Alexandria, VA, March 18, 2016 – Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”) is announcing that it has completed the formation of the team for the rebranding and repositioning of Carlyle Tower located at 2461 Eisenhower Avenue, a 14-story mixed-use office and retail property in Alexandria, VA. Shortly after acquisition, Rubenstein entered into a joint venture with Northpoint Realty Partners (“Northpoint”) and then engaged Newmark Grubb Knight Frank for the office leasing and Rosenthal Partners for the retail leasing. EagleBank has provided financing to implement the redevelopment program that has been designed by Nortitake Associates.
Rubenstein acquired the 365,000 square-foot mixed-use property, located across the street from the National Science Foundation’s new headquarters and the Eisenhower Avenue Station Metro in the Carlyle District of Alexandria, at the end of last year. The property includes a 335,000 square-foot office building with first floor retail along with a 32,500 square-foot single-story retail center and to-be-built retail pad site that “wraps” the office building and contains multiple restaurants. The building includes views of the Potomac River and offers direct access to I-495 and I-95 with tenant building signage opportunities that can be viewed by over 200,000 cars per day.
Rubenstein and Northpoint have embarked on a complete renovation to transform the property into a brand new Class “A” office building with new skin, systems, lobby, fitness, conference and related tenant improvements, in addition to the existing retail amenities. “Carlyle Tower is planned to be state-of-the-art in terms of physical building improvements and mixed-use Metro proximate amenities, “ says Steve Evans with Rubenstein.
“We’re thrilled to form this partnership with Rubenstein and to add this asset to our growing portfolio,” adds Mr. Chambers. “Our investment in Carlyle Tower reinforces our conviction about the staying power of Alexandria and the long-term growth outlook for the D.C. market as a whole. This will be a first-class project upon completion that we’re confident will be attractive to tenants looking for top-quality space with a great location.”
About Rubenstein Partners
Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern U.S. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 square feet of office real estate assets throughout the Eastern U.S. For more information, visit www.rubensteinpartners.com.
About Northpoint Realty Partners
Northpoint Realty Partners is a real estate development and investment firm that specializes in land, commercial and residential projects. The firm is dedicated to delivering high quality, sustainable business environments and superior management to its institutional and private sector clients and investors. Northpoint Realty Partners has successfully executed its development and investment strategy in the Mid-Atlantic market by employing highly skilled and experienced professionals from a wide range of disciplines including acquisition, finance, development, leasing, and management. The firm’s partners have developed and invested in more than 3 million square feet of commercial property and more than 3,000 residential units in the Mid-Atlantic region.
Northpoint Realty also handles development and construction management through Northpoint Services, LLC. As the planning, design, entitlement and construction management arm of the firm, Northpoint Services ensures the smooth, strategic and on-target development of all project types. For more information, visit http://www.northpointrp.com/