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6C— February 27 - March 12, 2015 — Commercial Office Spotlight — Mid Atlantic Real Estate Journal
C ommercial O ffice P roperties Reston International Center, a 15-story, 179,000 s/f office building American Real Estate Partners & Square Mile Capital complete $35m acquisition R E S TON , VA — American Real Es- tate Partners and
Reston Parkway Silver Line Metrorail station. Upon com- pletion, Reston Heights will contain 400 multifamily units and 95,000 s/f of retail in ad- dition to the office building, and will become one of only a handful of mixed use environ- ments along the Dulles Toll Road Corridor.
communities being developed along the Toll Road,” said American Real Estate part- ners president, Brian Katz. “Reston, fueled by the com- ing completion of the Silver Line stations through Fairfax and Loudoun Counties, will continue to be a magnet for growing companies that value access to highly educated em- ployees, exceptional transpor- tation options and all of the amenities and infrastructure of Reston Heights and nearby Reston Town Center.” Square Mile senior princi-
pal Michael Schonbraun said, “This property, situated in a prime location and with considerable upside invest- ment potential, is a very good fit for us. We are pleased to team up with American Real Estate Partners to maximize that potential.” The joint venture partners will embark on a $10 million renovation of Reston Interna- tional Center, including the addition of a three and a half story parking deck, and will fully renovate the lobby and building common areas. With floor plates averaging 12,764 s/f, Reston International Cen- ter is particularly appealing to medium size tenants seek- ing high visibility and promi- nence. Reston International Center is the tallest point in Reston and features sweep- ing views of Reston National Golf Course, Reston Town Center, the Tysons skyline and the Blue Ridge foothills to the west. The Reston International Center acquisition is Ameri- can Real Estate Partners’ third investment through its American Real Estate Part- ners Strategic Office Fund. n New Boston Fund sells 5-acre parcel at Transdulles Business Park Sterling, VA — New Boston Fund, Inc. has sold a five-acre land parcel adja- cent to TransDulles Centre in Sterling. The parcel was purchased by Dominion Virginia Power Co. who intends to build a transformer station on the site. This transformer will provide a second means of power to the surrounding region and the entire office park including TransDulles Centre and Rockwell Collins headquarters. “We are very pleased that this sale will bring added benefit to the entirety of the TransDulles Office Park,” said Jim Kelleher , chief investment officer at New Boston Fund. “With many tenants renewing their leas- es, we are able to make this already attractive space a higher quality offering in this submarket.” Acquired by New Boston in 2007 along with TransDulles Centre, the original parcel was divided into two lots. n
funds managed by Square Mile Capital Management LLC have formed a joint venture and acquired Res- ton International Center for $35 million. The property is a 15-story, 179,000 s/f office building located at 11800 Sunrise Valley Dr. in Reston. The highly visible office tower is located within the mixed- use Reston Heights develop- ment and is within walk- ing distance of the planned
“Reston International Cen- ter presents American Real Estate Partners with a re- markable opportunity to ren- ovate and reposition an iconic asset at the epicenter of one of the most vital mixed-use Reston International Center
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