Peterson, Brandywine to Develop Herndon Town Center in Joint Venture

The Peterson Companies and Brandywine Realty Trust announced Thursday the formation of a joint venture to develop a 300,000-square-foot mixed-use town center along Sunrise Valley Drive in Herndon. The proposed Wood Oak development will be located 3.5 miles from the Washington Dulles international Airport and just one mile from two future Silver Line stations.

Pennsylvania-based Brandywine originally purchased the 10-acre parcel of land at 2291 Wood Oak Dr. in Woodland Park in 2012 for $2.1 million. The company currently owns 1.86 million square feet of Herndon office space.

Upon completion, the town center will feature residential units perched atop high-end retail and restaurants and could include a possible mutli-screen movie theatre and a lifestyle fitness center. The space will be flanked by pedestrian-friendly streets, outdoor seating and should feature year-round events and programming.

“This is arguably one of the best mixed-use development opportunities in the Northern Virginia market and it is exactly the type of project that we excel at creating,” said Taylor O. Chess, President of Retail for Peterson Companies. “The new retail, dining and entertainment offerings will also provide an attractive amenity base for the thousands of employees and residents in the surrounding office parks and neighborhoods.”

Fairfax-based Peterson Companies, one of the largest privately owned real estate development companies in the Washington, D.C. area, will be the lead developer for the retail and entertainment components, according to a press release.

Image: The Peterson Companies