The REIT Retained Colliers to Market the Office Building
"JBG Smith is continuing its strategy of looking to sell office buildings despite the coronavirus pandemic slowing the investment sales market.
The REIT retained Colliers to market the office building at 12700 Sunrise Valley Drive in Reston, the brokerage firm tells Bisnow.
The 95K SF office building, branded as Reston Arboretum, sits just off the Dulles Toll Road and less than a quarter-mile from the Herndon Silver Line station, part of the rail line's second phase that is expected to open next year.
The building was constructed in 1999. The owner has designed a series of renovations that Colliers says a buyer could execute to add value to the building, such as upgrading the lobby and fitness center and adding an outdoor amenity space, food market and bike storage room.
Colliers is also highlighting the recent leasing activity that has occurred on the Dulles Toll Road corridor, including major deals with Microsoft and Walmart Labs. Plans have also been filed by Pulte Homes to build 40 townhouses next to the Reston Arboretum building, potentially adding a greater mix of uses to the area...."