Confirmed: JBG Smith Sells Commerce Executive Park for $115M
The acquisition by Comstock will add 1.1 million square feet of additional density to its own portfolio.
RESTON, VA–Last November we reported that JBG Smith had a buyer for its three-building Commerce Executive Park here who was paying $115 million for the complex, which is located by Sunrise Valley Drive and Wiehle Avenue, close to the Wiehle-Reston East Metro station.
This news has been confirmed by Comstock Holding Cos., which has announced that an affiliate has acquired the portfolio. JBG Smith’s portfolio includes three Class-A office buildings totaling 408,000 square feet and has entitlements in place for an additional 1.1 million square feet of mixed-use development including office, residential, retail and hotel uses.
The portfolio is located next to Reston’s first, and currently its only Metro station, the Wiehle Reston-East Station on the Silver Line and lies directly across the Dulles Toll Road from the first phase of the Reston Station neighborhood being developed by Comstock.
The acquisition increases Reston Station to 4.5 million square feet at full build out, covering nearly 40 acres spanning the Dulles Toll Road and surrounding the Wiehle Reston-East Metro Station.
A pedestrian bridge connects the buildings with the Metro Station and with the Reston Metro Plaza, which is already home to BLVD Apartments, Founding Farmers, Sweet Leaf, Starbucks, Spaces Co-Working Suites by Regus, CVS, an office building, and a 2,300-space commuter parking garage. This first phase of Reston Station will also be tenanted by Nordine Salon, Orange Theory Fitness, M&T Bank, Aperture Apartments, and the Greater Reston Chamber of Commerce.
Rob Faktorow of CBRE represented the seller in the transaction while Timothy Steffan, Comstock’s EVP of Asset Management, Leasing & Development handled the transaction on behalf of the buyer.