Buchanan Partners, based in Gaithersburg, MD, also announced plans to renovate the warehouse section of the 162,300-sf center, which it purchased last November with Dutch equity partner Stone Hedge Investments. Eventually, Buchanan will build a new 96,000-sf building on the 17-acre site.
Renovations for the center, located at 1501 Moran Rd. near AOL headquarters and a mile from the Route 606 interchange with the Dulles Greenway, include upgrading the building's exterior, adding loading docks, fixing up the parking lot and landscaping. Plans also include making the building ADA-compliant.
"Few people realize that much of eastern Loudoun County is actually undergoing redevelopment, with high-tech and professional users replacing the earlier industrial tenants," says Buchanan Partners principal Robert Buchanan.
Privately held Cryptek develops, manufactures, and sells secure communications products for the government and private sectors. "Moran Tech Center is a technically superior building with outstanding amenities and a location that is ideal to support our business growth," says Cryptek CEO David Gross. "The new headquarters gives us a world-class facility that will be important in our employee recruitment and retention."
Buchanan Partners has developed more than 5,000 acres of land and more than 1.5 million sf throughout the metropolitan area. Through its affiliates, Buchanan manages site infrastructure work and tenant build-out for its residential and commercial development projects, and provides property management services for its completed commercial projects. Current projects include Lakeside @ Loudoun Tech, a three-building, 300,000-sf class A office complex adjacent to Dulles Town Center, developed by a partnership of Buchanan Partners and Tishman Speyer/Travelers, and Dulles Trade Center, a project with Stone Hedge Investments including three land parcels comprising over 500 acres.
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