Latest
Archived

RESTON CORNER I ACHIEVES STABILIZED OCCUPANCY OF 95%, RESTON CORNER II WILL BE REDELIVERED TO MARKET DECEMBER 2012

Arlington, VA – September 14, 2012 – FD Stonewater, asset manager for the 500,000 square foot Reston Corner and Parkridge portfolio owned by Garrison Investment Group, announced today that Reston Corner I, located at 12001 Sunrise Valley Drive in Reston, VA, has achieved a stabilized occupancy rate of 95% and that, on the heels of this success, building renovations at Reston Corner II have commenced and are scheduled to be completed by year-end 2012.

“In less than one year after taking over the project, the portfolio has seen a dramatic repositioning with the completion of the state-of-the-art fitness center, conference facilities and spec suites at RC1,” commented Jeffrey Toporek, Principal of FD Stonewater. “This has been an absolute collaborative team effort with Cassidy Turley’s leasing, marketing and property management team along with FD Stonewater’s asset management, construction management and federal leasing team. Collectively, the team has completed 10 transactions totaling over 75,000 square feet and have over 100,000 square feet of deals (including renewals) pending,” he continued.

Claiborne Williams, Principal and Director of Development/Construction Management for FD Stonewater, further commented, “Ownership is committed to expanding upon the success of RC1’s capital improvement and leasing program. The Reston Corner II renovation will be completed by December 2012 and include a full lobby redesign, elevator upgrades and core restroom renovation. To address market demand, spec suites will be built out at both Reston Corner II and Parkridge V; along with a conference facility for Parkridge V” he continued.

The Garrison Reston Corner portfolio consists of Reston Corner I & II at Reston Corner office campus at the corner of Reston Parkway and Sunrise Valley Drive and Parkridge II and Parkridge V on Parkridge Blvd.

About FD Stonewater
FD Stonewater is a boutique real estate brokerage, investment, development and advisory firm with offices in New York, Los Angles and Washington, DC. Collectively, the firm’s leadership has a track record of more than $10 billion in investment and acquisitions and over 37 million square feet of lease transactions.

###

For further information:
David Alperstein
571-451-0018 phone
dalperstein@fdstonewater.com