AT&T has signed a new lease for 111,000 square feet at 4807 Stonecroft Blvd in Chantilly, VA, FFX News in Virginia reported this week. The telecom firm will move into the space in 2025. The property is owned by Stream Realty Partners which acquired the then-vacant office for $40 million in 2021.
AT&T has been looking to reduce its Virginia office footprint. The telecom service provider will be moving out of 3033 Chain Bridge Road in Oakton, VA.
Normally, a story like this would raise concerns that the Oakton office could become the victim of obsolescence, like so many other offices across the US.
However, this property has already been tagged for a potential redevelopment.
Back in January, EYA Development announced plans to transform the existing 440,000 square-foot office into a mixed-use property with retail, office, and lots of residential. (Another story from FFX News is here).
The snapshot from LandVision below shows an aerial view and some details about the location. The property runs close to I-66 and is surrounded with lots of existing residential development. So much so, that the developers of 3033 Chain Bridge were asked to reduce the residential portion of the plan on order to limit traffic in the area.
The takeaway? Even in the uncertain CRE times of 2024, some intrepid developers are still going forward with re-purposing commercial properties. And, according to one study highlighted in Time recently, a record number of office buildings – more than 55K units – are being repurposed. Of particular note, Oakton is in Fairfax county near the Washington D.C. metro (about 30 minutes), and the D.C. metro area is the leader in office conversions underway.
See more about the data behind the story including site and property characteristics, demographics and more. Click here.
