naiop northern virginia: game on in herndon · 2017. 4. 6. · new fairfax county fire station on...
TRANSCRIPT
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703.273.6820 www.christopherconsultants.com
NAIOP Northern Virginia: Game On
in Herndon April 6, 2017
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Civil Engineering Surveying
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703.273.6820 www.christopherconsultants.com
Civil Engineering Surveying
Landscape Architecture
4
Stanley Martin Homes
H/F Water Dragon
Goldman Sachs
Lerner
UBS Penzance ALPA
Marriott
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April 6, 2017
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Herndon in the DC Metro Area
Game ON in Herndon April 6, 2017
2
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Herndon Downtown Redevelopment Site
Town closed on Ashwell site in September, 2015
4.675 acre town-owned redevelopment site, fully entitled
Planned and Zoned for mixed use development with multi-family, retail/restaurant, office use
Public and private parking within future shared garage
Arts Center
Game ON in Herndon
3 April 6, 2017
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Downtown Redevelopment Site
April 6, 2017
Game ON in Herndon
4
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Comstock Proposal
April 6, 2017
5 Game ON in Herndon
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Comstock Development Proposal
281 Apartment units
17,600 sf Retail
18,000 sf Arts Center
761 space parking garage,1 ½ levels below grade
3 Public Plazas and a Paseo
Arts Walk
6 April 6, 2017 Game ON in Herndon
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New Fairfax County Fire Station on Spring Street
April 6, 2017
7 Game ON in Herndon
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Junction Square, by Tradition Homes located at corner of Elden & Monroe
April 6, 2017
8 Game ON in Herndon
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Hilton Garden Inn/ Home 2 Suites
April 6, 2017
9 Game ON in Herndon
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Herndon Metro Station
Herndon Metro Station Area Plan approved in February 2012
HTOC Plan calls for smart, transit oriented development at the site of future metro stop
April 6, 2017
10 Game ON in Herndon
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Herndon Transit-Oriented Core (HTOC) Today
Game ON in Herndon
April 6, 2017
11
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Future Herndon Transit-Oriented Core
April 6, 2017
Game ON in Herndon 12
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Herndon Station Today
April 6, 2017 Game ON in Herndon 13
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Herndon Station Completed
April 6, 2017
Game ON in Herndon
14
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Stanley Martin Homes
April 6, 2017
15 Game ON in Herndon
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Stanley Martin Homes
April 6, 2017
16 Game ON in Herndon
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Town Brand
It’s “ON” !
Developed for businesses to use as well – how can we help you turn it ON for your business in Herndon?
April 6, 2017
17 Game ON in Herndon
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John Kl inke, VP
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A B O U T S T R E A MStream Realty Partners, L.P. (Stream) is a national, commercial real estate firm with locations across the country. Stream’s full-service offering covers
the broad spectrum of leasing, management, development, construction, and investment sales services across the commercial and multifamily
industry. In addition, Stream specializes in sourcing acquisition and development opportunities for the firm and its clients. Since its formation in 1996,
Stream has grown from its two original partners to a staff of over 750 real estate professionals nationwide with regional offices in Atlanta; Austin;
Charlotte; Chicago; Dallas; Denver; Fort Worth; Houston; Southern California; San Antonio; and Washington, DC. Stream currently has more than
150 million square feet of assignments across the nation; completes over $2.4 billion in real estate transactions annually; and is considered one of the
most active investors and developers in the real estate industry.
CharlotteCharlotte
Washington, DCWashington, DC
AtlantaAtlanta
DallasDallasFort WorthFort Worth
ChicagoChicago
San AntonioSan AntonioAustinAustin
HoustonHouston
DenverDenver
Southern CaliforniaSouthern California
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381 Elden StreetHerndon, VA
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I N V E S T M E N T T I M E L I N E
STREAM ACQUIRED 381 ELDEN
HARD CONSTRUCTION
BEGINS
ESTIMATED COMPLETION
DATE
STREAM SIGNED
A 22,000 SF LEASE
WITH FAIRFAX
FAMILY PRACTICE
CENTERS
STREAM SIGNED
A 14,000 SF
LEASE WITH A
FORTUNE 500
COMPANY
$5MM
RENOVATION
PLANNING
STREAM
EXPANDED THE
GSA FOR 30,000 SF
december 2015july 2016 may 1, 2017
december 2016
august 2016
january 2016 february 2017
20
15 2
01
7
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PA R K W AY AT R I U M
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R E N O VAT I O N T E A M
ConstruCtion ManageMent: Stream Realty Partners
arChiteCt: Hickok Cole Architects
general ContraCtor: Hoar Construction
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R E N O VAT I O N S C O P E
Add a 60-person conference center with two 70” monitors for AV
Add a fitness facility with locker rooms, showers, and yoga room
Upgrade North and South lobbies, common areas, elevators, and restroom rooms
Construct new facades for both entrances
Activate the atrium space with a café-style seating, coffee bar, collaboration areas, and boutique meeting rooms
New Signage – Top of Building, Monuments and wayfinding
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AT R I U M
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C O N F E R E N C E C E N T E R
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S O U T H L O B B Y
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S O U T H E N T R A N C E
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C O N S T R U C T I O N P R O G R E S S - AT R I U M
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C O N S T R U C T I O N P R O G R E S S - C O N F E R E N C E
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C O N S T R U C T I O N P R O G R E S S - F I T N E S S FA C I L I T Y
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Town of Herndon Development Trends Past Meets Future
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Herndon’s Development Activity
• Herndon Transit-Oriented Core (“HTOC”) – Stanley Martin
• Downtown Redevelopment – Comstock, Tradition
• Infill Single Lot Development – Evergreene, Doll, Mitchell
• Building Repositioning and Conversions – Stream
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Herndon Transit-Oriented Core
• 38 Acres
• Rezoned to new “PD-TOC” zoning category
• 0.7 FAR by-right
• 4.3 FAR with Development Plan
• Herndon Promenade and Streetscapes – promotes urbanism
• Flexibility of uses
• Encourages unique transit-scale development
• Multiple properties have sold or are for sale
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Herndon Metro Promenade
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Stanley Martin Homes – Metro Square
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Downtown Master Plan
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Evergreene Homes – Vinehaven
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Tradition Homes – Junction Square
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Tradition Homes – Junction Square
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Future Opportunity – Pines Shopping Center
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Future Opportunity – Horn Motors Property
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1
Source: NGKF Research; February 2017
MIL
LIO
NS
OF
SQ
UA
RE
FE
ET
0.8
-5.4
-6
-5
-4
-3
-2
-1
0
1
2
Class A in Reston and Tysons Remainder of Northern Virginia Market
SILVER LINE CLASS A OUTPERFORMS BROADER MARKET TOTAL NET ABSORPTION OF OFFICE SPACE NORTHERN VIRGINIA | 2011 - 2016
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2
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3
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4
22
9 6
15
7
3
0
5
10
15
20
25
50,000-100,000 SF 100,001-150,000 SF 150,001 SF +
Reston/Herndon Available Blocks 2010
Available Blocks Directly on the Toll Road
50-100k SF: 10 blocks
101k-150k SF: 4 blocks
151k SF+: 3 blocks
DIMINISHING LARGE BLOCKS ON TOLL ROAD Reston/Herndon Available Large Blocks of Class A Office Space: 2010 vs. Today
# O
F A
VA
ILA
BL
E B
LO
CK
S
Source: NGKF Research; January 2017
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5
42.7
51.1
27.0
23.9
21.6
7.2
0 10 20 30 40 50 60 70 80
2016
2015
2014
All other sectors Professional and Business Services
Source: U.S. Bureau of Labor Statistics, Dr. Stephen Fuller, NGKF Research; February 2017
P AY R O L L J O B C H A N G E ( T H O U S A N D S )
PROFESSIONAL / BUSINESS SERVICES DRIVING JOB GROWTH PAYROLL JOB CHANGE WASHINGTON METRO AREA: 12 MONTHS ENDING DECEMBER 2014 VS. 2015 VS. 2016
29.7%
35.9%
21.1%
Other Economic Factors:
• Professional/Business Services, Education/Health, and Leisure/Hospitality are the three fastest-growing sectors
• Professional/Business Services is the largest sector
• Overall job growth rate of 2.1% is above U.S. rate of 1.6%
Projected Overall Job Growth: 2017 = 1.8% 2018 = 1.4%
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Developing Great
PLACES
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267
Future Innovation Center Metro 0.4 miles/7 minute walk
28
metro LIBERTY PARK BUILDING 8
• 532,000 square feet in 8 buildings (73% leased at time of acquisition)
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S I TE PLAN
BUILDING 8
BUILDING 7
BUILDING 6
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Liberty Park Master Plan
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Building 8
• Provide incredible, rarely seen before common elements for a “COMMUNITY” of tenants in a specific area of a building. Create a neighborhood within a building. • Meeting space, kitchen/pantry, lounge areas, gaming spaces, etc.
• Give smaller tenants the opportunity to enjoy OUTSIZED functional space and amenities to utilize
for its daily business operation. • Individual spaces can be as small as 800 square feet and as large as necessary, but not too big
that a single tenant dominates the neighborhood. • Reduce the FRICTION involved in the process of leasing office space.
• No time consuming decisions - when fully built out, the space configuration will be what it is, the spaces either work or don’t work for the various prospects (allowing for individuality in furnishing and finishes).
• Enhanced FLEXIBILITY
• A company will have the ability to grow or contract within the neighborhood. • Shorter term commitments will be available at a premium to allow for tenants that have less
visibility on the future.
MRP – “Town Hall” Strategy – embrace the “Sharing Economy”
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YOGA ROOM
FITNESS CENTER
TENA NT LOUNGE
DROP DOWN SCREEN
CONFERENCE
CONFERENCE
CONFERENCE
TOWN HALL
S U I T E TH-1 2,044 S F
S U I T E TH-2 3,064 S F
S U I T E TH-3 4,854 S F
S U I T E TH- 4 2,787 S F
S U I T E TH-5 2,944 S F
S U I T E TH- 6 2,727 S F
INTRODUCING THE TOWN HALL AT L IBERTY PARK
First Floor SUNRISE VALLEY DRIVE
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LOBBY RENOVATIONS
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INTRODUCING TH E TOWN HALL AT L I BERTY PARK
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INTRODUCING TH E TOWN HALL AT L I BERTY PARK
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NEW TENANT LOUNGE
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NEW CONFERENCE CENTER
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Case Study - MRP – “Tysons Town Hall” at the Westwood Metro Center
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NEW F I TNESS CENTER
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SHAMELESS PLUG