The Bernstein Companies’ Consortium Capital Fund Acquires Campus Commons in Reston, VA

The Bernstein Companies’ (TBC) Consortium Capital Fund has acquired Campus Commons, a 238,231 square foot office complex on the Dulles Toll Road in Reston, VA for $40.5 million.

TBC acquired the property from insurance and financial services provider USAA, which occupied the buildings from 1987 through 2002. In 2002, USAA moved its 500-some Reston-based employees to Norfolk, VA, but continued to operate the buildings. Currently, the project is approximately half leased; Building I located at 1900 Campus Commons Drive is nearly fully leased, with the lead tenant being Titan Corporation.  The 120,000 SF Building II, located at1902 Campus Commons Drive, is available for lease and provides a unique opportunity for a single-building user or multiple users.

“Campus Commons offers a rare opportunity in today’s market for a large corporate tenant to have its own dedicated building with Dulles Toll Road visibility and signage,” said Adam K. Bernstein, President of The Bernstein Companies. “Tenants enjoy reasonable rental rates in an extremely convenient location, just off the Dulles Toll Road at the Wiehle Avenue interchange. We will be enhancing the property’s park-like setting while renovating lobbies, common areas, and mechanical systems.” Campus Commons is just minutes from Washington DullesInternational Airport and within easy reach of Washington, D.C. Its Reston neighborhood provides numerous shopping, dining, recreational and cultural options.

“We hope to capitalize on the return of the Reston office market,” continued Bernstein. When USAA left Reston in 2002, the submarket vacancy rate was near 20 percent; it has since dropped to about 12 percent. 

With three generations of experience in the Washington, D.C. metropolitan commercial real estate market, TBC is no stranger to the Reston submarket. TBC also owns the 140,000 SF Reston Sunrise I and II at 12200 and 12220 Sunrise Valley Drive, and the 62,000 SF Pond building at 1939 Roland Clark Place. Tenants at Reston Sunrise include Raytheon Company and the U.S. General Services Administration; The Pond building is leased to Transaction Network Services, Inc.

Bernstein’s Consortium Two fund, launched in mid-2000, invested $100 million in various projects including major downtown Washington buildings – 1990 K Street NW, 2100 M Street NW, and 1000 Vermont Avenue NW – as well as the historic Public Ledger Building in downtown Philadelphia and 269,000 SF Richmond Plaza Building in the central business district of Richmond, VA.

The $110 million Consortium Three fund was launched in 2003 and has acquired properties totaling over 1.1 million SF, including Campus Commons. The earlier acquisitions were:

Ballston Tower, 671 N. Glebe Road, Arlington, VA: 225,000 SF; tenants include E*Trade Bank
Aerospace Building, 10210 Greenbelt Rd., Greenbelt, MD: 146,000 SF, tenants include the National Aeronautics and Space Administration
Maritime Plaza I and II, 1220 M St., SE and 1201 12th St., SE, Washington, D.C.: 345,736 SF, tenants include Northrop Grumman, General Dynamics, Computer Sciences Corp. and SAIC
Judiciary Square, 3rd and G Streets, NW, Washington, D.C.: a 125,000 SF future development site
1750 K Street, NW, Washington, D.C.: 153,000 SF, tenants include the law firm of Wiley, Rein & Fielding.
Discounted Note purchase from Fleet Bank on a 33-acre parcel in Annapolis, Marylandknown as Parole Plaza.

The Bernstein Companies comprise one of Washington, D.C.’s oldest and most respected real estate development, investment, and management organizations. Founded over 60 years ago, TBC has been directly involved in transactions exceeding $1.5 billion, and currently holds a commercial portfolio of more than 40 properties including office buildings, land development parcels, and hotels.

TBC, through its Consortium Capital Fund, actively seeks value-added joint venture and acquisition opportunities. Consortium Capital is particularly interested in joint ventures, and considers transactions involving all property types with an emphasis on the office sector.  For further information, visit The Bernstein Companies’ Web page at