This falls into the category of "foregone conclusions," but the Reston Association has officially signed a lease to move its headquarters to Reston Corner off Sunrise Valley Drive.
After more than 35 years at the 1930 Isaac Newton Square location, the Reston Association will be moving to new headquarters in the late summer of 2010. On Thursday, Milton W. Matthews, Chief Executive Officer, announced that a 12-year lease had been signed for space located at 12001 Sunrise Valley Drive, in the Reston Corner office complex.For months, our awesome commenters have speculated that the "generic" floor plan (which includes the child labor cubbies in the detail above) that was circulated during earlier discussions about buying or leasing new headquarters space closely matched this building. So much for Bob Simon's idea of making the headquarters a key driver of the Lake Anne redevelopment... unless of course, it takes 12 years to get that little project off the ground.
The total square footage leased will be 29, 042, which includes 3,383 of common areas such as hallways, restrooms, elevators and stairwells. As part of the lease agreement, Reston Association will pay no rent for the first year. After that, the base rent will be approximately $27 per square foot. Reston Association will have the option to renew the lease for one additional ten year term.
The announcement ends months of searching throughout Reston for a headquarters facility. Cresa Partners of Bethesda, Md., a full service commercial estate firm, worked with Reston Association’s board and staff to find a location that would best meet the growing needs of the organization and provide more space for member activities and operations.
Currently, Reston Association occupies approximately 20,000 square feet of space at 1930 Isaac Newton Square location. The lease on this property expires in August, 2010.
(Hat tip to our Facebook BFFs at the Observer.)
7 comments: