Forget the Rosslyn-Ballston Corridor. It’s now the Rosslyn-Out-To-Tysons Corridor.
From RBC to ROTTC? Maybe we can think of something better.
Metro’s Silver Line, scheduled to open early next year, has changed the dynamic in Northern Virginia. The transit-oriented Arlington office corridor is shifting north and west.
So said Ray Ritchey, Boston Properties’ executive vice president and general overlord of the Washington-area real estate market, during the company’s second quarter earnings call Wednesday.
“I do think the fundamental change we’ve seen with the Silver Line is that what used to be the Rosslyn-Ballston corridor in Arlington is now the Rosslyn-Out-to-Tysons corridor,” Ritchey said during the call. “And those defense users that may look to go inside the Beltway will now certainly consider Tysons as a secondary location and, eventually, hopefully, Reston.”
Boston Properties owns virtually all of Reston Town Center, and Ritchey expects the shift to boost Reston’s fortunes. Not that Reston needs boosting — the Town Center is effectively 99 percent leased, with rents approaching $50 per square foot in the urban core.
“I just really like our position at the town center,” Ritchey said.
© 2013 American City Business Journals, Inc.