Reston International Center sells for $35 million
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, a 15-story, 179,000-square-foot office building, is located at 11800 Sunrise Valley Drive within the mixed-use Reston Heights development. The building is also within walking distance of the planned Reston Parkway Silver Line Metrorail station.Upon completion, Reston Heights will contain about 400 multifamily units and 95,000 square feet of retail in addition to the office building. It’s one of only a handful of mixed-use projects 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,” American Real Estate Partners President Brian Katz said in a statement. “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.”
The joint-venture partners said they will embark on a $10 million renovation of Reston International Center. It will include the addition of a three-and-a-half story parking deck and the renovation of the building’s lobby and common areas.
With floor plates averaging 12,764 square feet, Reston International Center appeals to mediu-size tenants seeking high visibility . Reston International Center is the tallest point in Reston and features views of Reston National Golf Course, Reston Town Center, the Tysons skyline and the Blue Ridge foothills to the west.
American Real Estate Partners, based in Herndon, concentrates on acquiring Class A office and office-flex assets, as well as real estate-related financial instruments, in markets throughout the Mid-Atlantic.
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.