Stout & Teague arranged the sale of 6861 Elm Street in McLean on behalf of long-time owner Ramay Family Partnership. Stout & Teague marketed the 30,000 sf office building as income property with redevelopment potential under the new McLean CBD Comprehensive Plan. The property was sold to a neighboring owner as a part of a rezoning and redevelopment plan for The Astoria, a new 287,000 sf mixed-use development.
Stout & Teague has filed a Site Specific Plan Amendment 8 acres in Fairfax County adjacent to the new Innovation Station on Metro’s Silver Line. The amendment was filed on behalf of partnerships controlled by Stout & Teague. The amendment calls for modifying the plan to allow multi-family and townhouse development in conjunction with a park and supporting retail uses on an 8-acre parcel on Rock Hill Road.
The Fairfax County Board of Supervisions has approved a Site Specific Plan Amendment at the Huntington Metro Station. Stout & Teague filed the plan amendment in 2019 on behalf of the Washington Metropolitan Transit Authority for the 29-acre station. The approved plan allows for a mixed-use development of up to 1500 residential units and 360,000 sf of office and retail space to include a new terminal for The One – Richmond Highway’s Bus Rapid Transit system.
Stout & Teague is continuing to advise WMATA in the development of station plans, future rezoning, and selection of developers for the project.
Stout & Teague has been retained to provide leasing and management services for Madelon Georgetown, a mixed-use office and retail property at 3251 Prospect Place, NW and 3222 N Street, NW in Georgetown. The property, located in the heart of Georgetown, is home to Café Milano, Sid and Ann Mashburn Clothiers, Brasserie Liberte and other retail and office tenants organized around a series of open courtyards. Stout & Teague will advise the property owner on the strategic direction for the property.
Stout & Teague has placed a completed refinancing for its property at 8001 Forbes Place. The loan placed with Old Dominion Bank carries a fixed interest rate for five years. The loan extends a favorable interest rate and provides capital for base building upgrades and tenant improvements. 8001 Forbes Place is a 70,000 sf multi-tenant office building in Springfield.
A Stout & Teague partnership sold 4 acres of land adjoining the Huntington Metro Station to Aventon Companies. The sale follows a rezoning of the property for a 366-unit apartment building. This project is the last phase of a 30-acre, 850-unit joint development project with the Washington Metropolitan Area Transit Authority. Stout & Teague originated the multi-phased project in 1996 as the first Transit Oriented Development project approved under PDM zoning in Fairfax County. Earlier phases of the project were completed with Pulte Homes, Centex and Home Properties.
Stout & Teague will continue to be actively involved at the Huntington Metro Station as joint development adviser to WMATA in planning and redevelopment of the remaining station area. Huntington Metro Station is the terminal station for the Yellow Line serving Alexandria, National Airport, National Landing (Amazon HQ2), and the Pentagon. Huntington is also the north terminal for the future Richmond Highway Bus Rapid Transit line serving Embark Richmond Highway and Fort Belvoir.
Stout & Teague has sold the office condominium units at 754 Elden Street in historic downtown Herndon to its largest tenant, Probity, Inc. Stout & Teague will retain management and leasing responsibilities for the new owner and for the Herndon Commerce Center Condominium Association.
Probity, Inc. initially leased one small unit in the building. Stout & Teague worked with Probity as their business expanded, ultimately leasing the entire 2nd floor and portions of the 3rd floor. The sale to Probity will allow them to control their future growth in the building and to have a long-term stake in the center of downtown Herndon adjacent to the future Comstock development in the same block.
Stout & Teague purchased the units vacant in 2012 and obtained approval from the Town of Herndon’s Heritage Preservation Review Board to add windows to a blank façade of the building, greatly enhancing views and light. Stout & Teague later renovated the cornice in keeping with the historic style of the building, again with unanimous approval of the HPRB.
Stout & Teague completed over 45 leases in its management portfolio in 2020 despite COVID-19. The deals included renewals of existing tenants and new leases. Notable deals include University of Wisconsin, Thriveworks, and Embassy of Kenya. The net absorption in the portfolio was positive during a very difficult year.
Stout & Teague is handling multiple elevator modernization projects in properties in its portfolio. In 2020 Stout & Teague completed a traction elevator project at 1616 P Street, NW with Fujitech. Stout & Teague is in the midst of another traction elevator project at 3 Washington Circle, NW with Warfield & Sanford. Stout & Teague is planning a hydraulic elevator project at 7676 New Hampshire Avenue with Thyssen in 2021. Atlantic Consulting is elevator consultant to Stout & Teague on these projects.
Stout & Teague has completed a revision to tax-exempt bond financing obtained by Resources for the Future, Inc. in connection with acquisition and renovation of its headquarters building at 1616 P Street, NW. Stout & Teague worked with counsel Richard Newman of Arent Fox to negotiate revised terms with bondholder Atlantic Union Bank. The partial refinancing will reduce interest costs and give RFF the flexibility to lease office space in the building to a broader variety of tenants in addition to those organizations sharing RFF’s mission in resource economics and public policy. The new policy has already borne fruit in a lease with the Embassy of Kenya.