NYC Developer TF Cornerstone Acquires Urban Campus At Reston Station

RESTON, VA — TF Cornerstone, a New York City-based developer, has purchased 1881 Campus Commons Drive in Reston for $25.1 million, according to a company release. The deal was finalized on Sunday.

TF Cornerstone plans to combine 1881 with 1900-1902 Campus Commons Drive, creating an 18-acre urban campus with modern spaces and amenities, mixed-use neighborhood surrounding the Wiehle–Reston East Metro.

Fairfax County real estate records showed that Boston-based Realty Associates Fund XI purchased 1881 Campus Commons Drive in 2015 for $65 million. The property is zoned I-3, which is industrial light intensity.

TF Cornerstone purchased the other two properties, 1900 and 1902, in 2015 for $71.5 million. Those properties are zoned planned residential mixed use. The land is currently occupied by two six-floor office buildings, which include a tenant-only fitness center, an on-site deli and tenant lounge.

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“We are thrilled to announce our acquisition of 1881 Campus Commons," said Ken Houle, vice president of TF Cornerstone. "This acquisition demonstrates our belief that the vibrant, mixed-use neighborhood surrounding the Wiehle–Reston East will outperform the broader market. The submarket’s robust amenity base, superior access to transportation and highly educated workforce will continue to attract the best companies."

Jake Elghanayan, principal of TF Cornerstone, commented that the purchase was challenging due to remote work and the lack of debt capital to support the market.

“However, the data indicates that companies striving towards excellence are increasingly returning to an office-centric culture and that all companies value being in high-quality offices with amenities and located near mass transit," he said. "With a lot of capital on the sidelines, we see opportunity investing in office assets with those attributes while also believing that many other office buildings will ultimately need to be repositioned into residential and other uses.”

“We look forward to meeting with TF Cornerstones to hear about their plans for the 18 acre site; their commitment to have any residential units proposed for their property join Reston Association; and their ideas for the essential pedestrian connections from their site to the Wiehle Metro station," said John Farrell, president of the Reston Association Board of Directors.