Major office tenant signs final lease at RTC Next expansion of Reston Town Center
BXP, a publicly traded real estate investment trust and one of the largest developers and owners of premium office space in the United States, has announced that all office space in the first phase of its RTC Next development in Reston, Virginia, is now fully leased.
The Boston-based firm confirmed that the entire 1.1 million square feet of office space within the mixed-use project has been taken. RTC Next serves as an extension of the broader Reston Town Center, a major mixed-use destination that BXP also helped develop. Once fully completed, the project is expected to deliver more than 4.4 million square feet of space along with over 6 acres of publicly accessible open areas.
Full occupancy was achieved following a 3,900-square-foot lease agreement for a speculative office suite at 1950 Opportunity Way with an undisclosed tenant. While BXP did not reveal the tenant’s identity, the deal brought leasing at the property to 100%. The office space in the 20-story flagship tower, along with space at 2000 Opportunity Way, is now fully leased, with key tenants including Fannie Mae, Volkswagen, Palo Alto Networks and Ofinno.
Erin Cotter, BXP’s vice president of leasing for the Washington, D.C., region, said the milestone reflects strong demand for high-quality office environments across the greater DMV area.
“Reaching full lease-up at RTC Next highlights the ongoing flight to quality we continue to see in the regional office market,” Cotter said in a statement.
Another component of the RTC Next office portfolio is located at 12050 Inspiration St., where nonprofit contractor Noblis signed a lease last year. According to BXP, the organization committed to the entire building.
Recent CoStar data shows that office rents in Reston increased by 1.6% over the past year, outperforming the broader Washington, D.C., metro area, which recorded growth of 0.7%.
Leasing activity is also gaining momentum on the retail side of RTC Next, with several new shops and dining concepts expected to open during the spring and summer months.
The existing RTC Next development also includes a nearly 40-story residential tower and a dual-branded hotel. In addition, the Fairfax County Board of Supervisors approved amendments to the project’s master plan last fall, allowing for an increase in office space, according to local reports.
For the record
CoStar data lists Erin Cotter and BXP’s Max Planning as the leasing representatives for the transaction at 1950 Opportunity Way.
Source: Original reporting by Jonathan Lehrfeld, CoStar News.
