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RESTON, VA-Centennial Cos. has begun renovations on its 87,809-sf, five story office building here in order to reposition the building as office condos. The $3 million renovations will be complete in the summer. Meanwhile, the developer has retained Randall Hagner to broker the space to local business users.

Barbara Bechtle, commercial sales and leasing vice president, tells GlobeSt.com that Centennial had come to the conclusion that the building could perform better as office condos, given the make-up of Reston’s typical tenant and office user base, which tend towards smaller-sized companies. The owner “determined this based on his experience of having developed one million sf of office condos,” she says.

Asking rates for space in the building, called Executive II, ranges from $360 per sf to $380 per sf. The property currently has 47,000 sf under lease, most of which will rollover in the next two years. Currently 30,544-sf of space is available for sale. Three condo units either under contract or closed. Space available ranges from 2,000 sf to 18,000 sf–which would be an entire office floor. The typical sized suite is between 3,000 sf to 4,000 sf.

Located at 11490 Commerce Park Dr., the building is in Reston’s Commerce Executive Park, which was also largely developed by Centennial. Another plus for would-be owners, Bechtle says, is the metro stop that is planned for the park.

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