and services
- Single-Tenant Net Lease Office Properties Traditional suburban office buildings leased primarily on a single-tenant net lease basis to creditworthy tenants, located in high-quality suburban markets across 26 states. Tenants bear operating expenses under triple-net or double-net arrangements.
- Dedicated Use Assets (DUAs) Properties with specialized uses including government facilities, medical office buildings, flex/laboratory and R&D, and flex/industrial properties. These specialized-use assets are difficult to replicate, offer higher tenant retention, and represented 35.8% of annualized base rent as of December 31, 2025.
- Arch Street Joint Venture Properties Six properties owned through a 20% equity interest in the unconsolidated Arch Street Joint Venture with an affiliate of Arch Street Capital Partners, LLC, comprising approximately 1.0 million leasable square feet with 100% occupancy and a 6.3-year weighted average remaining lease term.
- Properties for Lease Office and dedicated use properties available for lease to creditworthy tenants, accessed through the company's website portal.
- Properties for Sale Non-core office properties being sold as part of the company's capital recycling and portfolio transformation strategy. In 2025, Orion sold 10 properties for $80.7 million.
Quantifiable outcome
- Occupancy rate improved to 83.1% from property disposals and investments in remaining assets as of Q1 2026
- +3 more outcomes
Companies that use Orion Office REIT
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles3 records
Orion Office REIT technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Orion Office REIT partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor and core.
- Realty Income CorporationminorOrion Properties was spun off from Realty Income Corporation on November 12, 2021, following the merger of Realty Income and VEREIT, Inc. The company was formed from the combination of certain office properties from both companies and began trading on NYSE on November 15, 2021. Orion has elected to be taxed as a REIT for U.S. federal income tax purposes.
- Arch Street Capital Partners LLCcoreOrion Properties holds a 20% equity interest in the Arch Street Joint Venture, an unconsolidated joint venture with an affiliate of Arch Street Capital Partners, LLC. The venture owns a portfolio of six properties with 1.0 million leasable square feet, 100% occupied, with 6.3 year weighted average remaining lease term. Orion provides management services and records fee income from this joint venture.
Scale indicators12 records
Recent moves9 records
Expansion highlights4 records
Orion Office REIT competitors and assessment
Company assessmentDirect peers
- Office Properties Income Trust: Small-cap public REIT focused on office properties leased to single tenants and governments; closest direct comparable in scale, suburban office focus, and tenant mix to Orion.
- Broadstone Net Lease, Inc. Net-lease REIT owning single-tenant commercial properties across industrial, restaurant, and office; comparable tenant credit and triple-net lease structure to Orion's portfolio.
- Global Net Lease, Inc. Externally managed net-lease REIT with significant office and industrial exposure; similar investment-grade tenant strategy and net-lease economics to Orion.
- NETSTREIT Corp. Net-lease REIT focused on single-tenant retail and office properties leased to investment-grade tenants; highly comparable underwriting and tenant credit strategy.
- Service Properties Trust: Net-lease REIT owning hotels and net-lease retail/service properties managed by independent operators; relevant comparable for net-lease underwriting and capital structure dynamics.
Broad incumbents
- Realty Income Corporation: Parent of Orion at spin-off and largest net-lease REIT; comparable in single-tenant net-lease model and tenant credit orientation, though vastly larger and diversified across property types.
- W. P. Carey Inc. Diversified net-lease REIT with significant office and industrial exposure; comparable business model of long-term net leases to creditworthy tenants and similar capital allocation philosophy.
- Empire State Realty Trust: Office-focused REIT with a mix of Manhattan and suburban office assets; comparable office property exposure though with materially different geographic and tenant mix.
Emerging players
- Four Corners Property Trust: Net-lease REIT primarily focused on restaurants but expanding into other property types; comparable net-lease structure and tenant credit orientation, though limited office overlap.
- Easterly Government Properties: REIT specializing in single-tenant government-leased properties; highly relevant to Orion's DUA pivot toward government/medical assets, though smaller and more narrowly focused.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Orion Office REIT social profiles
Digital presenceOrion Office REIT compliance and trust
Trust signalCompliance1 record
Orion Office REIT financial estimates
Financial estimateRevenue estimate
Valuation estimate
Orion Office REIT leadership team
Management profileNumber of profiles
Profiles6 records
Orion Office REIT subsidiaries and ownership
Company hierarchySubsidiaries2 records
Orion Office REIT funding detail
Funding detailFunding overview
Funding rounds1 record
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Orion Office REIT M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Orion Office REIT
What does Orion Office REIT do?
Orion Office REIT owns, acquires, and manages a diversified portfolio of single-tenant net lease office buildings leased primarily to creditworthy tenants in suburban U.S. markets. The company generates revenue through rental income under triple-net and double-net lease arrangements, supplemented by property dispositions and fee income from the Arch Street Joint Venture. Its portfolio is undergoing a strategic transformation toward dedicated use assets such as government, medical office, flex/R&D, and flex/industrial properties.
Is Orion Office REIT a public or private company?
Orion Office REIT is a public company. It is classified as public and is currently operating.
When was Orion Office REIT founded?
Orion Office REIT was founded in 2021. It employs 11 to 50 people.
Where is Orion Office REIT based?
Orion Office REIT is headquartered in Phoenix, United States, in the North America region.
How does Orion Office REIT make money?
Three revenue lines are on record. Rental Revenue is the primary driver. The others are fee Income from Joint Venture and property Dispositions.
Who are Orion Office REIT's main competitors?
Direct peers on record are Office Properties Income Trust, Broadstone Net Lease, Inc., Global Net Lease, Inc., NETSTREIT Corp. and Service Properties Trust. Broad incumbents are Realty Income Corporation, W. P. Carey Inc. and Empire State Realty Trust. Emerging players are Four Corners Property Trust and Easterly Government Properties.
Does Orion Office REIT have an API?
No public API is recorded for Orion Office REIT.
What industry is Orion Office REIT in?
Orion Office REIT's product category is Commercial Real Estate. Its primary akta.pro industry code is BPAJAMAG, Office Real Estate Asset Management, with a secondary code of BPAJANAA, Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation). Its NAICS code is 532 and its SIC code is 6798.