Beacon Capital Partners found a buyer for its last remaining land parcel at Reston Town Center, its mixed-used property in Fairfax County, VA. Boston Properties (NYSE:BXP
), the Boston-headquartered office REIT, agreed to purchase the 4.5-acre site for approximately $27 million or $6 million per acre. The deal is scheduled to close by the end of this quarter.
The parcel is commercially zoned for 250,000 square feet of office space
. Boston Properties is evaluating a potential mixed-use development plan, which could include residential as well as commercial uses.
The town center consists of 376,428 square feet of retail space
, 2.02 million square feet of office space, a 518-room Hyatt Regency and 293 residential units. Beacon owns the original potion of the property that opened in 1990. Boston Properties owns and manages four buildings at the development.