JBG Sells Reston International Center to American Real Estate-Square Mile JV
- Feb 10, 2015
The 15-story office tower known as the Reston International Center is now under new ownership. American Real Estate Partners purchased the property in a joint venture with funds managed by New York-based Square Mile Capital Management LLC from the JBG Cos. The sale price was $35 million.
Reston International Center is the highest point in Reston. The property offers 179,000 square feet of office space at 11800 Sunrise Valley Drive, within Reston Heights, a mixed-use development that will include 400 multifamily units and 95,000 square feet of retail space upon completion.
According to PropertyShark, JBG purchased Reston International Center in 2006 for $79.7 million. PropertyShark says the property’s current market value is $48.2 million.
Brian Katz, president of American Real Estate Partners, said in a news release that the center will soon undergo a $10 million renovation. The project calls for a full makeover of the lobby and common areas, along with the addition of a three-and-a-half story parking deck.
Photo credit: American Real Estate Partners