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Parkridge III 10701 Parkridge Blvd 114,150 SF 63% Leased 4-Star Office Building Reston, VA 20191 For Sale
Investment Highlights
- 66% Leased - 90% of RBA will expire within the next 3 years
- $4.0 MM+ in capital has been spent on improvements since 2014
- Class A Office with Redevelopment Potential
- Change of use could be explored via formal rezoning process
- Ideal Dulles Toll Road Access, 5 miles from Dulles International Airport
Executive Summary
Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive representative for Owner, is please to present this opportunity to purchase Parkridge III (the “Property”), a 107,544 RSF Class A office building located at 10701 Parkridge Boulevard in Reston, Virginia. The Property is currently 66% leased to 6 tenants with over 90% of the building’s rentable area expiring by year end 2027.
Located directly off the Dulles Toll Road and within Parkridge Business Park, the Property - with over $4.0 MM in recent capital spend - has consistently outpaced its submarket, due to its amenitization and accessibility. However, should investors no longer look to effectuate a value-add, office centric business plan, the Property’s current occupancy, expiration schedule, and site area (7.2 acres) may be more conducive to non-office uses medium to long-term. Accordingly, Parkridge III will be a highly attractive and sought after investment opportunity given its strong in-place cash flow and business plan optionality on a go-forward basis.
Located directly off the Dulles Toll Road and within Parkridge Business Park, the Property - with over $4.0 MM in recent capital spend - has consistently outpaced its submarket, due to its amenitization and accessibility. However, should investors no longer look to effectuate a value-add, office centric business plan, the Property’s current occupancy, expiration schedule, and site area (7.2 acres) may be more conducive to non-office uses medium to long-term. Accordingly, Parkridge III will be a highly attractive and sought after investment opportunity given its strong in-place cash flow and business plan optionality on a go-forward basis.
Property Facts Under Contract
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Office
Building Size
114,150 SF
Building Class
A
LoopNet Rating
4 Star
Year Built/Renovated
1986/2021
Percent Leased
63%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
38,050 SF
Slab To Slab
10’
Building FAR
0.36
Lot Size
7.20 AC
Zoning
I-3, County - include industrial, research, and office uses, as well as supporting nonresidential activities
Parking
400 Spaces (3.5 Spaces per 1,000 SF Leased)
Amenities
- Fitness Center
Space Availability
- Space
- Size
- Space Use
- Condition
- Available
fully built out office space available.
Spec suite available.
fully built out office space available.
- 1st Fl-Ste 170
- 3,905 SF
- Office
- Spec Suite
- Now
fully built out office space available.
| Space | Size | Space Use | Condition | Available |
| 1st Fl-Ste 100 | 7,039 SF | Office | Full Build-Out | Now |
| 1st Fl-Ste 120 | 2,616 SF | Office | Spec Suite | Now |
| 1st Fl-Ste 140 | 1,883 SF | Office | Full Build-Out | Now |
| 1st Fl-Ste 170 | 3,905 SF | Office | Spec Suite | Now |
| 3rd Floor | 26,748 SF | Office | Full Build-Out | Now |
1st Fl-Ste 100
| Size |
| 7,039 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Fl-Ste 120
| Size |
| 2,616 SF |
| Space Use |
| Office |
| Condition |
| Spec Suite |
| Available |
| Now |
1st Fl-Ste 140
| Size |
| 1,883 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1st Fl-Ste 170
| Size |
| 3,905 SF |
| Space Use |
| Office |
| Condition |
| Spec Suite |
| Available |
| Now |
3rd Floor
| Size |
| 26,748 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1st Fl-Ste 100
| Size | 7,039 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
fully built out office space available.
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1st Fl-Ste 120
| Size | 2,616 SF |
| Space Use | Office |
| Condition | Spec Suite |
| Available | Now |
Spec suite available.
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1st Fl-Ste 140
| Size | 1,883 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
fully built out office space available.
1 of 1
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3rd Floor
| Size | 26,748 SF |
| Space Use | Office |
| Condition | Full Build-Out |
| Available | Now |
fully built out office space available.
Property Taxes
| Parcel Number | 0271-01-0010D | Improvements Assessment | $16,340,640 |
| Land Assessment | $2,397,130 | Total Assessment | $18,737,770 |
Property Taxes
Parcel Number
0271-01-0010D
Land Assessment
$2,397,130
Improvements Assessment
$16,340,640
Total Assessment
$18,737,770
1 of 10
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
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Company Not Provided
Parkridge III | 10701 Parkridge Blvd
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