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, in a statement.
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.”
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.