Reston Town Center Owner Boston Properties Granted $316 Million Development Agreement
Following a two-year search, the United States Transport Security Administration (TSA) settled a lease for a brand-new 625,000-square-foot office development in Springfield, VA that will act as the federal government firm’s nationwide headquarters, the General Services Administration (GSA) revealed earlier today.
In November 2015, a federal judge ruled against the TSA’s initial plan to relocate its head office to PGIM Property’s 552,000-square-foot 5001 Eisenhower Ave. building within Success Center in Alexandria. Following the judgment, the TSA chosen to restore its existing offices at Pentagon City One and 2 while continuing its look for new corporate workplace.
Currently based simply outside of Washington, D.C. at 601-701 S. 12th St. in Arlington’s Pentagon City, the TSA will combine 4 places to the brand-new advancement slated for a 10-acre tract along Springfield Center Dr. near the Franconia-Springfield City station.
The GSA awarded the $316 million advancement agreement to Boston Properties (NYSE: BXP), a Boston-based self-administered and self-managed real estate investment trust that owns a handful of residential or commercial properties in Fairfax County including the Reston Town Center. Boston Residence owns the website on Springfield Center Dr. and will rent the facility to the GSA upon its conclusion.
The TSA will occupy its new area for a duration of 15 years with one five-year renewal alternative. Launched in 2001 as a response to the September 11 attacks, the company expects to totally occupy its new center in mid-2020.