Boston Properties Inc. has acquired a 50% interest in the former offices of Fannie Mae in Herndon.
The developer, whose properties include Reston Town Center, paid roughly $17.3 million for the acquisition of 12310 and 13150 Worldgate Drive, according to its first quarter earnings report.
Both buildings have been vacant for years, poising Boston Properties for a joint venture that includes redeveloping the property for residential use, according to an April 26 earnings call. Washington Business Journal first reported the news.
The tentative plan calls for demolishing both buildings and using a portion of the garage for a 349-unit rental and for-sale housing development, according to Boston Properties CEO Owen Thomas.
Boston Properties would act as the developer of the project alongside Artemis Real Estate Partners. MRP Realty and Artemis paid around $45 million for both properties in 2018.
Development likely won’t kick off until next year.
“Additional new acquisition opportunities will undoubtedly grow in this environment,” Thomas said. “We will remain highly opportunistic and solely focused on premier workplaces, life science and residential development.”
Fannie Mae’s former campus on American Dream Way in Reston is also being eyed for redevelopment. Developer Wheelock Capital recently resubmitted plans to Fairfax County after an earlier approval was voided due to a late payment.
Recent Stories
Good Friday evening, Fairfax County. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier…
Local morning commuters can save on gas and win a free t-shirt when Bike to Work Day returns to Fairfax County this month. The 23rd annual Bike to Work Day…
Local golf professional Larkin Gross has qualified for the 2024 PGA Championship in Louisville, Kentucky, where he will face off with some of the U.S.’s top male golfers in two…
The push to rename Reston’s Shadowood Recreation Area has reached a new phase with the launch of an online survey. Reston Association announced on Wednesday (May 1) that it’s officially…
The Blue Swallow Farm Foundation is holding an online auction to celebrate three years of helping students and educators in outdoor instruction. We invite you to participate in our online auction to support our mission of providing authentic, outdoor experiences for children. This event not only serves as a fundraiser for our initiatives but also as an opportunity for you to acquire unique items and experiences while making a positive difference in the lives of students and educators. You can preview auction items and then register as a bidder. Bidding will begin on May 4. The bids will close on May 8. Proceeds will assist us in helping educators build outdoor classrooms, developing high-quality curriculum materials and professional development workshops, sending teachers and students to environmental youth summits, and assessing the benefits of outdoor learning.
Good news, D.C. area. You can save money on your next home cleaning with Well-Paid Maids. It’s easy!
We offer a discount when you set up recurring cleans — and the discounts just increased this week!
For weekly cleans, get $30 off each cleaning.
Pedal with Petals Family Bike Ride
Join us on Saturday, May 11th and ride into spring during our Pedal with Petals Family Bike Ride. Back for its second year, Pedal with Petals is going to be bigger than ever. This year’s event will include both an
Encore Creativity for Older Adults at Capital One Hall
Encore Creativity for Older Adults is pleased to raise the curtain and welcome community members to its spring concert at Capital One Hall in Tysons, VA on May 4, 2024. The concert, which starts at 3 PM, will bring hundreds
