Tishman Speyer Sells Piece Of Herndon Development Site To Pinkard Group
The office portion of a planned, 1.6M SF Dulles Toll Road development has been sold to a Bethesda-based developer.
The Pinkard Group paid $3.15M to acquire the 3.3-acre parcel at the corner of the Dulles Toll Road and Monroe Street in Herndon, part of the Woodland Park East development, from Tishman Speyer, the Washington Business Journal reports.
Tishman Speyer had originally envisioned a 1.2M SF suburban-style office park on the 31.5-acre site. But it changed course with the construction of the Silver Line along the corridor and decided to instead pursue a mixed-use development. The Fairfax County Board of Supervisors in February 2017 approved the new plan, which calls for 560K SF of office, 678 residential units, including a mix of apartments and townhouses, 20K SF of optional retail and 6.1 acres of public parks.
NVR acquired the residential portion of the site from Tishman and is moving forward with that component of the project, in partnership with Ashburn-based Westbrook Properties.
Pinkard, in partnership with Beckham Gumbin Ventures, acquired the parcel on the northeast corner of the site that is planned for two office towers, reaching 14 and 16 stories tall, with 560K SF of combined space. The developer plans to wait for pre-leasing before breaking ground on the project. It expects to see strong demand from corporate users and technology companies.
"We have a patient outlook on this," Pinkard principal Fred Underwood tells Bisnow. "We're not looking to put it into production right away, but that's not to say we wouldn't if certain factors go our way. We just believe that the wind is at our back right now in terms of these types of sites and the activity going on around it."
Less than a mile down the Toll Road from the site, Amazon Web Services last year signed a 400K SF, full-building lease, and the landlord cashed out in March with three times what it paid for the building in 2015.