ALEXANDRIA, VA-Clarion Partners has acquired a stake in Carlyle Overlook, paying $65.75 million for the 91.4%-leased office building. Clarion's stake consists of the top five floors of the 126,462-square foot building, the ground floor retail, and tenant parking.

The American Society of Clinical Oncology, which is also a tenant in the property, owns the lower floors, having paid $50 million for its stake.

The Massachusetts Mutual Life Insurance Co. retained Cassidy Turley earlier this year to market the top five floors. The insurance company acquired it from developer MRP Realty for $50 million five years ago.

Clarion is investing not only in the building but the submarket as well. Alexandria is home to a diverse mix of companies including financial services, law firms, associations and government agencies—less than 5% of the workers are employed by the government, Clarion notes.

At the same time the market has the stabilizing effect of the US Patent and Trademark Office, which occupies some 2.5 million square feet and act as an office demand driver for the rest of the market. Soon it will be joined by the National Science Foundation. The vacancy rate is just 2.6%.

"The neighborhood continues to attract a varied mix of users, creating a vibrant, walkable environment," says Barron Williams, a senior vice president at Clarion Partners, in a prepared statement. "We expect Carlyle to continue as a prominent submarket for years to come." Acquiring this property, he adds, aligns with the company's strategy of focusing on well-leased institutional-quality real estate in superior submarkets.