RESTON, VA. — Akridge and RTC Partnership LLC have formed a joint venture to develop 1760 Reston Parkway, a $210 million, Class A office tower in the Reston Town Center mixed-use development outside Washington.
The approximately 420,000-square-foot, 22-story building will reach 330 feet, nearly 115 feet taller than the next tallest building in Reston Town Center. As a result, 1760 Reston Parkway will offer tenants panoramic views from the Blue Ridge Mountains to downtown Washington.
1760 Reston Parkway will be located six miles east of the Washington Dulles International Airport and approximately 20 miles west of Washington.
The site is currently home to a five-story, 61,000-square-foot office building that will need to be demolished prior to construction, according to the Washington Business Journal. The newspaper says that Akridge has not ruled out building on spec, but plans to prelease an anchor tenant for at least 150,000 square feet before proceeding with construction.
RTC Partnership LLC acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. Whealen retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that has been investing in the area for more than 40 years.
Designed by Thomas Dinneny of Reston’s Polleo Group, 1760 Reston Parkway will include state-of-the-art building systems, feature a large rooftop plaza and seek to obtain LEED Gold certification. The panoramic views will be further enhanced by the floor-to-ceiling vision glass and 9.5-foot ceiling heights.
The building will also feature dedicated parking, with a parking ratio of three spaces per 1,000 square feet, as well as street-level retail.
Reston Town Center is a mixed-used development, primarily owned and managed by Boston Properties, that features more than 60 retail shops, 30 restaurants, a 13-screen movie theater, offices and a Hyatt Regency Hotel.
Avison Young will represent the joint venture in leasing up the building.
Akridge provides acquisition, development, asset and property management, leasing and consulting services. Over the past 40 years, the company has acquired or developed more than 18 million square feet of office, industrial flex, residential, retail and entertainment space, and currently manages 4.5 million square feet at an estimated value of $2 billion.
— Scott Reid