{"id":1004358773,"date":"2019-10-08T23:10:00","date_gmt":"2019-10-09T07:10:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004358773"},"modified":"2019-10-09T12:24:19","modified_gmt":"2019-10-09T20:24:19","slug":"arep-grows-dc-area-office-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/arep-grows-dc-area-office-footprint\/","title":{"rendered":"AREP Grows DC-Area Office Footprint"},"content":{"rendered":"
\"\"<\/a>

1660 International Drive. Image courtesy of AREP<\/em><\/p><\/div>\n

American Real Estate Partners has purchased a 212,371-square-foot office property in the Washington, D.C. metro area for $71 million. An affiliate of AREP\u2019s Strategic Office Fund II LP, along with an institutional partner, acquired 1660 International Drive, a Class A office building in the Tysons Corner submarket of McLean, Va. from seller MEPT, an open-end commingled real estate equity fund.<\/p>\n

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READ ALSO: <\/strong>Washington\u2019s Wharf Lands Record $847M Financing<\/a><\/p>\n

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The 10-story office building is located across the street from the Tysons Galleria mall and close to several major thoroughfares, including Interstate 495. The property was built in 1998 and has a vacancy rate of 26 percent, per Yardi Matrix data. In September, the property became subject to a $59 million loan provided by JPMorgan Chase Bank.<\/p>\n

The deal marks the eight transaction for AREP\u2019s Strategic Office Fund II, which has acquired more than $900 million in assets to date, including last month\u2019s acquisition<\/a> of the 195,128-square-foot office building Arlington Plaza in Arlington, Va.<\/p>\n

The Herndon, Va.-based company said in its announcement that they were attracted to the submarket due to the significant rent growth in the area that has been spurred by new development projects<\/a>. The company plans to upgrade the design elements of the main lobby and common areas to a contemporary style, add amenity programming to conference facilities, collaborative spaces, outdoor lounge areas and other spaces at the building.<\/p>\n

A spokesperson for AREP told Commercial Property Executive<\/em> that the firm is anticipating \u201cone or two\u201d more <\/em>deals by the end of the year. The firm has more than 4 million square feet in the metro, according to Yardi Matrix data.<\/p>\n

A submarket on the rise<\/strong><\/h2>\n

The Tysons Corner submarket has experienced significant investment activity in the office sector, as well as mega-sized mixed-use projects such as The Boro, a 4.2 million-square-foot transit-oriented development<\/a> rising on 18.1 acres in Tysons, Va. The project includes the 20-story office property Boro Tower, a Gensler-designed and LEED Gold certified trophy building currently under construction that has signed tenants such as Alion Science and Technology and flex provider Spaces.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York-based company paid $71 million for a 213,000-square-foot asset in McLean, Va.<\/p>\n","protected":false},"author":745,"featured_media":1004358776,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,11,21742,21747,1615],"tags":[33096,34134],"class_list":["post-1004358773","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-midatlantic","category-latest","category-office","category-washington-dc","tag-american-real-estate-partners","tag-mept"],"acf":[],"yoast_head":"\nAREP Grows DC-Area Office Footprint - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/arep-grows-dc-area-office-footprint\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AREP Grows DC-Area Office Footprint\" \/>\n<meta property=\"og:description\" content=\"The New York-based company paid $71 million for a 213,000-square-foot asset in McLean, Va.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/arep-grows-dc-area-office-footprint\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-09T07:10:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-09T20:24:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/10\/1660-International-Drive-e1570559911818.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"599\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"AREP Grows DC-Area Office Footprint\",\"datePublished\":\"2019-10-09T07:10:00+00:00\",\"dateModified\":\"2019-10-09T20:24:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/\"},\"wordCount\":359,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/10\\\/1660-International-Drive-e1570559911818.jpg\",\"keywords\":[\"American Real Estate Partners\",\"MEPT\"],\"articleSection\":[\"Deals\",\"Mid-Atlantic\",\"News\",\"Office\",\"Washington D.C.\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/arep-grows-dc-area-office-footprint\\\/\",\"name\":\"AREP Grows DC-Area Office Footprint - 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