(Mark your Calendars: RealShareNEW YORK at the Marriott Marquis onOctober 12.)

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RESTON, VA-Cassidy Turley will provideexclusive leasing and property management services for a534,224-square foot office portfolio here in what may be one of thelargest leasing assignments it has landed in the past few years.Cassidy Turley was selected by Garrison/FDStonewater - the companies that recently recapitalized theonce-distressed portfolio, which is approximately 70% leased,Cassidy Turley’s Spencer Stouffer, tellsGlobeSt.com. The company is taking over the portfolio “at a timewhen there are no new buildings left in Reston to lease, no newsupply coming and a continued flight to quality,“ he says.

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Stouffer along with colleagues Tim Summers, ScottGoldberg and Shaun Collins will handlethe marketing and leasing of the portfolio. Ben Comm,Thomas Updike, Dianne Twinam, Billy Pritchett andCarol Payne will handle the propertymanagement.

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Also in the portfolio’s favor is its position on the qualityspectrum, Stouffer says. The Reston/Herndon submarket does have a16% vacancy rate, but quality products continue to do well here“and this portfolio is now considered top quality.” A few years agoit might not have been. “But now, the definition of ‘top of themarket’ has changed because there has been so much absorption. Thisis, essentially, the best of the rest.” In addition, having capitalinjected into the portfolio, which was once languishing due to thelegal entanglements, will be a help as well, Stouffer adds.

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The portfolio consists of Reston Corner I & II, located at12001 and 12005 Sunrise Valley Drive, Parkridge V, located at 10780-10790 Parkridge Boulevard and Parkridge II, located at 10803 -10805 Parkridge Boulevard. The size of the portfolio makesGarrison/FD Stonewater the fifth largest commercial property ownerin the Reston submarket, Stouffer says.

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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.