JBG Smith Looking To Sell Wiehle-Reston East Development Site With 1.5M SF Of Potential
A three-building, 11.5-acre site near the Wiehle-Reston East Metro station with another 1.5M SF of development potential has just hit the market.
JBG Smith retained CBRE to market the site, Commerce Executive Park, to prospective buyers, the Washington Business Journal reports.
The property belonged to Vornado before it merged with The JBG Cos. to form the region's largest development company. Vornado received county approval last year to build a 1.5M SF development on the site that would include 500 residential units, a 385K SF office building and a 175-room hotel.
JBG Smith also brought on CBRE to market another two-building, 291K SF Reston office property. The developer has begun to shed some of its properties since the merger, recently selling its Mark Center portfolio in Alexandria for $509M.
The Wiehle-Reston East station, the eastern terminus of the Silver Line until Phase 2 opens, has a ton of development in its pipeline. Before the merger, JBG had planned a 1.6M SF development on a 17.5-acre site near the station in partnership with EYA and Chevy Chase Land Co. It is unclear if it is also seeking to sell that site or continue with the plans. Comstock Partners is planning a 761K SF mixed-use project near its 1.5M SF Reston Station development. Rooney Properties has two projects planned near the station, totaling 418 units.
UPDATE, OCT. 13, 3:30 P.M. EST: The 17.5-acre Reston development JBG Smith has planned with EYA and Chevy Chase Land Co., dubbed Midline, is not on the market for sale, a spokesperson confirmed to Bisnow.
