Nestlé Looking At NoVa For US HQ
The DC region's tallest building, 1812 North Moore St in Rosslyn, has sat vacant since Monday Properties delivered it in 2013, but the major office lease it has been seeking might be just around the corner.
Nestlé is considering moving its US HQ to NoVa, and two of the buildings in consideration are 1812 North Moore and 1900 Reston Metro Plaza, part of Comstock's Reston Station, the Washington Business Journal reports.
CBRE is helping the company in its search for 150k SF to 200k SF of office space. The Switzerland-based company's current US HQ is in Glendale, CA, where its 380k SF lease is set to expire in the next five years. The food and beverage maker has more than 100 locations in the US and employs more than 50,000 people.
Landing Nestlé would be a huge win not just for Monday Properties or Comstock, but for NoVa's office market, which sits at roughly 20% vacant. It is likely the state would provide a major incentive package to the company, a tactic jurisdictions have increasingly used to land big office tenants, and Virginia Gov. Terry McAuliffe has been at the forefront.
Marriott is receiving $44M in incentives from Montgomery County and the State of Maryland to keep its corporate HQ in Bethesda. The Advisory Board Co received a $60M tax break from Washington, DC, to stay in the District. The healthcare consulting firm had considered 1812 North Moore before choosing Douglas Development and Brookfield's 655 New York Ave development. [WBJ]