HERNDON, VA—The Peterson Cos. and Brandywine Realty Trust have formed a joint venture to develop a 300,000-square foot, mixed-use town center on a 10-acre parcel that Brandywine acquired in 2012. The parcel, called the Wood Oak site, is located in Woodland Park along Sunrise Valley Drive and already houses some 1.86-million square feet of office buildings.
The new project is aimed at building out retail and entertainment offerings to complement these offices. The joint venture will seek a rezoning of the property. It expects to begin development work in 2016.
The project will have residential units built over retail and restaurants, and other tenants such as a multi-screen movie theater and fitness center. By building out more of a work-live-play area, Brandywine hopes to maximize its existing investment on the site. "We are seeking maximum value on this land holding while enhancing our customer experience," says Mike Cooper, SVP and senior managing director of Brandywine's Metro DC Region.
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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.
