Boston Properties has formed a joint venture to purchase Reston’s Fountain Square mixed-use buildings, the Washington Business Journal reports.
One Fountain Square (11911 Freedom Dr.) and Two Fountain Square (11921 Freedom Dr.), currently owned by Beacon Capital, are the buildings in the center of Reston Town Center. Boston Properties is the developer and owner of the South Of Market area of
Fountain Square contains 811,000 square feet and is valued at $385 million, the WBJ reports.
Boston Properties, which owns more than 1.5 million square feet of office space in Reston, formed the joint venture July 13. The group did not say with whom they are partnering.
Boston Properties will contribute $87 million for a 50-percent stake in the partnership. Its partner in the deal will contribute the properties on Freedom Drive in Reston and $211.3 million in mortgage debt.