{"id":1004197662,"date":"2017-11-17T01:44:38","date_gmt":"2017-11-17T09:44:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197662"},"modified":"2022-12-07T12:42:23","modified_gmt":"2022-12-07T20:42:23","slug":"rubenstein-northpoint-embark-on-nova-mixed-use-renovation","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rubenstein-northpoint-embark-on-nova-mixed-use-renovation\/","title":{"rendered":"Rubenstein, Northpoint Embark on NoVa Mixed-Use Renovation"},"content":{"rendered":"<p><em>By Keith Loria<\/em><\/p>\n<div id=\"attachment_1004197670\" style=\"width: 372px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004197670\" data-attachment-id=\"1004197670\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-northpoint-embark-on-nova-mixed-use-renovation\/rubenstein\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg?w=800\" class=\"wp-image-1004197670 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg\" alt=\"Carlyle Tower and the Shops at Carlyle Tower\" width=\"362\" height=\"280\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/rubenstein.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 362px) 100vw, 362px\" \/><\/a><p id=\"caption-attachment-1004197670\" class=\"wp-caption-text\">Carlyle Tower and the Shops at Carlyle Tower<\/p><\/div>\n<p>Rubenstein Partners L.P. and Northpoint Realty Partners have unveiled plans for the design and renovations of\u00a0Carlyle Tower\u00a0and the Shops at Carlyle Tower, an approximate 365,000-square-foot mixed use project in Alexandria, Va.<\/p>\n<p>When completed, the renovated building will consist of nearly 335,000 square feet of innovative office space in 14 stories and an additional 22,500 square feet of existing retail, including six restaurants.\u00a0<em>\u201cThe fact that it\u2019s mixed-use, and has office plus six restaurants as part of the project is the biggest appeal,\u201d <\/em>Steve Evans, Rubenstein\u2019s DC market director, told<em> Commercial Property Executive. \u201cThe project itself will have a superior amenity package with a tenant lounge and state-of-the-art conference and fitness centers.\u201d<\/em><\/p>\n<p>Located at 2461 Eisenhower Ave., the joint venture originally acquired the property in late 2015, and re-branded it to Carlyle Tower and the Shops at Carlyle Tower. The prior owner replaced the exterior skin, but Rubenstein and Northpoint will be replacing just about everything else. The renovations include the gutting of the building, renovating elevators, HVAC and common areas, and adding numerous tenant improvements. The changes also include upgrading the retail component and adding another 7,500 square feet of new retail.<\/p>\n<p><em>\u201cWe\u2019re taking this old building and doing a complete duct renovation and then we\u2019re going to offer a large block of first-class office space right across the street from the metro,\u201d <\/em>Evans said.<em> \u201cWe\u2019re going to be able to offer this almost-new building at a discount of what a fully-new building would be.\u201d<\/em><\/p>\n<p>The team also has been working with its neighbor, Perseus Realty and the\u00a0City of Alexandria, to respond to Amazon\u2019s recent HQ2 RFP requirement.<\/p>\n<h2><strong>A Growing Area<\/strong><\/h2>\n<p>According to Evans, the submarket has additional office, retail and hotel space that adds to the attractiveness of the area, including a new Wegmans that will open in 2018 and the recently completed 720,000-square-foot National Science Foundation trophy office building that will serve as NSF\u2019s new headquarters.\u00a0<em>\u201cOverall, tenants want to be in the 24\/7 live\/work\/play environment where you can walk to amenities and public transportation,\u201d <\/em>Evans\u00a0said.<em> \u201cThis property has all the things that a tenant is looking for.\u201d<\/em><\/p>\n<p>The Carlyle Tower office space is being leased by\u00a0Steve Hoffeditz,\u00a0Andy Klaff\u00a0and\u00a0Ed Clark\u00a0of\u00a0Newmark Knight Frank, while Rosenthal Properties\u2019 Billy Orlove\u00a0and\u00a0Jane Le are leasing the retail space, including the Shops at Carlyle Tower.<\/p>\n<p><em>\u201cWhat we try to do is identify opportunities that have an existing foundation but has a lot of upside and room for growth in an improving submarket,\u201d\u00a0<\/em>he\u00a0said.<em>\u00a0\u201cWhat you have here is a great asset in a great location in a submarket that is just rapidly growing.\u201d<\/em><\/p>\n<p>Last fall, Rubenstein Partners teamed with a minority equity partner to <a href=\"https:\/\/www.commercialsearch.com\/news\/rubenstein-picks-up-atlanta-office-park-for-265m\/\">acquire Sanctuary Park, a premier Class A\u00a0office park\u00a0<\/a>in the North Fulton submarket of Atlanta, for $265 million.<\/p>\n<p><em>Photo courtesy of Rubenstein<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The revamps of Carlyle Tower and the Shops at Carlyle Tower include elevator, HVAC and common area upgrades as well as an additional 7,500 square feet of new space.<\/p>\n","protected":false},"author":451,"featured_media":1004197670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,11,21752,21742,1615],"tags":[38361,36039,38360],"class_list":["post-1004197662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-midatlantic","category-mixed-use","category-latest","category-washington-dc","tag-northpoint-realty-partners","tag-rubenstein-partners-lp","tag-steve-evans"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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