Located within the 63-acre mixed-use Dulles Station project that is currently in the works along the Dulles Toll Road near Washington Dulles International Airport, 2300 Dulles Station occupies a 5.3-acre parcel that WRIT acquired for $24.7 million in December. The Cooper Carry-designed building will be six stories tall and feature a parking facility. Phase II will consist of a 12-story structure of approximately 355,000 sf with parking accommodations.

"The fundamentals for speculative office development in Northern Virginia are as strong as they have been since the mid 1990's," says Stephen Shelesky, Trammell Crow's managing director for development and investment in Northern Virginia. "With a dynamic tenant base, we are confident that Reston-Herndon is positioned for significant job growth. Dulles Station puts us at the forefront, with a prime asset and a prominent location along the Dulles Toll Road."

Companies in the immediate vicinity include the likes of BAE Systems, Cisco, Honeywell, Novell and Northrop Grumman, which signed a 10-year lease late last month for about 250,000 sf at nearby 2340 Dulles Corner Blvd. The vacancy rate for class A office space in the Reston/Herndon area, according to Cushman & Wakefield's Year-End 2005 MarketBeat Series report, is 10.4% and the average rental rate is $26.91 per sf. "Leasing activity in this submarket remained the strongest among the 15 submarkets in Virginia for the third year in a row," the report concludes. "Leasing activity reached 1.9 million sf, nearly 22% of Virginia's total." Trammell Crow expects to open the doors of 2300 Dulles Station in May of next year.