Rubenstein Partners announced last week it purchased the five-story building at 11493 Sunset Hills Road for $18.6 million. Unisys Corp. recently vacated the building after more than 10 years.
Built around 1988, the property is close to the Reston Station neighborhood, which is just a short walk from the Wiehle-Reston East Metro station. It also is near the Dulles Toll Road, Reston Town Center and Plaza America.
“11493 Sunset Hills Road is exactly the kind of value-add opportunity Rubenstein Partners seeks out,” Mike Daugard, a Rubenstein Partners vice president, said in a statement. “The outstanding location speaks for itself.”
Rubenstein Partners soon will begin work on updating the building with new high-end amenities to create a more modern feel, Dugard said.
“The vision for the property is to convert it from a traditional office building to a high-tech magnet by refashioning the interiors to offer higher ceilings and a more open ‘industrial loft’ feel,” he said.
In addition to all-new HVAC systems and a modern building management system, the building will get a fitness center, conference center and food service areas, according to plans from Rubenstein Partners.
All renovations and additions are expected to be complete by the end of 2017. At that time, Rubenstein Partners will hand over operations to real estate firm Newmark Grubb Knight Frank, which will lease the space.
Photo courtesy of Rubenstein Partners
The mortgage giant, which recently made a deal to leave its upper Northwest D.C. location to build an new building at 1150 15th St., longtime site of The Washington Post headquarters.
Meanwhile, The Washington Business Journal reports that Fannie Mae is also planning to lease about 180,000 square feet at an undisclosed location in Reston to support a new commercialization platform it is developing in collaboration with Freddie Mac.
Fannie already owns and leases space at 11600 American Dream Way in Reston, as well as in Herndon, but company spokesman Andrew Wilson told WBJ it has maxed out its space in Reston and needs to expand to roll out the new platform for the mortgage industry.
Fannie Mae occupies nearly 1.5 million square feet of owned and leased space in the region, including a lease set to expire next year at Monument IV at Worldgate in Herndon.
Fannie plans to combine its operations there into the new space, which Fannie has identified says it cannot disclose yet.
Photo: Current Fannie Mae Reston space near Plaza America/file photo