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SPRINGFIELD, VA-Construction of Metro Park V looms in the near future as developer Fried Cos. prepares to break ground on the 176,500-sf office building. The structure will be the latest addition to the sprawling business 49-acre office park, which will ultimately feature about one million sf of space. Currently, all four existing structures are leased to maximum capacity.

Development costs for Metro Park V have not been released. Peter Berk of Cushman & Wakefield, the brokerage firm that represents Fried on this project, tells GlobeSt.com that hard construction costs for a comparable property would probably be about $150 to $200 per sf, or in this case, $26.5 million to $35.3 million.

Metro Park V will carry the address of 6363 Walker Lane, and like its companion structures, it will boast the same convenient location near a Metro station and within close proximity to the area’s major vital transportation arteries: I-95, I-395 and I-495. But it is not just the convenient location that has left Metro Park 100% spoken for by tenants such as SAIC, Inova and the federal government; the developer and brokers concur that the complex’s ultimate size is a major draw. “With more than 500,000 sf of space left to build, Metro Park is in a unique position to accommodate the growth of our tenants,” Fried Cos. president Mark Fried notes in a statement.

Construction of Metro Park V is on target to reach completion toward the end of the third quarter of next year. Leasing rates for the building have not yet been firmed up, but Berk tells GlobeSt.com that the office space will probably be marketed in the low $30 range.

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