Rubenstein Plans Amenity-Rich Class A Project in Alexandria
- Sep 17, 2015
Rubenstein Partners L.P. expanded its presence in the Greater Washington area with the acquisition of a mixed-use office and retail property in Alexandria.
The private real estate investment management and advisory firm purchased 2461 Eisenhower Ave., within the 56-acre Hoffman Town Center, along with 2425 Eisenhower Ave., a retail development pad that can accommodate as much as 7,500 square feet. Although the company did not reveal how much it paid for the two assets, it did term it an all-cash transaction. The Hoffman Family was the seller.
The 14-story building at 2461 Eisenhower Ave. sits right across the street from the National Science Foundation’s new 720,000-square-foot headquarters and the Eisenhower Avenue Metro Station. It offers 335,000 square feet of office space and 25,000 square feet of single-story retail, which currently houses seven restaurants. Currently gutted and in shell condition, the office building is scheduled to undergo a 15-month renovation into a Class A property with fitness and conference facilities. Rubenstein also plans to redevelop the 2425 Eisenhower Ave. retail pad and bring more retail and restaurants that will add further amenities to the project.
“This was a complicated transaction that took time to ripen and come to fruition, but in the end, it is a transaction that we believe made sense for all parties involved,” Steve Evans, regional director of the Washington, D.C., market for Rubenstein, said in a statement. ”We’re excited to announce the closing and begin the implementation of our plan to complete the office and enhance the retail into a first-class project with walkable amenities by a Metro.”