Iconic Reston Building's Big Plans
Reston International Center was scooped up for $35M last week. The buyers: American Real Estate Partners and funds managed by Square Mile Capital Management. AREP president Brian Katz (left), whom we snapped last October with co-founder Doug Fleit, says the 15-story, 179k SF building, which is 55% leased and sits on the highest point in Reston, will go through a $10M to $12M renovation, including a new three-story parking deck and an updated lobby and common areas.
Brian says the building -- walking distance from the future Reston Parkway Metro -- will be the epicenter of JBG’s Reston Heights, one of the only mixed-use projects along the Dulles Toll Road. JBG is working on 400 multifamily units and 95k SF of retail; a lease for a fitness facility has already been signed. Brian says his firm has been focused on the urbanization of suburban markets like Tysons and the Toll Road.