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RESTON, VA-Cassidy Turley will provide exclusive leasing and property management services for a 534,224-square foot office portfolio here in what may be one of the largest leasing assignments it has landed in the past few years. Cassidy Turley was selected by Garrison/FD Stonewater - the companies that recently recapitalized the once-distressed portfolio, which is approximately 70% leased, Cassidy Turley’s Spencer Stouffer, tells GlobeSt.com. The company is taking over the portfolio “at a time when there are no new buildings left in Reston to lease, no new supply coming and a continued flight to quality,“ he says.

Stouffer along with colleagues Tim Summers, Scott Goldberg and Shaun Collins will handle the marketing and leasing of the portfolio. Ben Comm, Thomas Updike, Dianne Twinam, Billy Pritchett and Carol Payne will handle the property management.

Also in the portfolio’s favor is its position on the quality spectrum, Stouffer says. The Reston/Herndon submarket does have a 16% vacancy rate, but quality products continue to do well here “and this portfolio is now considered top quality.” A few years ago it might not have been. “But now, the definition of ‘top of the market’ has changed because there has been so much absorption. This is, essentially, the best of the rest.” In addition, having capital injected into the portfolio, which was once languishing due to the legal entanglements, will be a help as well, Stouffer adds.

The portfolio consists of Reston Corner I & II, located at 12001 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 makes Garrison/FD Stonewater the fifth largest commercial property owner in the Reston submarket, Stouffer says.