Commercial real estate development company intends to build speculative business community with first delivery of R&D/Office/flex product scheduled for spring 2018
Leesburg Tech Center
St. John Properties, Inc. has announced the acquisition of a seventeen acre parcel of land situated east of the intersection of Sycolin Road and Miller Drive in the Town of Leesburg from a private owner. The full-service commercial real estate company intends to construct and lease four speculative R&D/Office/Flex buildings comprising approximately 160,000 square feet of space on the site, with groundbreaking for the first two buildings scheduled for next summer. Delivery for the first two speculative buildings is expected to occur in spring 2018. Kevin Goeller and Ryan Goeller of KLNB represented the Seller in this transaction.
Earlier this year, St. John Properties initiated construction on two speculative R&D/Office/Flex buildings totaling more than 90,000 square feet of space to kick-off its Ashburn Crossing project. The buildings represented the first phase of development activities for the 81-acre mixed-use business community that will eventually support more than one million square feet of commercial office and amenity space in Loudoun County.
“We continue to invest heavily in the development of speculative commercial space in Leesburg and Loudoun County because we recognize the tremendous fundamentals and economic drivers that are unique to this region,” stated Matt Holbrook, Regional Partner of St. John Properties. “This includes businesses growing and relocating to our area, a supply constraint for new high-quality space for end-users of commercial space and a rapidly-expanding residential population that fosters entrepreneurial business start-ups. We are also fortunate to be in an area where municipalities have the foresight to make infrastructure improvements to encourage commercial growth that expands the tax base and grows more jobs. An example of this proactive economic development is the upcoming road improvements along Sycolin Road, which fronts our property.”
Located adjacent to the Leesburg Executive Airport and surrounded by Loudoun County municipal facilities, the first two buildings will consist of brick and glass exteriors with 18 foot clear ceiling heights, suites available for lease ranging from 2,560 to 49,000 square feet of space, and free parking at the rate of four spaces per 1,000 square feet. Both will be designed to exceed Leadership in Energy and Environmental Design (LEED®) Gold certification for environmental sustainability. Dock and drive-in doors will serve the buildings via common truck courts.
“The business community is intended to support the real estate requirements of businesses of all sizes including start-ups, service-related firms that support companies and residential populations in the area, and larger firms that are relocating, expanding, or looking for swing space,” Holbrook added. “We also consider the technology and medical/healthcare sectors as strong candidates for this business community.”
The business park is situated within close proximity to VA Route 276 (Dulles Toll Road/Greenway) and Route 7, which provide immediate connections to Ashburn, Herndon, Reston, Tysons, and the Greater Washington, D.C. area. Washington-Dulles International Airport is located approximately 8.5 miles away, and the Ashburn Silver Line Station of the Washington Metrorail will be approximately six miles away. A number of companies have recently relocated to, or are expanding their presence in the Leesburg area, including K2M, EIT and EPL Archives.
“Leesburg is the home to many growing companies and there is an immediate need for the kind of commercial space that St. John Properties will be delivering. We welcome this investment by St. John Properties and look forward to supporting this new home for business in Leesburg,” stated Marantha D. Edwards, Director, Economic Development for the Town of Leesburg. “We have a high degree of confidence in the company and their people, and this project will add significant jobs and bolster the commercial tax base of Leesburg.”
St. John Properties has numerous business communities throughout Northern Virginia including Ashburn Tech Park (445,000 square feet of space) and Loudoun Tech Center (125,000 square feet of space), both in Loudoun County. “With this new project in Leesburg, construction at Ashburn Crossing, and several other opportunities we are exploring, we look forward to expanding our presence in Northern Virginia,” stated Holbrook.
St. John Properties, Inc., founded in 1971, owns and has developed more than 18 million square feet of flex/R&D, office, retail and warehouse space in Maryland, Colorado, Louisiana, Nevada, Pennsylvania, Virginia, Utah and Wisconsin. For more information about the company, visit www.sjpi.com.
