While Archon Group is not revealing the anticipated development cost, the cost for development of a similar office building in nearby Reston--Sallie Mae's new 240,000-sf corporate headquarters, which reached completion six months ago--was approximately $42 million. The process of developing Bridgewater began to gather steam once Archon finalized the acquisition of the six-acre parcel the building will occupy near Lee Jackson Memorial Highway and Interstate 66 last November.

Tony Womack and Brian Connolly Jr. of Spaulding & Slye Colliers have since been tapped to oversee leasing activities at the property; the team is marketing the office space for figures in the low $30-per-sf range. Once construction wraps up, the eight-story building and its landscaped acreage, all designed by architectural firm Hellmuth, Obata + Kassabaum, will be accented by a three-level parking deck at the rear of the office structure, outdoor seating and such extras as a two-level reflecting pool. Bridgewater will also offer a ground-level fitness facility, but the presence of ground-level retail space is "to be determined," Womack tells GlobeSt.com. "We want to see if we have a tenant driving the need for a first-floor conference center."

Situated in the county's Fairfax Center area, Bridgewater will make its home in a market with demand for class A properties. According to Advantis Real Estate Services Co.'s Year End 2004 Office Report, the vacancy rate in the Fairfax Center submarket is 5.4%.