Ascentris and Altus Realty Acquire 295K sf Office Building in the Heart of Rosslyn, VA
Denver, CO (August 15, 2019) – Ascentris and Altus Realty announced today the acquisition of International Place, a 295K sf office building located in the heart of the Rosslyn submarket of Washington, DC.
The 12-story, LEED Gold Certified building is located adjacent to the Rosslyn Metro Station, Virginia’s second busiest station, and on the corner of North Lynn Street and Wilson Boulevard, offering tenants unparalleled access to downtown Washington, DC, Reagan National Airport, Dulles International Airport, Amazon’s HQ2, and premier submarkets such as Georgetown, Reston, Ballston, and Tysons Corner.
“We are excited to partner with Altus and re-enter the Washington, DC market with the acquisition of International Place,” said Ascentris Vice President, Denis Curran. “The profile of this investment is consistent with what we currently find attractive in the select office markets across the United States. We have known the Altus team for years and are very excited to be a part of executing their long-term vision for the property.”
The seller was The Meridian Group, a real estate investment and development firm based in Bethesda, MD.
“We were very pleased to work with Ascentris and Altus Realty on this deal. They have acquired an exceptional office building in an ideal location,” said David Cheek, President of The Meridian Group.
International Place is 92% leased with future known vacancies that will provide an opportunity for Ascentris and Altus to upgrade the common spaces and tenant suites to create an unparalleled tenant experience. The partnership plans to enhance the curb appeal of the building and improve the amenity base through an extensive renovation of the façade and retail storefronts, the lobby and common areas, as well as the currently inaccessible third-floor terrace which will be activated for use as a private outdoor lounge overlooking Central Place Plaza.
With its unique outdoor offering and excellent, walkable location, International Place will benefit from growing leasing demand in the Washington, DC submarkets driven by tenants looking for relative value and proximity to employees.
“International Place will continue to benefit from its superb, central location drawing in employers looking to attract talent from across the Washington, DC and Northern Virginia markets,” said Altus Partner, Al Troup. “The contemplated renovations will launch the building into the modern era, providing an exciting work environment for all tenant employees.”
Ascentris and Altus engaged Cushman and Wakefield for property management services, Avison Young for office leasing, and CBRE for retail leasing. Cushman & Wakefield served as the investment sales broker for the sale and JLL sourced acquisition financing.
About Altus Realty
Altus is a full-service real estate development and investment company based in Washington, DC. From repositioning underperforming assets to developing ground-up projects, Altus focuses on creating mixes of residential, office, retail and hospitality experiences that inspire. With a thoughtful, crafted approach to each project, Altus seeks to build long-term relationships and value with its partners and tenants alike.
Based in Washington DC, Altus was founded in 2006. Altus is led by a team of seasoned team who are directly responsible for the acquisition, asset management, and development of its assets. The partners of Altus are Charlie Kehler, Al Troup and Gordon Fraley.
Ascentris is a real estate private equity firm based in Denver, CO. With over $1.3 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting core, value-add and opportunistic investments across all the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About The Meridian Group
The Meridian Group is a real estate investment and development firm based in Bethesda, MD. Since its inception in 1993, Meridian has acquired and developed more than 14 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit Meridian’s website at www.tmgdc.com.