Network Realty Proposes Fairfax Office-to-Townhome Redevelopment 

Network Realty Partners is seeking to redevelop an aging suburban office building in Fairfax County, aiming to transform it into 139 residential units, Washington Business Journal reported. The developer’s affiliate filed a rezoning application for the eight-story office building and surface parking lot at 3201 Jermantown Road. 

“Our strategy is to acquire low-basis office properties that we can plan for longer-term residential use,” Network Realty’s Managing Partner Rod Lawrence told Journal. “The optionality to either stick with office use, or transition to longer-term residential use, is what appeals most to us, because this optionality provides downside protection in a very challenging market.” 

Other developers in the area also proposed residential transformations for nearby office parks. A & A Flint Hill One LLC and A & A Flint Hill Four LLC proposed adding up to 234 townhomes and two-over-twos, with one office conversion into a multifamily building of up to 102 units. Network Realty proposed 266 units, mostly townhomes, for the Redwood Plaza buildings. The Carlyle Group Inc. and EYA proposed transforming AT&T Inc.’s regional office campus into a mixed-use development with up to 569 multifamily units, 306 townhomes, and 100,000 square feet of retail. Network Realty also plans to redevelop a vacant office building in Chantilly into townhomes.