Boston Properties Buying More of Reston
Developer finishes joint venture to buy stake in Fountain Square Buildings of Reston Town Center - with an option to own more by 2016.
The company has completed the formation of a joint venture to acquire a 50-percent stake in Fountain Square (11911 Freedom Dr. and 11921 Freedom Dr.), the Washington Business Journal reported Wednesday.
The buildings, currently owned by Beacon Capital Partners, comprise nearly 800,000 square feet in the middle of Town Center from Beacon Capital Partners.
Patch reported last summer that Boston Properties, which owns the newer South of Market buildings at RTC, was looking to purchase Fountain Square. It was also previously reported that Boston Properties might be looking to eventually put paid parking in place at RTC.
According to an earnings report about the joint venture, Boston Properties contributed $87 million, and Beacon Capital contributed the mixed-use complex valued at $385 million and related mortgage debt of $211.3 million, the WBJ reported.
Boston Properties will have the option to buy Beacon Capital’s remaining stake in the company as early as Jan. 4, 2016, for another $102 million. The option expires on Jan. 31,2016.