Garrison Inks 42,334 SF Renewal; Invests in Spec

RESTON, VA-Simplexity has renewed a lease for 42,334 square feet at Parkridge V, located at 10790 Parkridge Blvd. in the Parkridge office park. Cassidy Turley's Spencer Stouffer, Tim Summers, Scott Goldberg and Shaun Collins represented the building owner, Garrison Investment Group. Rob Copito and Josh Kurstin with Jones Lang LaSalle represented the tenant.

10790 Parkridge Blvd. is a 205,000 square foot office building with a data center and training space on the concourse level. The building still has about 40,000-square feet left to lease, Summers tells GlobeSt.com.

That, however, did not stop the company from moving forward with a spec development project at the site, which will deliver April 1. The company decided to develop several small suites ranging in size from 3,000 to 5,000 square feet due to Garrison's success in leasing out Reston Corner with a similar strategy, Summers says. When Northrup Grumman moved out of Reston Corner Garrison was able to back fill space by building out about 30,000-square feet of small suites. "The market is set up for smaller sized tenants and the owner decided if it was successful at Reston Corner it could be successful at Parkridge," Summers says.

Parkridge V, has had a good 2012, says Jeff Toporek, principal of FD Stonewater, in a prepared statement. FD Stonewater is asset manager to the project. Toporek reports that there were six deals signed, both new leases and renewals, exceeding 70,000 square feet.