Reston Town Center Owner Boston Residence Awarded $316 Million Development Contract
After 2 years of searching, the United States Transport Security Administration (TSA) settled a lease for a new 625,000-square-foot office advancement in Springfield, VA that will act as the federal government agency’s nationwide headquarters, the General Providers Administration (GSA) revealed earlier today.
In November 2015, a federal judge ruled against the TSA’s original strategy to transfer its head office to PGIM Property’s 552,000-square-foot 5001 Eisenhower Ave. structure within Victory Center in Alexandria. Following the judgment, the TSA chosen to restore its existing workplaces at Pentagon City One and Two while continuing its search for brand-new business workplace.
Presently 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 development slated for a 10-acre system along Springfield Center Dr. near the Franconia-Springfield City station.
The GSA awarded the $316 million development contract to Boston Characteristic (NYSE: BXP), a Boston-based self-administered and self-managed property investment trust that owns a handful of residential or commercial properties in Fairfax County consisting of the Reston Town Center. Boston Properties owns the site on Springfield Center Dr. and will rent the center to the GSA upon its conclusion.
The TSA will inhabit its brand-new area for a duration of 15 years with one five-year renewal alternative. Introduced in 2001 as a response to the September 11 attacks, the agency expects to totally inhabit its new facility in mid-2020.