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RESTON, VA-The Reston Association has signed a lease for approximately 30,000 square feet at Reston Corner I, a 100,000-square-foot building owned by Penzance. Penzance director of leasing Matt Pacinelli and Terry Reiley, Jeff Roman, and Tom Walsh of CB Richard Ellis represented the building owner; Rich Rhodes and Rick Meadows of CresaPartners represented Reston Association.

Located at 12001 Sunrise Valley Dr., the four-story Reston Corner I is one of three buildings that make up the 300,000-square-foot Reston Corner office park. It was empty after full building tenant Northrop Grumman decamped last year as part of a larger consolidation effort for the area.

Since then Penzance invested in a $3-million to $4-million rehab of the building, Pacinelli tells GlobeSt.com. Reston Association is the first tenant to sign on. The asking rate is $30 per square foot. Penzance owns 14 buildings encompassing two million square feet in the area. Overall, the company’s portfolio is doing very well, Pacinelli says.

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