ALEXANDRIA, VA—We reported earlier this summer that Tishman Speyer had Canal Center, a 540,000-square foot office complex, under contract and American Real Estate Partners was  the hopeful owner-to-be. Today American Real Estate Partners confirmed exclusively to that the deal closed last week, with the property trading for $176 million. American Real Estate Partners acquired the property with Investcorp through its through its Strategic Office Fund.

The fact that Canal Center was acquired through this fund is telling: basically its strategy is to target suburban assets that have, or will have after a repositioning, an urban-like orientation with a strong mixed-use component.

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