RESTON, VA—Akridge and RTC Partnership have announced plans to develop a 420,000-square foot office building in this submarket. The $210 million trophy-class, office tower, will be located the heart of Reston Town Center, at 1760 Reston Pkwy.
RTC Partnership's Rick Whealen acquired the property in 2005, guiding it through the entitlement process. He retained Mike Shuler of Avison Young to structure a joint venture with a developer; Akridge was eventually tapped for the role.
The new building has been designed by Thomas Dinneny of the locally-based Polleo Group with the goal of achieving LEED Gold certification. The tower will reach 330 feet, which is nearly 115 feet higher than the next tallest building in Reston Town Center.
There has been an uptick of investment sales, design plans and leasing activity in Reston in recent months. Reston International Center just traded for $35 million and the buyers plan to renovate the 15-story, 179,000-square foot office building. JBG Cos., meanwhile, has proposed to add retail and restaurant space at its 490,000-square-foot suburban office campus at Reston Executive Center by converting the first two floors of the three existing buildings and developing a new standalone retail building. JBG also secured a full-building lease at its Summit I building. The new tenant, nonprofit Noblis, is also taking space in the sister building, Summit II. The buildings are next to what will be the Reston Town Center Metro station.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
