American Real Estate Partners And Square Mile Capital Complete $35 Million Acquisition Of Reston International Center In Reston, VA
HERNDON, Va., Feb. 2, 2015 /PRNewswire/ -- American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture and acquired Reston International Center for $35 million. The property is a 15-story, 179,000 square foot office building located at 11800 Sunrise Valley Drive in Reston, VA. The highly visible office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail in addition to the office building, and will become one of only a handful of mixed use environments along the Dulles Toll Road Corridor.
"Reston International Center presents American Real Estate Partners with a remarkable opportunity to renovate and reposition an iconic asset at the epicenter of one of the most vital mixed-use communities being developed along the Toll Road," said American Real Estate Partners President, Brian Katz. "Reston, fueled by the coming 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 employees, exceptional transportation options and all of the amenities and infrastructure of Reston Heights and nearby Reston Town Center."
Square Mile Senior Principal Michael Schonbraun said, "This property, situated in a prime location and with considerable upside investment 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 International 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 square feet, Reston International Center is particularly appealing to medium size tenants seeking high visibility and prominence. Reston International Center is the tallest point in Reston and features sweeping 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 American Real Estate Partners' third investment through its American Real Estate Partners Strategic Office Fund.
About American Real Estate Partners
American Real Estate Partners, a vertically integrated institutional real estate investment manager, invests in partnership with a cross section of highly sophisticated domestic and international real estate investors. The firm concentrates on acquiring Class A office, and office flex assets, as well as real estate related financial instruments, in markets throughout the Mid-Atlantic along the Eastern Seaboard of the United States. Since October 2003, American Real Estate Partners has completed 33 acquisitions totaling over 11.5 million square feet, at an aggregate cost of $2.4 billion, representing $825 million of equity, on behalf of its institutional partners. The firm's current portfolio totals approximately 6.6 million square feet. For more information about American Real Estate Partners, please review the firms' website at www.americanrepartners.com, or contact Jon Dishell, Managing Director of Fund Management and Investor Relations at [email protected].
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is a private investment firm based in New York that focuses on real estate and real estate-related opportunities, including both debt and equity investments on behalf of select institutional and private investors. Square Mile takes a value oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize assets or enterprises that are undervalued, overlooked, complex or mispriced.
Media Contact:
Karen Widmayer
KW Communications LLC
[email protected]
301.661.1448
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SOURCE American Real Estate Partners
Related Links
http://www.americanrepartners.com
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