Bechtel Renews HQ Lease in NoVA and Expands to 289K SF
By Nick Trombola July 31, 2024 12:37 pm
reprints
Bechtel, a 126-year-old engineering, construction and project management firm, has renewed and expanded its headquarters lease at One Reston Overlook in Reston, Va.
The firm signed for a sprawling 289,380-square-foot spread across 11 floors at the building — located in the Reston Town Center mixed-use district — which has been Bechtel’s home since 2012.
Cathy Delcoco of CBRE represented Bechtel in the deal, while the firm’s landlord, BXP, was represented internally by Erin Cotter and Jake Stroman.
Bechtel renewed its lease for 256,466 square feet of existing space at the roughly 320,000-square-foot building at 12011 Sunset Hills Road and tacked on an additional 32,914 square feet in the new deal, according to a BXP spokesperson. Other terms of the lease were not disclosed.
BXP, the real estate investment trust formerly known as Boston Properties, has recently doubled down on its office development efforts in Northern Virginia despite the spiraling office market in nearby Washington, D.C.
The REIT earlier this month submitted new proposals with Fairfax County to redevelop a dozen acres adjacent to the Reston Town Center district, with plans calling for five new properties with a total footprint of 2.1 million square feet. That’s on top of the 4 million square feet already taken by BXP’s sprawling development.
The sheer level of occupancy in Reston Town Center is testament to BXP’s confidence in building more office space there. While overall office vacancy in Reston sits at an abysmal 26.9 percent, according to a recent market report by CBRE, the vacancy rate at the mixed-use district is a much balmier 4 percent, according to BXP’s second quarter earnings report.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
