Akridge and RTC Partnership Announce Plan for Iconic New Office Tower at Reston Town Center

TRANSFORMATIVE REDEVELOPMENT PROJECT WILL OFFER IDEAL LOCATION, BREATHTAKING VIEWS, AND STRONG AMENITY BASE

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Feb 09, 2015, 10:53 ET

WASHINGTON, Feb. 9, 2015 /PRNewswire/ -- Akridge and RTC Partnership announced a joint venture to develop 1760 Reston Parkway, a $210 million, trophy-class, office tower in the heart of Reston Town Center. The approximately 420,000 square foot building will climb 330 feet, nearly 115 feet higher than the next tallest building in Reston Town Center. This will afford 1760 Reston Parkway unparalleled, panoramic views extending from the Blue Ridge Mountains to downtown Washington, DC.

RTC Partnership's Rick Whealen originally acquired the property in 2005 and guided 1760 Reston Parkway through the entitlement process. He retained Mike Shuler of Avison Young to structure a joint venture with a top office developer, leading to the joint venture with Akridge, a full-service commercial real estate company that has been investing in the DC area for over 40 years.

Designed by Thomas Dinneny of Polleo Group in Reston Virginia, 1760 Reston Parkway will redefine Reston's landscape. The office tower will include state-of-the-art building systems, feature a large rooftop plaza, and target LEED Gold certification. Its breathtaking panoramic views will be the landmark structure's most notable feature and will be further enhanced by the floor-to-ceiling vision glass and 9.5 foot ceiling heights.

The building will offer an easily accessible location with the abundant amenities of Reston Town Center, the most desirable office submarket in Northern Virginia. 1760 Reston Parkway will be just 10 minutes east of the Washington Dulles International Airport and about 30 minutes west of Washington DC. Unique to Reston Town Center, 1760 Reston Parkway will have dedicated parking, with a parking ratio of three spaces per every 1,000 SF. Reston Town Center offers a unique outdoor venue with more than 60 retail shops, 30 restaurants, a multi-screen movie cinema, and the Hyatt Regency Hotel.

Joseph Svatos, Senior Vice President at Akridge, credited Rick Whealen for identifying the project's potential in Reston Town Center. "We are thrilled to be partnering with Rick Whealen to develop this landmark office tower in Reston Town Center. Rick's vision and foresight is truly remarkable," stated Mr. Svatos.

Avison Young will represent the joint venture in the project's leasing. For more information on leasing please contact Avison Young at 703.288.2700.

About RTC Partnership
RTC Partnership LLC was formed in 2005 to acquire and operate the existing office building at 1760 Reston Parkway. Rick Whealen uncovered the property's development potential in 2009 and then finalized entitlements over the next several years.

About Akridge
Akridge is a comprehensive real estate services company that has invested in the Washington Metropolitan area for over four decades. It provides acquisition, development, asset and property management, leasing, and consulting services. For over 40 years, the company has acquired or developed more than 18 million square feet of office, industrial flex, residential, retail, and entertainment space. Akridge currently manages 4.5 million square feet at an estimated value of $2.0 billion. Notable projects include the 1 million square foot Gallery Place, the internationally recognized Homer Building, and a 3 million square foot Burnham Place air rights development project at Union Station. For more information please visit www.akridge.com.

About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700+ real estate professionals in 62 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. For more information please visit www.avisonyoung.com.

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SOURCE Akridge