Buchanan Partners Plans Largest Office Park in Prince William County
July 16, 2007
Buchanan Partners plans to break ground next month on the first phase of Corporate Center at Heritage Hunt in Gainesville, VA.
Gainesville, Virginia, July 16, 2007… Buchanan
Partners, one of the Washington, D.C. metropolitan area’s leading commercial
real estate development firms, plans to break ground next month on the first
phase of Corporate Center at Heritage Hunt, a 350,000 square foot Class A
corporate campus in Gainesville, VA. The first phase, a three-story 75,000
square foot Class A office building, is scheduled to deliver in the third
quarter of 2008. Three additional buildings are planned for the 27-acre site.
Construction financing has been provided by the Tysons Corner, VA office of
M&T Bank. Hubert Construction of Gaithersburg, MD is the general contractor.
Corporate Center at Heritage Hunt is part of Buchanan Partners’ 100-acre Heritage Hunt Commercial Park, located at the intersection of I-66 and Route 29 in Gainesville, VA, which is rapidly developing as a business and residential “hub” with affluent neighborhoods, extensive shopping, and employment centers. Heritage Hunt Commercial Park is planned for over one million square feet of high-quality office, retail, medical, and hotel space. The first two phases, consisting of 76,000 square feet of medical/office condominiums and a 30,000 square foot retail center, have been completed; another 53,000 SF of Class A office condominium space is currently under construction.
“Considering the
recent growth in high income housing and the subsequent retail development in
the Gainesville/Western Prince William County market, the natural progression
leads to high-quality office,” said Kingsley McAdam of Buchanan Partners.
“With a well-educated employee base and service retail in place, we
envision Heritage Hunt becoming the premier corporate office address in
western Prince William County and the commercial center of the evolving
Gainesville hub.”
Buchanan Partners has selected Larsen Commercial Real Estate
Services, Inc. of Reston, VA as exclusive leasing agent for the first 75,000
square foot Class A office building at Corporate Center at Heritage Hunt.
Founded in 2000 by top-producing broker
Mark Larsen, this local independent brokerage was selected over five other
highly-qualified brokerage firms. “The interest exhibited by brokers in leasing
Corporate Center at Heritage Hunt is indicative of the Gainesville market’s
emerging strength and prestige,” said Robert Buchanan, Principal, Buchanan
Partners. “A couple of years ago, we might have had just one or two brokers
compete for the assignment.”
“The Corporate Center at Heritage Hunt will be the first
Class A corporate office campus in the western Prince William County market and
will be simply unmatched in that area,” noted Larsen. “With visibility at the
Route 29 and I-66 interchange, Heritage Hunt Commercial Park is already home to
over 40 office users, with on-site amenities such as retail and restaurants.
Many of the key real estate decision-makers, and their employees, for firms in
Fairfax County live near this dynamic project and drive by it every day. In
light of the convenience and amenities of the park, we believe that a number of
these businesses will want to relocate to the Corporate Center at Heritage Hunt
to increase productivity and enjoy a high-quality lifestyle.”
Just two years ago, Prince William had the highest job growth rate (eight percent) of any large county in the nation. Since 2000, the county has experienced almost explosive overall growth. Population rose from about 190,000 to almost 250,000, while the average household income climbed from about $80,000 to over $91,000. In the Gainesville “hub,” the population has nearly quadrupled in the last six years -- from about 4,600 to over 17,000 -- while the average household income is now over $115,000 and projected to rise to over $122,000 by 2011. America Online, Lockheed Martin, Micron, and Aerojet, and other corporate leaders have joined Federal agencies such as the Federal Bureau of Investigation (FBI) in moving to western Prince William County.
Long-awaited transportation improvements will enhance access to and from Heritage Hunt Commercial Park by the end of summer. Heathcote Boulevard, the main road through Heritage Hunt Commercial Park, will be extended westward so that it forms part of a seamless connection between Route 29 and Route 15. This connection will run parallel to Route 66 and is expected to carry approximately 20,000 cars per day, allowing drivers to avoid the busy 66/29 interchange.
Heritage Hunt Commercial Park is situated at the gateway to
Heritage Hunt Golf & Country Club, an 800-acre award-winning active adult
community with over 2,000 homes and an 18-hole championship golf course. It is
approximately 20 miles from Washington Dulles International Airport and 30
miles from downtown Washington, D.C. Nearby are affluent single-family
communities such as Linton Hall, Piedmont, Braemar, Virginia Oaks, and Dominion
Valley Estates, along with the 430-acre
Virginia Gateway project.
The eleventh largest commercial developer in the Washington, D.C. metropolitan area, according to the Washington Business Journal, Buchanan Partners has planned or developed a portfolio of over five million square feet of commercial property that includes office, industrial, flex and retail projects. Buchanan Partners also has acquired, planned or developed over 1,600 acres of commercial land over the past ten years. For more information, see the company’s Web site at www.buchananpartners.com.
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