Fannie Mae has agreed to lease a large block of space in Boston Properties’ proposed Reston Gateway as part of a planned consolidation of its Northern Virginia footprint.
The financial services company will lease 850,000 square feet for its new Northern Virginia hub starting in 2022, Boston Properties (NYSE: BXP) disclosed Wednesday. That accounts for a substantial majority of the 1 million square feet Boston Properties plans to develop on the site in the first phase. The project could eventually be expanded to up to 3.5 million square feet of mixed-use by the Silver Line’s planned Reston Town Center Metro station slated to open in 2020.
Cushman & Wakefield brokers Art Santry and Ned Goodwin represented Fannie Mae in the lease.
Fannie Mae now leases about 1.5 million square feet in the region, including at One Reston Crescent, but had settled on Reston Gateway for its new Northern Virginia base some time ago, as the Washington Business Journal reported exclusively in January. The deal is the latest in a string of victories for Boston Properties, which recently inked a deal to build contractor Leidos Holdings Inc. (NYSE: LDOS) a new headquarters nearby at Reston Town Center.