Boston Properties’ Executives: Plan to Kickstart Reston Gateway Underway

by RestonNow.com April 26, 2018 at 1:30 pm 10 Comments

Boston Properties is ready to kickstart the first phase of Reston Gateway, 22-acre site next to the future Reston Town Center Metro Station, a company executive said.

During the company’s quarterly earnings conference call Wednesday, BXP Chief Executive Officer Owen Thomas lauded a recent lease signed with Fannie Mae for the mixed use project. Fannie Mae will anchor two office building in the project, which also includes 3.5 million square feet of development.

The new mixed use project is designed to complement “the amenity base and community environment of the highly successful Reston Town Center,” Thomas said.

Fannie Mae plans to occupy the building in the first quarter of 2022. A mid-sized hotel, more than 600,000 square feet of residential development and 90,000 square feet of ground floor retail is planned on the site.

BXP President Doug Linde said he was pleased by the strength of Reston Town Center, which he called “a magnet for private sector contractors and technology tenants.”

“We have recently signed two expansion and extension deals with technology tenants for 112,000 square feet. One tenant grew 30% and the other grew 40 percent. And we are negotiating a third expansion and extension this time growing 115,000 square feet tenant to a 160,000 square feet. We are also in early renewal discussions with tenants for more than 300,000 square feet of space,” Linde said.

The company opened the Signature, a residential high-rise in Reston Town Center, in January.

So far, 11 percent of residential units or 86 of the 508 units are leased, Linde said.

Overall, the real estate investment trust reported an income of $176 million, up from $97 million this time last year.

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