RESTON, VA–A handful of office buildings are under contract or in negotiations, sources tell us. This should not be surprising: Northern Virginia's fundamentals are flourishing, a trend that is expected to continue thanks to the recent Defense-friendly budget deal.
Last year, Northern Virginia experienced job gains of 20, 500, which was down from the 32, 000 jobs added in 2016, Cushman & Wakefield noted in its Q4 report on the region. But, it added, NoVA accounted for all of the growth in financial sector employment in the Washington DC area — a total of 3,600 new jobs — and for two-thirds of the job growth in the professional and business services category with 9,200 jobs year-over-year.
With this as background let's look at some of the deals that are pending. A source tells us that JBG Smith is selling its 290,247-square foot Summit 1 & II offices in Reston to Brookfield Asset Management for about $95 million or $327 per square foot. The buildings are fully occupied by such tenants as Noblis, SAP. The last time the complex traded was in 2011 for about $50 million.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
