$227 Million Investment

$227 Million Investment

Bringing an estimated 2,500 jobs and $227 million in investments, a D.C.-based business research company is opening a new branch in Rosslyn, the latest chapter in the area's on-going development as a center for business.

The Corporate Executive Board (CEB) — a firm that specializes in the research and development of operation strategies for executives — plans to inhabit part of the Waterview business complex near the Key Bridge, currently under construction and slated for completion in 2008.

"Corporate Executive Board is a progressive organization with an unparalleled reputation as a superior resource to corporations worldwide," said Gov. Mark Warner (D) on Tuesday, Oct. 26. "The company's choice to move to Arlington County demonstrates the value they place on the region's strong and innovative workforce."

THE CEB HAS YET to sign the 20-year lease on the project — the largest single lease transaction ever in the Washington Metropolitan area, according to a county release — but Chief Financial Officer Tim Yost said the company plans to move in shortly after the building is finished.

"This is part of our long-term space planning," Yost said. "We will still have our offices here [in Washington, D.C.], but we do want to move a significant portion of our people to Rosslyn."

He added the area was a logical choice.

"We absolutely want to stay in this area's labor market," he said. "We have a fairly young workforce that likes being in a metropolitan environment."

THE WATERVIEW BUILDING will consist of two 300-foot towers on a 21.6 acre site. A $227 million investment by developers JBG Companies and Trizec Properties, the complex includes 170 condominiums and 155 rooms for a small, boutique hotel. The buildings will be joined by a terrace on the fourth floor that will house a restaurant. The ground floor will also have space for retail businesses.

"This will completely change the skyline of Rosslyn," said Karen Vasquez, spokeswoman for Arlington Economic Development. "JBG was waiting for a company like the CEB for a long time and what this does is allow JBG to put the project on a fast track because it has a tenant ready to move in immediately upon completion."

According to county board chairwoman Barbara Favola, Arlington will see about $59 million in tax revenues from the CEB over 10 years. Real estate revenues alone will total $36.9 million over 10 years.

ROSSLYN IS BOOMING with development. Curtis and Facchina, a Chevy Chase, Md. based company is pushing ahead with plans for a 350-unit condo complex, according to Tom Newman, acting director of the county's Real Estate Development Group. The proposed site is now a Best Western Hotel.

Along with the Waterview project, JBG and Trizec has purchased three apartment buildings near Lee Highway — known as Rosslyn North, Rosslyn South and Rosslyn East — which they plan to redevelop.

"Rosslyn is the first place in Arlington where we've seen real estate development to this degree," Newman said.

JBG also has a project in the works for a new apartment and condo complex above the Rosslyn Metro Station.

"Getting the Waterview project going is the next step in the right direction," Newman said. "The county's effort now is to have much more of Rosslyn redeveloped."