At the time of the transaction, the property was nearly 92% occupied by several tenants, including Annunciation Academy, Renal Care Associates, New Year Tech Inc., and Distributed Solutions Inc., which committed to 13,800 sf at the campus last December. KBS was represented by Trammell Crow Co.'s Bruce E. Strasburg; First Potomac served as its own representative.
"The market's growing employment base, with a prevalence of government contractor tenants, and limited new supply of flex product, bode well for this area's prospect," says First Potomac chief investment officer Nicholas R. Smith." The single-story flex/office market in Reston is currently only 5% vacant, and we expect demand for this type of space to accelerate."
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