BOSTON--(BUSINESS WIRE)--Boston Properties, Inc. (NYSE: BXP), one of the largest public owners and developers of office buildings in the United States, announced today that it has entered into a binding lease agreement with Fannie Mae at its Reston Gateway project in Reston, Virginia. Under the terms of the agreement, Fannie Mae will lease approximately 850,000 rentable square feet out of approximately 1,000,000 rentable square feet to be constructed on the Reston Gateway property. Fannie Mae intends to occupy the buildings beginning in 2022. Reston Gateway is intended to be developed in multiple phases and could ultimately contain as much as 3.5 million rentable square feet of mixed-use, transit-oriented development. Reston Gateway is located adjacent to the Reston Town Center Metro Station on the Silver Line of the Metro, which is currently under construction and scheduled for completion in early 2020.
“Reston Town Center, a dynamic, 24-7, mixed-use environment, remains the ideal place to recruit, retain, and motivate world-class talent. We couldn’t be more pleased to have been chosen for this important assignment, and we thank Fannie Mae and their advisors for their confidence in BXP,” said Boston Properties’ Senior Vice President, Peter Otteni.
Boston Properties is a fully integrated real estate investment trust that develops, redevelops, acquires, manages, operates and owns a diverse portfolio of primarily Class A office space totaling 50.3 million square feet and consisting of 167 office properties (including eight properties under construction), six residential properties (including four properties under construction), five retail properties and one hotel. The Company is one of the largest owners and developers of Class A office properties in the United States, concentrated in five markets - Boston, Los Angeles, New York, San Francisco and Washington, DC.