Newmark announces the sale of 2100 Reston Parkway in Reston, Virginia on behalf of a global investment advisor. The seven-story, 178,667-square-foot building was purchased by Moore and Associates and Harbert Group.
The building boasts a fitness center with onsite locker rooms, a lounge and game room and conference facilities served by 562 parking spots in a two-level structured onsite parking garage. With 76 percent of the building already leased, the new owners have a great start on fostering a strong tenant base in a highly-desirable area of one of the country’s fastest growing markets.
“2100 Reston Parkway is located on the main north-south spine of the dynamic Reston submarket. It is easily accessible to the amenities located at Reston Town Center,” said Newmark Executive Managing Director James Cassidy. “The property will benefit from all of the adjacent development south of the Toll Road including Brookfield’s transformational, Wegman’s-anchored 4.1 million-square-foot Halley Rise project and JBG Smith’s Reston Heights development.”
“The building is also proximate to the soon-to-open Silver Line Reston Town Center Metro station and will continue to perform well due to the buyer’s continued strategic improvements to the asset in the tightening Reston market,” added Cassidy.
The Birmingham, Alabama-based Harbert Management Corporation (HMC) is an investment management firm focusing on alternative assets, with approximately $6.6 billion in Regulatory Assets Under Management as of September 30, 2019. They were represented by brokers from the Bethesda, MD headquarters of Moore and Associates.
Newmark’s Executive Managing Directors James Cassidy and Jud Ryan and Vice President Cliff Cummings facilitated the sale.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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