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AREP, JV Partner Buy Tysons Corner Offices
American Real Estate Partners (AREP) acquired 1660 International Dr., a 212,731-square-foot office property in Tysons Corner, VA, for a reported $71 million. The asset has been institutionally owned since it was built in 1999, and was acquired by an affiliate of AREP’s Strategic Office Fund II LP in a joint venture with an institutional partner.
“The acquisition of 1660 International Dr. not only expanded our Tysons footprint, but also presented an opportunity to purchase a renovated Class A asset with a clear path to achieve top of market performance,” said AREP president Brian Katz.
Katz added that “Tysons and, more particularly, the immediate area surrounding 1660 International has steadily experienced significant rent growth, bolstered primarily by complementary development projects.”
AREP’s plans for the property include contemporary design upgrades to the main lobby and common areas. The eight-story property is currently 98.5% leased.
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- ◦Sale/Acquisition
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