Reston Town Center: No Vacancy, More Building

All 2.1 million square feet of office space at Reston Town Center is leased, with more being planned to accommodate prospective tenants. And with Metro’s Silver Line slated to open this summer, business around here is going to transform, Rep. Gerry Connolly said.

That was the takeaway from the Greater Reston Chamber of Commerce’s annual Virtual Realty Tour at the Hyatt Regency Reston on Wednesday. The event brings together local developers and commercial real estate representatives for a look at what’s happening in the Dulles corridor.

“You look at Clarendon-Ballston,” Connolly (D-Va. 11th)  said of the transit-oriented Arlington business hub. “That is three-miles long. The Dulles corridor is 23 miles long. When we are finished it is going to be a hub of employment.”

Gerald Gordon, President and CEO of the Fairfax County Economic Development Authority, said Reston has 20 million square feet of office space, and another 8.5 million square feet can still be built under the blueprint of the Reston Master Plan.

But that has an impact on the rest of the county, where there is 18 million square feet of vacant space, said Gordon. Businesses want to be on the Silver Line, which will have five stops from Tysons to Reston when Phase 1 opens.

“All laws of supply-and-demand have been suspended for the next few years,” said Gordon. “Businesses want to be on the Metro line. Tysons/Reston are healthy and drive the economy of the rest of the county.”

Pete Otteni, Vice President of Development for Boston Properties, which owns most of the space at town center, gave an update on what’s happening there:

• 100 percent of the retail space at Reston Town Center is leased.
• The Avant, Boston Properties new luxury residential building that opened last fall, is 40 percent leased.
• World of Beer, located in The Avant’s ground floor, will open Monday. Other Avant ground-level retail spaces on the way are CVS, which will open in mid-June, and Barcelona and Bar Taco, which will open in late summer.
• The plan for redevelopment of the Reston Town Center’s surface lot will go before the Fairfax County Planning Commission June 11. The plan calls for 250,000 square feet of office space, 500 new luxury residences and 25,000 square feet of retail. Included in the plan is removing the two-story space where FedEx/Kinkos now stands and building a 17-story office tower.
• Boston Properties also has plans for Reston Gateway. That development will be on the 22 acres between the future Reston Parkway Metro Station (slated to open as part of Phase 2 in 2018) and Reston Town Center. Gateway will feature 3-4 million square feet of mixed use space, said Otteni.
• Future development is also expected to happen at Town Center North, the adjacent area around the Fairfax County Police Reston District Station.

Photo: The Avant and office buildings at Reston Town Center