MANASSAS, VA-Chicago-headquartered the Alter Group has decided to develop Stone Bridge Corporate Center on a 47-acre parcel in Prince William County. The development, which will cost an estimated $100 million to complete, will feature up to 550,000 sf of office space.

“With a 9% office vacancy rate, Manassas’ and western Prince William County’s skyrocketing corporate growth has made it the nation’s third fastest-growing county for job creation,” says Michael J. Alter, the Alter Group president. “The area registered a 5.1% increase during 2003 in a market that currently consists of just 2,600,000 SF of existing office and flex space.”

Stone Bridge boasts an enviable and easily accessible location off Rte. 166, just 15 miles outside the Washington Beltway, and within close proximity to a bevy of bustling submarkets both in Northern Virginia and in Maryland. The property is expected to be marketed to users looking for build-to-suit spaces from 100,000 sf to 300,000 sf. Real estate services firm Grubb & Ellis Co. is in charge of leasing and is offering space at an asking price of $17 per sf.

“We’re trying to land a large anchor tenant to kick off development,” The Alter Group senior vice president Matthew A. Ward tells GlobeSt.com. In a prepared comment, senior vice president Andrew D. Klaff adds that the development will continue to add fuel to the County’s economic progress, and will offer “growing companies in the Washington DC area first-class office space with a well-educated workforce in place and convenient to an existing amenity base.”

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