Beacon Capital Partners Sells Fountain Square to Boston Properties
Boston Properties has bought out Beacon Capital Partners' share of Fountain Square, the two-building mixed-use property in the heart of Reston Town Center. With the $206M acquisition of Beacon's 50% share complete, Boston Properties now owns every piece of the 2.1M SF of offices and 360k SF of retail in the massive center.
The deal was the result of Boston exercising its option to acquire the full property after signing a deal in 2012 to buy the first 50%, the Washington Business Journal reports. Fountain Square was the original development in the complex when it opened in 1990, and is still the central piece to the ever-growing center.
Boston is now the sole landlord of one of the most desirable pieces of real estate in the region. Despite its massive footprint, RTC is fully occupied, counting clients like Google and Bechtel among its ranks. [WBJ]