Located at 1895 Preston White Dr., and also known as Audubon 3, the building is a 61,191 square foot office in the Branches office park along the Dulles Corridor. Ericsson Federal will occupy the entire third floor. Transwestern agent, Matt Bundy represented CNRI in this transaction. Transwestern did not return a call to GlobeSt.com in time for publication.
Reston, like many submarkets, has been feeling the duel pinch of the recession and credit crunch. Jones Lang LaSalle's market research report on Q4 2008 activity in the DC area reports that recent deals in Reston-Herndon have featured several months of free rent, along with tenant improvement allowances in the $70 to $80 range, per square foot. Right now the submarket has a direct vacancy rate 16.22% according to JLL, and an average asking rent of $29.04.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
