JLL announces today AvalonBay Communities, Inc., an equity REIT specializing in multifamily, has executed a lease for approximately 73,000 square feet of office space in over three floors of the The Shooshan Company and Brandywine Realty Trust’s 4040 Wilson development, the final phase of their Liberty Center development, and the first-of-its-kind mixed-use building slated to deliver in Ballston. The AvalonBay lease, plus the existing lease with VIDA Fitness, brings the commercial component of the building to 50 percent pre-leased.
“When we decided to amend 4040 Wilson to a mixed-use building consisting of roughly a 50/50 split of office and residential and increased retail last year, we did so in an effort to adjust to the recent market trends which consisted of more prospective tenants in the +/- 75,000 SF range, and more retail demand along Wilson Blvd.,” states Kevin Shooshan, Leasing Director, The Shooshan Company. “Just about a year after county approval, we’re honored to have executed a pre-lease with a company as prestigious as Avalon Bay, securing their headquarters location here in Arlington County for years to come”
Situated across the street from Forest City’s redevelopment of the Ballston Mall, 4040 Wilson Boulevard is Ballston’s tallest building at 22 stories, affording unobstructed views of Washington, D.C. AvalonBay will take space on the 8th, 9th and 10th floors and a portion of the 7th floor leaving approximately 117,000 square feet of office space still available.
“Avalon Bay’s decision to relocate its headquarters to what will be DC’s first vertical mixed-use development is a testament not only to the resurgent Ballston submarket, but to how forward-thinking companies are embracing community and innovative, smart and sustainable workplace design,” said Jerry Sweeney, President & CEO of Brandywine Realty Trust.
Adding to Liberty Center’s growing list of “Arlington firsts,” AvalonBay will join VIDA Fitness, which will open its first non-D.C. location with a total of 30,000 square feet on the 2nd floor through the B1 level at 4040 Wilson.
“Liberty Center’s retail evolution has been incredibly exciting to not only watch, but to be a part of,” notes Shooshan. “Liberty Center will ultimately consist of over 70,000 square feet of retail, all of which selected Liberty Center as their very first Arlington location.”
Existing Liberty Center retailers include three concepts by Chef and Restauranteur, Mike Isabella (Kapnos Taverna, Pepita and Yona), Sweetgreen, Taylor Gourmet, Rustico Restaurant and Bar, Buzz Bakery, and Bruegger’s Bagels.
The Shooshan Companies and Brandywine Realty Trust, in partnership with Clark Construction, will begin construction on 4040 Wilson in the first quarter of 2018. AvalonBay will occupy its new space upon delivery in the second quarter of 2020. JLL’s Herb Mansinne and Robert VeShancey represented the Landlord in this transaction.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Shooshan Company:
The Shooshan Company (“TSC”) is a privately-owned investor and full service developer, leading innovative real estate projects built on integrity and community commitment. We pride ourselves in being the local real estate developer of choice in Arlington, Virginia. TSC has now planned, developed and invested in over 4,000,000 square feet of mixed-use space in Arlington, including some of the market’s most prominent office buildings, high end residential high-rise buildings and most notable retail locations in Northern Virginia.
About Brandywine Realty Trust:
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), Brandywine Realty Trust owns, develops, leases and manages an urban, town center and transit-oriented portfolio. Brandywine Realty Trust’s deep commitment to their communities was recognized by NAIOP naming Brandywine the 2014 Developer of the Year — the highest honor in the commercial real estate industry.