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Brookfield Property Partners Buy Office Buildings Near Future Reston Crescent for $95 Million

by Fatimah Waseem April 4, 2018 at 12:00 pm 3 Comments

Brookfield Property Partners now owns two office buildings next to its future Reston Crescent project, a planned mixed used development with more than 2,000 residential units and the likely future home of Wegmans.

The company purchased Summit I, the home of Noblis, Inc., and Summit II on 2000 and 2002 Edmund Halley Drive from JBG Smith Properties for $95 million.

The acquisition expands Brookfield’s footprint in Reston. Although the offices have the potential of 290,000 rentable square feet, CBRE has marketed the property as a redevelopment project that could yield up to 1.2 million square feet of mixed-used development.

“The sale of Summit I and II is consistent with our strategy to take advantage of market conditions to recycle capital, deleverage our balance sheet and reinvest the proceeds in higher-yielding growth opportunities,” Matt Kelly JBG Smith’s Chief Executive Officer wrote in a statement.

JBG Smith bought the buildings for $51 million in 2012 and renovated them. The company maintains ownership of other major sites near Wiehle-Reston East Metro Station, VY at Reston Heights and RTC West.

Photos courtesy JBG Smith

  • Ken Bum

    Reston Now or Real Estate Now? Sad future for this area.

  • Robert Mowbray

    mixed use not “mixed used”

  • Greg

    Matt Kelly should be nominated for corporate-speak award of the decade. Or something deleveraged…

    And, I think it’s big news if Wegmans is relocating its home from Rochester, NY to Reston, no?

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