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Boston Properties Buying More of Reston

Developer finishes joint venture to buy stake in Fountain Square Buildings of Reston Town Center - with an option to own more by 2016.

Boston Properties is getting closer to owning almost all of Reston Town Center.

The company has completed the formation of a joint venture to acquire a 50-percent stake in Fountain Square (11911 Freedom Dr. and 11921 Freedom Dr.), the Washington Business Journal reported Wednesday.

The buildings, currently owned by Beacon Capital Partners, comprise nearly 800,000 square feet in the middle of Town Center from Beacon Capital Partners.

Patch reported last summer that was looking to purchase Fountain Square. It was also previously reported that Boston Properties might be looking to eventually put paid parking in place at RTC.

According to an earnings report about the joint venture, Boston Properties contributed $87 million, and Beacon Capital contributed the mixed-use  complex valued at $385 million and related mortgage debt of $211.3 million, the WBJ reported.

Boston Properties will have the option to buy Beacon Capital’s remaining stake in the company as early as Jan. 4, 2016, for another $102 million. The option expires on Jan. 31,2016.

Terry Maynard October 25, 2012 at 08:04 PM
My guess (& nothing more) is that Boston Properties will hold off on charging for parking until Metro arrives in Town Center (ca. 2018). Pay parking will almost be a necessity then or many parking spots will be taken by Metrorail commuters. In the meantime, they have warned us. The question is whether it will hurt town center business more with tolls (shoppers unwilling to pay) or without tolls (shoppers can't find a place to park). I'm sure Boston Properties had studied the impacts.
Skip Endale October 26, 2012 at 02:03 AM
possibly, but there won't be any full moon mid night hankie pankie going on with Morts statue - just a guess, but I have been wrong before.
Stella McEnearny October 28, 2012 at 02:41 PM
I'll continue to boycott Reston Town Center as the ridiculously garish, overpriced mecca of unsustainable snobbery and fluffy pettiness that it is...
Steve L October 28, 2012 at 03:05 PM
LOL
Donna Sandin October 28, 2012 at 05:31 PM
I have been saying, for a long time, that pretty soon only the RESIDENTS of RTC will be able to eat and shop there. I assumed this would be because of a shortage of parking spaces (aggravated by residents having more cars per housing unit than the County required the developer to provide). Now, with PAID parking, this prediction will surely come true....even though it may also discourage residents from parking their "extra" cars there.

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