X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANTILLY, VA-Work has begun on Stonegate II, Lockheed Martin Corp.’s new build-to-suit office structure at Westfields Corporate Center. The 145,000-sf structure will be Bethesda, MD-headquartered advanced technology company’s second building of a planned three-building, 435,000-sf campus in the 1,100-acre office park. Aegis Property Group is providing project management services for the development.

Located in Fairfax County, the center sits off Interstate 66 and Route 28, within close proximity to Washington Dulles International Airport. Stonegate II will be a six-story building with an address on Conference Center Drive, and will be home to the government contractor’s Integrated Systems & Solutions division. Lockheed broke ground on the six-story Stonegate I, an approximately 142,000-sf structure, in 1999 and wrapped up construction of the office facility in 2000.

A development cost for Stonegate II has not been made available. However, the construction price tags on other office buildings in the area provide a point of reference. Developer Corporate Office Properties Trust closed on a $32-million credit facility in 2005 to finance the construction of Washington Tech Park II, a 250,000-sf office building also located within Westfields Corporate Center. According to construction cost data services provider Saylor Publications Inc., depending on the type of building material and not including land, the average development cost for a four- to seven-story office building is approximately $23.2 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.