HERNDON, Va., June 16, 2015 /PRNewswire/ -- American Real Estate Partners (AREP), with joint venture partner The Davis Companies (TDC), announced today the $40.5 million sale of 1140 19th Street, a 72,648 square foot, nine-story Class A office building in the heart of Washington, DC's Golden Triangle district. AREP and TDC began repositioning the building in 2012, investing significant capital to renovate the building.
A creative leasing campaign and spec suite program brought the building to stabilized occupancy as tenants seeking flexibility and prominence for large and small suites discovered this elegantly finished "jewel box" asset along a vibrant downtown corridor. On the retail level, new signage heralded leases with popular fast casual restaurants, Noodles & Co. and GRK Fresh Greek.
"1140 19th Street allowed American Real Estate Partners to apply our redevelopment skills as we set out to consider the building's competitive position in the market, create a stunning renovation plan designed to attract the most sophisticated tenants in the market and successfully transform this important downtown DC asset," said American Real Estate Partners President, Brian Katz. "Working alongside our partners at The Davis Companies was a pleasure as we fulfilled our shared goals for the joint venture after acquiring both this property and the one next door at 1146 19th Street, which sold in July 2013."
American Real Estate Partner's Principal and Executive Managing Director Michael Gribbon directed the leasing and repositioning strategy, saying, "Our approach to marketing 1140 19th Street included not only the re-introduction of the property as a completely renovated, upgraded and sophisticated addition to this important block in the Golden Triangle but also introduced unusual choice and flexibility to the market, with highly visible full floors and smaller, flexible spec suites."
The Davis Companies Managing Director of Asset Management Cappy Daume said, "While the asset benefited from an inherently strong location, its potential was limited by many physical challenges and historical lack of investment. This team did an amazing job re-imagining how this property could look and function for a new generation of office and retail tenants. The results are stunning and a true improvement to the neighborhood for decades to come. We are grateful to our partner, AREP, for leading such a successful re-development."
About American Real Estate Partners
American Real Estate Partners, a vertically integrated institutional real estate investment manager, invests in partnership with a cross section of highly sophisticated domestic and international real estate investors. The firm concentrates on acquiring Class A office, and office flex assets, as well as real estate related financial instruments, in markets throughout the Mid-Atlantic along the Eastern Seaboard of the United States. Since October 2003, American Real Estate Partners has completed 36 acquisitions totaling over 12.6 million square feet, with an aggregate capitalization of $2.6 billion, representing $893 million of equity, on behalf of its institutional partners. The firm's current portfolio totals 7 million square feet. For more information about American Real Estate Partners, please review the firms' website at www.americanrepartners.com, or contact Jon Dishell, Managing Director of Fund Management & Investor Relations at [email protected].
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $3.0 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns and manages a real estate portfolio of 12 million square feet across the Eastern United States. For more information on The Davis Companies, please visit http://www.thedaviscompanies.com/.
Media contact for American Real Estate Partners:
KW Communications LLC
Media contact for The Davis Companies:
Solomon McCown & Company
SOURCE American Real Estate Partners