ALEXANDRIA, VA—We reported earlier this summer thatTishman Speyer had Canal Center, a 540,000-square foot officecomplex, under contract and American Real Estate Partners was the hopeful owner-to-be. Today American Real EstatePartners confirmed exclusively to GlobeSt.com that the deal closedlast week, with the property trading for $176million. American Real Estate Partners acquired theproperty with Investcorp through its through its StrategicOffice Fund.
The fact that Canal Center was acquired through this fund istelling: basically its strategy is to target suburban assets thathave, or will have after a repositioning, an urban-like orientationwith a strong mixed-use component.
Canal Center, although it is located in Old Town Alexandria,falls in this category, CEO Brian Katz tellsGlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
