Quadrangle Tops Out Tyson Office

TYSONS CORNER, VA-One of the very few office buildings in this submarket developed for spec has topped out. The 13-story, 295,000-sf 1850 Towers Crescent Plaza is set to deliver in fall 2009. The project team is led by Quadrangle Development Corp., which is developing the building for affiliates of Quadrangle and GM Asset Management. GMAC is advised by AEW Capital Management.

1850 Towers Crescent Plaza will also deliver 14,451 sf of ground-floor restaurant and retail space. Jones Lang LaSalle is leasing the office space, and Asadorian Retail Solutions is leasing the retail space.

Bob VeShancey of JLL tells GlobeSt.com that interest in the office component is very high. “We have over 200,000-sf of proposals outstanding and we are very optimistic on the chances of converting a number of those.”

The developers are asking $51 per sf to $55 per sf, full service, he says. Space is very tight in the submarket, which has much to do with VeShancey’s optimism. “There is only one other spec building delivering here this year,” he says, pointing to BF Saul’s 11-story, 312,897-sf building at 7930 Jones Branch Dr.

The building is the fourth and final office planned for the Towers Crescent mixed-use development, which includes 8000 Towers Crescent Dr., home of the Tower Club. 1850 Towers Crescent Plaza will also connect to the Tysons Corner Center shopping mall – and hence, the Metrorail station at Route 123, when it opens. A covered pedestrian bridge will link Towers Crescent to the mall, which will connect to the Metro station.