AREP Buys Tysons Office Building For $71M
American Real Estate Partners has made its second Northern Virginia office acquisition in as many months.
The company announced Monday it acquired 1660 International Drive, a 213K SF office building in Tysons. Property records show it acquired the building from an affiliate of NewTower Trust Co. for $71M.
The eight-story office building, constructed in 1999, sits less than a half-mile from the Greensboro Metro station and The Boro mixed-use development.
The building is 98.5% leased, AREP said, but it will lose a tenant next year that occupies the top two floors.
Last year, Industrious signed on to open a 27K SF coworking space in the building. The buyer plans to make design upgrades to the building's lobby and common areas.
"We're raising the visibility and profile of the property," AREP Chief Operating Officer Paul Schulman said in a release. "For us it's about putting our customer experience front and center."
Along with the acquisition, AREP announced it sold its interest in CityView, another Tysons office project. The company last month acquired an office building in Arlington's Court House neighborhood for $57.5M. It also owns a 22-story mixed-use building in Rosslyn, where it announced plans for a $35M renovation in June.
