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NEWS - Press Releases
05/01/2008 - Randall Hagner (Woodmark) Announces $3 Million Renovation to Executive II in Reston, VAReston Building to Become Class A Office Condo as Ownership Market Interest Grows
Karen Widmayer
Randall Hagner, one of the Washington area’s leading commercial and residential real estate companies, has been selected to market Executive II, an 87,809 square foot, 5-story brick and glass office building with access to the Dulles Toll Road. The owner of the 1989 building, Centennial Companies, has begun construction on a $3 million renovation designed to reposition the property to Class A standards, converting the property to condominium ownership.
Commercial Sales and Leasing Vice President, Barbara Bechtle, commented, “Executive II is a rare opportunity for a company locating in Reston to have the best of all worlds; Class A amenities and finishes, Toll Road access, real estate ownership and all for a competitive market rate.” Barbara Bechtle shares the sales and marketing responsibilities with Ellie Bechtle, Sales/Leasing Associate, and Ken Traenkle, Vice President.
The Executive II renovation will include the main lobby and all of its elevator lobbies, elevator cabs, common areas, bathrooms and exterior pavers along with a new roof. The property currently has 47,000 square feet under lease with most leases expiring in the next two years and condo space can be purchased subject to those leases. There are three condo units either under contract or closed and 30,554 square feet are available for immediate sale and occupancy.
Executive II on Commerce Park Drive is the latest in a number of highly successful office condo conversions by Centennial Companies, one of the original visionaries for the development of suburban office markets in Fairfax, Tysons Corner and Reston. The burgeoning office condo market has appealed to a variety of users, from professional users such as law firms and software/programming and IT firms to medical offices attracted to the area by nearby Reston Hospital and Reston Town Center. Small firms, originally drawn to Reston by lower rents, campus environments and proximity to the suburban workforce, have matured in recent years and now seek ways to share in the opportunity to own real estate along this now well-established mixed-use corridor.
About Randall Hagner, Ltd.
On April 21, 2008, Randall Hagner, Ltd., an affiliate of the J Street Companies, announced a merger agreement with Woodmark, a highly respected commercial real estate firm offering specialized expertise in property management, leasing, and investment services. Moving forward, Randall Hagner’s commercial operations will transition to the Woodmark brand. Today, Randall Hagner specializes in four strategic areas of business: commercial sales and leasing, residential sales, property management, and capital markets.
Karen Widmayer
202-857-4370