Reston Office Building Changes Hands for $33M
By Keith Loria December 30, 2019 11:26 am
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A joint venture between Moore & Associates and Harbert Management Corp. has acquired 2100 Reston Parkway, a 178,667-square-foot office building in Reston, Va., for $33.35 million, according to Newmark (NMRK) Knight Frank, which facilitated the deal.
The seller was global investor advisor Gateway Virginia Prop, which originally acquired the property in 1992 for $11 million.
“Reston is one of our better performing suburban markets and this asset is in a good location with new transformative development projects and a new rail station in close proximity,” James Cassidy, NKF’s executive managing director, told Commercial Observer.
The seven-story property features conference facilities, a fitness center and game room, and offers on-site parking for 562 vehicles, according to a statement.
“The buyers plan to make strategic renovations, adding to existing amenities and making them higher quality as well as enhancing the common areas,” Cassidy said. Roughly 76 percent of the building is already leased.
The building offers convenient access to Washington, D.C., and prominent Northern Virginia cities, and is nearby Reston Town Center and the soon-to-open Silver Line Reston Town Center Metro station.
According to Cassidy, space in 2100 Reston Parkway is rising in demand due to nearby development that includes the Wegmans-anchored, 4.1-million-square-foot Halley Rise project and JBG Smith (JBGS)’s Reston Heights development.
Joining Cassidy on the deal were Executive Managing Director Jud Ryan and Vice President Cliff Cummings. The buyer was represented in-house.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
