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, on the corner of North Lynn Street and Wilson Boulevard. The location offers tenants 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 select office markets across the United States. We have known the Altus team for years and are very excited to be 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 currently 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 enhanced tenant experience. The partnership plans to improve the building through renovations to the façade and retail storefronts, the lobby and common areas, as well as the currently inaccessible third-floor terrace, which will be activated as a private outdoor lounge overlooking Central Place Plaza.
With its outdoor offering and walkable location, International Place is positioned to benefit from growing leasing demand in Washington, DC submarkets driven by tenants seeking 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 tenant employees.”
Ascentris and Altus engaged Cushman & 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 approach to each project, Altus seeks to build long-term relationships and value with its partners and tenants alike. Founded in 2006, Altus is led by a team directly responsible for the acquisition, asset management and development of its assets. The partners of Altus are Charlie Kehler, Al Troup and Gordon Fraley.
About Ascentris
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 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 allows investors to access opportunities ahead of the market while receiving a high level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser committed to putting 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 www.tmgdc.com.
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