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.