Ray Ritchey, head of Boston Properties’ Washington office, has
long been a cheeleader for Reston Town Center.
No one owns more real estate in the area and no one will have a larger role in its next wave of development, as Boston Properties owns a slew of sites where it can build as Metro’s arrival approaches.
Today Ritchey has good reason to break out the pom-poms.
California-based Bechtel Corp. announced Monday along with Gov. Robert F. McDonnell (R) that it would move 625 jobs from Frederick to Reston Town Center, where they will fill nearly 200,000 square feet at 12011 and 12021 Sunset Hills Road. Bechtel’s rent checks, highly sought after by other Virginia landlords (particularly in Tysons Corner) will be addressed to Boston Properties, which developed the buildings in 1999.
In an interview shortly after the announcement, Ritchey tried to sound magnanimous. “I’m sure that the competition for their requirements were extremely competitive,” he said, without naming his vanquished opponents.
With the federal government dramatically cutting back leasing and new construction, finding large tenants to fill office buildings is becoming increasingly difficult. The pool of major tenants shrunk further when Maryland Gov. Martin O’Malley (D) announced last month that Bechtel’s power division would keep 1,250 jobs in Frederick.
Despite its success, some real estate types think Reston Town Center may be losing some its luster, with Tysons Corner dominating discussions in Fairfax County and properties along the Rosslyn-Ballston corridor attracting record-setting prices.
“I think Bechtel’s decision to come to Reston is a validation of the wonderful working environment in Virginia, Fairfax County and specifically the Reston Town Center area,” Ritchey said.