Called the Corporate Campus at Ashburn Center, MRP Realty's current development is a three-building, 194,183-sf campus targeted at companies seeking lower cost options to multi-story offices in the Ashburn submarket, co-founder Ryan Wade tells GlobeSt.com.
For that reason, the project is positioned to be developed into 100% office use, although the firm expects the tenant ratio to fall somewhere between 80% to 100% when all is said and done. The asking rate will be in the mid-teens triple net, he adds.
"We positioned a lot of single story product in multi story markets at [Trammell Crow]," Ryan says. A former Trammell Crow Co. executive, Ryan founded MRP with Bob Murphy and Fred Rothmeijer, who were colleagues from TCC.
Suites will range in size from 1,700 sf to 194,183 sf for a full-facility user. Occupancy in Corporate Campus at Ashburn Center, which is located at the intersection of Ashburn Village Blvd. and Route 772, just off the Dulles Greenway, is slated for Q1 2008. Bert Harrell of the Wiley Companies is the leasing broker for the project.
MRP Realty is also moving to begin construction on another project pending in its pipeline, a office, retail and hotel development called Lakeview at University Center in Loudoun County. Development costs, Wade estimates, will average about $220 per sf for the project, which is expected to total roughly 400,000 sf when completed. The company is beginning construction on Phase 1 – the first 200,000 sf – in the next sixty days, he says. For the two hotels included in the project, MRP has selected OTO Development, a operator of several flags including Marriott's Springhill Suites for one of the hotels. MRP is working with a local operator that will identify a flag for the other hotel.
The office portion of Lakeview at University Center is being developed on spec. Some retail leasing has occurred, with Wachovia and BB&T among the new tenants inking deals. "There has been a lot of activity among retail users and we will have some cool concepts to announce in the near term," Wade says.
MRP, which quietly began operations in the District with a $75 million office tower in Northern Virginia, has quickly morphed into a high-energy firm. Its current pipeline encompasses 5 million sf of development, which MRP either owns or has under contract. The mixed-use project in Alexandria is in the latter category. That deal, which has been pending since last year, is included in the 5-million-sf pipeline.
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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.
