American Real Estate Partners, Square Mile Capital Buy Reston International Center for $35M

RESTON, VA. — American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture to acquire Reston International Center for $35 million. The property is a 15-story, 179,000-square-foot office building located at 11800 Sunrise Valley Drive in Reston. The office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail space in addition to the office building. The joint venture partners are planning a $10 million renovation of Reston International Center, including the addition of a three-and-a-half story parking deck, and will 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.