Akridge, RTC JV to Build Tall in DC Suburb
- Feb 10, 2015
Akridge, of Washington, D.C., and joint venture partner RTC Partnership will develop 1760 Reston Parkway, a $210 million, 420,000-square-foot trophy office tower in Reston Town Center, Reston, Va., Akridge announced Monday.
Designed by Thomas Dinneny of Polleo Group in Reston, 1760 Reston Parkway will be, by more than 100 feet, the tallest building in Reston Town Center. The tower will feature floor-to-ceiling vision glass, 9.5-foot ceiling heights, state-of-the-art building systems, a large rooftop plaza and panoramic views of both the Blue Ridge Mountains and the Washington skyline. On the environmental side, the building will aim for LEED Gold certification.
Reportedly unlike other buildings in Reston Town Center, 1760 Reston Parkway will have dedicated parking, with three spaces per every 1,000 square feet.
As of press time, Akridge had not responded to Commercial Property Executive’s request for additional information.
RTC Partnership L.L.C. was formed in 2005 to acquire and operate the existing office building at 1760 Reston Parkway. Starting in 2009, Rick Whealen of RTC began the entitlement process for the new building and later retained Mike Shuler of Avison Young to structure a JV with a top office developer. That reportedly led to the venture with Akridge, a full-service CRE company that has been investing in the D.C. area for more than 40 years.
Avison Young will handle leasing for the JV.
The project’s prime location notwithstanding, Avison Young will face a tough office leasing market, according to a third-quarter 2014 report from Marcus & Millichap. The current metro D.C. office market is shaped by an unappealing combination of weak job growth, an already high average vacancy of nearly 20 percent, substantial amounts of new space under way and flattening rent growth.
Roughly 5 million square feet of new office space is under construction, only half of it preleased, according to Marcus & Millichap. 2014 was expected to finish up with an overall office vacancy of 19.9 percent, 110 basis points higher than the previous year.