RESTON, VA-WashingtonFirst Bank is taking 25,000-square feet in the Reston Town Center. The lease is an expansion of its current holdings of 9,000 square feet at 11921 Freedom Dr. Cresa Washington DC's Rich Rhodes and Dan Shapiro represented the bank in the transaction. Cresa Washington DC's Project Management Services, led by Chilton Griffin is managing the phased-construction and move.
The bank is expanding the space, Rhodes tells GlobeSt.com, due to its recent acquisition of Alliance Bank and expectations of organic growth. The bank evaluated other office space but ultimately decided it wanted a cohesive unit in one location able to house everyone.
11921 Freedom Dr. is a 760,000-square-foot, mixed-use property owned by Boston Properties.
Rhodes notes that Reston is very much the proverbial tale of two markets. There is Reston Town Center, where 1191 Freedom Dr. is located, and the rest of the submarket. Reston Town Center has weathered the downturn very well with low vacancy rates. The rest of Reston, meanwhile, has asking rates at half the level of Reston and very high vacancy rates.
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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.
