In January, Charles E. Smith Cos. further secured its spot as a major player
in the greater Washington, D.C.-Dulles Technology Corridor. The privately held
commercial real estate firm acquired the $109 million Reston Executive Center
I, II, and III, in Reston, VA, from REC Partners LP. The Executive Center's
three six-story office buildings offer a total of approximately 487,000 square
feet of net rentable area.
The latest Dulles acquisition complements the company's purchase last summer
of Tysons Dulles Plaza, a 475,000-square-foot, three-building, Class A office
property in Tysons Corner, VA. The property was acquired from a pension fund
advisor in a transaction valued over $100 million.
"Our portfolio strategy is to build leadership in key Washington area
submarkets through the ownership of high-quality, well-located properties,"
says Ken Mc- Vearry, executive vice president of Charles E. Smith Commercial
Realty. "These acquisitions substantially increase our presence in the
fast-growing Tysons/ Dulles Technology corridor."
A diverse portfolio of office, retail, and residential buildings puts the Charles
E. Smith organization in a stronghold position within all facets of the real
estate market. On the commercial side, it owns, acquires, develops, leases,
manages, and arranges financing for commercial office properties - both for
its own account and for other property owners and tenants.
It owns and/or manages approximately 18 million square feet of office and retail
space owned and/or managed in the Washington, D.C. metro area, Baltimore, and
Richmond, VA, as well as approximately 29,000 residential units in the Washington,
D.C. metro area, Chicago, Boston, and southeast Florida through its publicly
traded residential division.