Canal Center

ALEXANDRIA, VA—A source tells GlobeSt.com that Tishman Speyer has found a buyer for Canal Center here. Herndon, VA-based American RE Partners is said to be acquiring the 538,799-square foot office complex for $180 million. Tishman Speyer declined to comment when GlobeSt.com reached out to its spokesman.

Tishman Speyer put the four-building complex on the market in May, tapping Cassidy Turley as the broker. The complex has its appeal, located in the Old Town Alexandria submarket—an area undergoing significant revitalization in large part due to the National Science Foundation’s announced last year it would take 660,848 square feet in the market by 2017.

Since then, interest by companies either connected to the government agency or hoping to capitalize on the renewed energy in Carlyle have been making inquiries and investments in the submarket, according to Stephanie Landrum, EVP and COO of the Alexandria Economic Development Partnership.

Recent examples of activity include Department of Defense’s renewal of 606,575 square feet at Hoffman Tower II, an office building owned by the Hoffman Co. in Hoffman Town Center and Akridge’s purchase of 2800 Eisenhower Ave.

This building will be the last of Tishman’s holdings here, according to the Washington Business Journal.