Quadrant Renews Lease in Recently Acquired Reston Office
By Chava Gourarie March 18, 2024 5:55 pm
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Employment agency Quadrant has renewed its 23,000-square-foot lease at 1881 Campus Commons Drive in Reston, Va.
TF Cornerstone acquired the 245,755-square-foot office building in September for $25.1 million, adding to a larger campus it has been assembling since 2015.
Back then, TF Cornerstone purchased an adjacent two-building office complex of roughly the same size, at 1900 and 1902 Campus Commons Drive, for $71.5 million. The New York-based company then proposed a mixed-use makeover for the aging office campus, with plans to add 1.4 million square feet on the surface parking lots surrounding the complex, for which it gained approval in 2019. (It was not immediately clear whether that plan had progressed. TF Cornerstone did not immediately respond to a request for comment.)
TF Cornerstone purchased 1881 Campus Commons from TA Realty at far below its previous sales price of $65 million recorded in 2015, according to public records. The property was 78 percent occupied at closing, according to the Washington Business Journal.
Cushman & Wakefield’s Tom Walsh, Matt Bundy, Paige Barger and Chloe Eyring represented the landlord in the deal, and have been overseeing leasing at the property since it traded hands. The team did not provide further details about the lease. Dan Falls of CBRE represented Quadrant and did not immediately respond to a request for comment.
Other tenants at the property include Siemens, aerospace company SOS International and mid-Atlantic contracting firm SCS Engineers.
Chava Gourarie can be reached at cgourarie@commercialobserver.com.
