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FAIRFAX, VA-Archon Group LP acquired a nearly six-acre parcel on which to build the 200,000-sf office Bridgewater Corporate Center. Real estate services firm Spaulding & Slye Colliers has already been tapped to handle leasing activity for the building; company senior vice president Tony Womack and associate Brian Connolly tell GlobeSt.com that they are marketing the space for $32 per sf. Archon expects to break ground on the project early next year.

Leasing up the facility should not be too much of a chore, as the current vacancy rate among class A properties in the Fairfax Center submarket is a low 4.9%, according to Delta Associates’ Third Quarter 2004 Office Market report. Designed by the architectural firm of Hellmuth, Obata + Kassabaum, Bridgewater Corporate Center will sit off Lee Jackson Memorial Highway and Interstate 66 at 11325 Random Hills Rd. Upon its scheduled first quarter 2006 completion, the eight-story structure will offer class A office space, as well as a three-level parking deck behind the building.

“With its exceptional location, large employee and amenity base, well landscaped surroundings, and the ability for tenants to provide employees with a superior work/life balance, Bridgewater Corporate Center will offer everything tenants are looking for in the metro DC market in a suburban location,” says Bob Milkovich, Archon Group Acquisitions and Asset Management director.

Archon Group is not releasing the development cost of Bridgewater Corporate Center; however, other similar developments in the area provide a vague indication of how much the project could cost to complete. In September, Sallie Mae wrapped up construction of its new 240,000-sf headquarters in nearby Reston for $42 million.

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