MRP Breaks Ground on $35M Ashburn Office/Flex

ASHBURN, VA-MRP Realty has begun construction on a $35 million office/flex project it is developing on a speculative basis here. It is part of a robust pipeline the nearly two-year old firm has; a pipeline that includes a $600 million mixed-use project in Alexandria, Va. that MRP hopes to close on next month.

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.