Spaulding & Slye Colliers Tackles Heritage Center IV Marketing

ANNANDALE, VA-Real estate services firm Spaulding & Slye Colliers has been charged with marketing and leasing Heritage Center IV, a 206,000-sf office project of Heritage I, II and III developer Royal Management & Development Inc. The 10-story, Class A structure is scheduled to be ready for occupancy in January of next year.

Located at 7619 River Turnpike off the Capital Beltway, Heritage IV is set to be the jewel in the four-building 450,000-sf mixed-use office park. With its completion Heritage Center campus will become the largest office complex in the Annandale region. “It’s the first building being built in Annandale in at least 10 years,” Spaulding’s Tim J. Summers tells GlobeSt.com. “For any group in a lesser building, it’s a great opportunity to upgrade. It will be a benchmark in the Annandale submarket.” The building also offers a four-story underground parking lot and a first-floor fitness center.

Office space on the lower floors is being leased from $26.50-per-sf, while space on the top two or three floors starts at about $29.50-per-sf. “Compared to the rest of the market it offers a great value, even with the market in Northern Virginia being somewhat compressed.” Spaulding actually began to market the structure a few months ago and while it has not yet secured any major commitments from prospective tenants, the firm does have solid leads. “I’d say we’ve probably got 100,000 sf of solid prospects for the building,” Summers reveals.

Building IV marks the final phase of an endeavor that began in 1970 with the construction of the 90,450-sf Building I. Building II came along in 1981 with 90,400 sf, followed by Building III in 1990 with 74,450 sf, and an atrium connecting the two structures. The Clark Construction Group Inc. is the project’s general contractor, a position valued at $23 million, and Bourj Limited is the owner of all four of the buildings. There will be a marketing office in Heritage II and if all goes according to plan, Heritage IV should be topped out around June.