RESTON, VA—The renovation project by owner the JBG Cos. at the Summit I and II complex here has paid significant dividends with the lease of a significant part of the property by federal contractor Noblis Inc.
In one of the biggest leasing deals of 2015, Noblis is leasing 160,000 square feet from JBG. The Falls Church, VA based firm is taking all of Summit I at 2002 Edmund Halley Drive and a portion of Summit II at 2000 Edmund Halley Drive, according to the Washington Business Journal. The lease that brings the two buildings to near full occupancy begins in early 2017. About three years ago JBG acquired the vacant buildings for $50.5 million and renovated the Class B buildings to LEED Silver, Class A building standards.
JBG Principal Paul Adkins believes the Noblis lease could bring other companies to the Virginia Route 267 region and give the more expensive Reston Town Center some competition.
"We think that Noblis is the first of many tenants that we hope to capture," Adkins says. "The value play is for professional service firms right there in the town center." See story in the Washington Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.