Massive Reston Town Center Deal: Report

RESTON, VA -- Reston Town Center manager Boston Properties has entered into a commitment with Fannie Mae to lease 850,000 square feet out of a million square feet to be constructed on the Reston Gateway property, the developer said in a statement.

Fannie Mae will move into the building in 2022. The Reston Gateway project will be developed in multiple phases and could end up included as much as 3.5 million square feet of mixed-use space, and will be situated next to the Reston Town Center Metro station opening in 2020.

Boston Properties currently owns more than 4.6 million square feet at Reston Town Center, and the Reston Gateway project could swell total space owned by BXP at RTC to 8.5 million square feet.

"Other commercial tenants have also recently signed long-term leases in Reston with Boston Properties, validating Reston Town Center's unique position as a top experiential development in the U.S.," the statement adds.

The news comes as Reston Town Center merchants complain that paid parking continues to cause great damage to their bottom line. However, Boston Properties has said they don't plan on changing paid parking any further and despite some tenants leaving in recent months, they claim that they have not had any problems filling the space.

Leidos announced in January that they would relocate their headquarters to the 17Fifty building at RTC in 2020, and SAIC signed a long-term commitment last year to remain in their current RTC space.

And there have been other significant deals, Boston Properties said.

"Metro, a scientific consulting firm, recently signed an amendment that extended their commitment to Reston Town Center for another 11 years and expanded their foot print by 14,000 square feet to a total of 51,000 square feet," the statement reads. "Hewlett Packard Enterprises signed a lease for a full floor at One Discovery Square, bringing another multinational organization to the already diverse tenant base."

Several new retailers will move into RTC in 2018, BXP added, including Balducci's, &Pizza, Muse Paintbar, and Mason's Famous Lobster Rolls.

“We have listened to the community and are thrilled to announce a combination of new national, regional, and local retailers that will continue to enhance the shopping experience. Developing best in class retailers that strengthen Reston’s connection to the Town Center is our priority,” said Stephanie Friedman, Director of Leasing at Boston Properties, in the statement.

Image via Boston Properties