Boston Properties: Reston’s urban market ‘dramatically’ outperforms

Reston Next’s office buildings have begun welcoming office workers. Volkswagen Group of America and Fannie Mae are anchoring the offices. (Staff photo by David Taube)

Boston Properties’ CEO Doug Linde says that Reston’s urban market is dramatically outperforming other areas.

In a quarterly earnings call, Line said that the community’s urban market core is under 10 percent vacant, bringing in starting rents in the high 50s and 60s gross.

The company’s Reston Next Project — which is welcoming anchor tenant Fannie Mae this month — has secured rents starting in the low 60s. The company takes up roughly 700,00 square feet of space. Volkswagen will also move into that project.

Reston Town Center also secured several leases this year. While the company did not disclose the name’s of the latest tenants, Boston Properties signed a 20,000-square-foot lease with a new theater operator.

Last week, the company also completed a 20,000-square-foot fitness operator.

He also said three other leases for restaurants are “close to execution.”

Last month, the company confirmed that Open Road Distillery, Hammer & Nails, and Compass Real Estate signed leases and are slated to open next year.

So far, the company has declined to comment further on the leases.

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The Ravel Dance Studio will re-open for fall classes 2020. The school will offer in person and virtual online instruction. With over 5000 sq. ft. to social distance the school has added air ionization filtration systems, ballet barres, acrylic dividers, hands free bathrooms, strict monitoring and more.

The Ravel Dance Studio will produce a Nutcracker Ballet Hollywood style video through the Reston Community CenterStage. REGISTRATION online begins August 17.

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