RESTON, VA—American Real Estate Partners and funds managed by Square Mile Capital Management have partnered to acquire Reston International Center for $35 million. The buyers plan to renovate the 15-story, 179,000-square foot office building.
The building is located at 11800 Sunrise Valley Dr., within walking distance of the planned Reston Parkway Silver Line metro stop. The redeveloped building will be located within Reston Heights, a development that will contain 400 multifamily units and 95,000-square feet of retail space when fully built out.
The joint venture partners will invest $10 million in the renovation of Reston International Center, including the addition of a three and a half story parking deck. They will also fully renovate the lobby and building common areas.
The Reston International Center acquisition is American Real Estate Partners' third investment through its American Real Estate Partners Strategic Office Fund.
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