DULLES, VA-Dulles Trade Center I will have no problem reaching its goal of 750,000 sf of space among 10 structures in 2006, as is evidenced by the start of construction on three office condominiums to complement the three existing ones. Developer Buchanan Partners has just broken ground on the structures, which will account for a total of 175,000 sf, including mezzanine space. The new buildings will bring the 57-acre business park’s total square footage up to just over 400,000 sf.

Hubert Construction LLC is the contractor for the properties, which were designed by Morgan Gick McBeath & Associates as “green” or environmentally friendly development. The cost of the new project is currently unavailable; however, Buchanan developed the last two structures, which measured 115,000 sf, for just over $8 million. Commercial Group Realty Inc. remaining available space at Dulles Trade Center for as low as $109 per sf.

Located off Rte. 606 on a prime spot just a hop-skip-and-a-jump from Washington Dulles International Airport., Dulles Trade Center began as a 560,000-sf plan, but has since evolved into a much larger endeavor. It was the speedy sale of the first three office condo facilities–the first built in 2002 and two others followed last year–that spurred the construction of the upcoming three new buildings.

“We’ve enjoyed great success in bringing flex-office condominium product to the Rte. 606 corridor, where we’ve benefited from the housing boom in eastern Loudoun County as well as our proximity to the airport,” Buchanan principal Brian Benninghoff explains. “Many of our buyers are contractors serving the homebuilding industry.”

As with private homebuyers, a good percentage of businesses are taking advantage of the low interest rate market, and capitalizing on the opportunity to forego leasing commitments for the benefits of ownership. The three structures are scheduled to reach completion in the first quarter of next year.

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