Boston Properties to Pay $27M for Last Parcel of Land in Reston Town Center
Raymond A. Ritchey
Reston – Boston Properties, the publicly traded real estate investment trust, announced it has entered into an agreement to pay $27 million for “the last remaining parcel of land in the urban core of Reston Town Center.”
The deal is expected to close sometime during the first quarter of this year.
The land under contract is commercially zoned for 250,000 square feet of office space. Boston Properties said it is evaluating a potential mixed-use development plan for the site, which could include residential uses as well as commercial uses.
One of the largest owners and developers of Class A office properties in the U.S., Boston Properties is concentrated in five markets, including Boston, New York, Princeton, San Francisco and Washington, DC.
The firm also just announced it has completed the acquisition of 535 Mission Street, a development site, in San Francisco, for a purchase price of about $71 million.