The owners of a four-building office complex in Reston that is just over half full are looking to extend the properties' loans as they are maturing.

Tamares Group and Atlantic Realty have more than $200M remaining on a pair of CMBS loans tied to Plaza America I, II, III and IV, according to Morningstar Credit.

The loan on Towers III and IV, originated in 2013, matured this week. It has two one-year extension options that haven't been exercised. The loan on Towers I and II, originated in 2016, matures in August 2026.

The owners are seeking to secure long-term extensions on the loans. They have requested the CMBS notes be transferred to special servicing and have hired capital advisory firm Iron Hound Management to help secure an extension, their broker, Stream Realty Partners, announced in a press release Monday.

The release says the move is “not indicative of financial distress” and is rather a way to ensure maximum flexibility for the owners. It says they remain confident in the property's future and plan to continue investing in it.

“Moving into special servicing is a proactive and strategic step to secure long-term stability at Plaza America,” Stream Realty co-Managing Director Jeff Roman said in a statement. “With limited trophy office space remaining in the area, this campus is exceptionally well-positioned within the Dulles Corridor, and we continue to see meaningful leasing momentum that supports ownership’s long-term investment strategy.”

Both loans had been watchlisted due to occupancy concerns, according to master servicer commentary in Morningstar's database. Occupancy at Towers I and II was at 54% as of the end of 2024, according to Morningstar, while Towers III and IV were at 64.3% occupied.

The loan on Towers III and IV hit special servicing in March 2023, ahead of an initial July 2023 maturity, before receiving a two-year extension. That loan totaled $100M at origination, and the ownership has $79M remaining, according to Morningstar.

It appears that the owners haven't paid down any of the principal on the loans backing Towers I and II, which total $145M. That CMBS note is split into two pieces of $65M and $60M. The owners also have a $20M unsecuritized mezzanine loan.

Tenants at Plaza America include home construction company NVR, which has 61K SF and a lease expiration of April 2026, according to Morningstar. NCI Information Systems, now Empower AI, has 53K SF expiring in October 2027. And Science Application International Corp.’s 105K SF lease expires this month.

The property sits next to the Whole Foods-anchored Plaza America shopping center, and it is less than 1 mile from Reston Town Center. The first two buildings were constructed in 1999, and the third and fourth were built in 2002. Atlantic Realty developed the buildings in partnership with Intertech Corp.