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A five-story office building in Herndon is on the market as part of a site with the potential for more than 900k SF of development.
Located at 575 Herndon Parkway, the 135k SF office building is fully leased by Booz Allen Hamilton. It's also right next to the under-construction Herndon Metro Station, which makes it potentially tantalizing for big developers.
Colliers International has been tapped to sell the property, which it's marketing for its development potential. The 4.8-acre site is part of the Herndon Transit Oriented Core, a zoning district aimed at encouraging urban mixed-use developments. The new zoning rules allow up to 906,400 SF to be developed on this site.
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Colliers created the above rendering as a potential mixed-use development that could be built on the site.
“From an investment perspective, 575 Herndon Parkway offers developers incredible flexibility," Colliers executive vice president William Kaye said in a release. "A purchaser can benefit from the stable cash flow of existing leases while working through the design process. Additionally, development of the site can be phased without having to immediately demolish the existing building.”
A potential mixed-use project there would be just one of several big upcoming projects to launch next to upcoming Silver Line Phase 2 stations.
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