(HERNDON, VA – April 14, 2011) − American Real Estate Partners, (http://www.americanrepartners.com), a Herndon, VA-based, fully-integrated private real estate investment company, is pleased to announce its most recent acquisitions, the firm’s first purchases in the New York Metro and the Richmond, Virginia markets.
“These new acquisitions are the very best assets in their respective submarkets and will exceed our return objectives”, said Douglas Fleit, Chief Executive Officer. “We are seeking many more of these types of opportunities and expect to be extremely active in acquiring quality office projects the next few years.”
American Real Estate Partners purchased Riverside on the James, a 263,066 square foot trophy office and retail project in downtown Richmond, Virginia. The trophy tower is one of the newest mixed-used developments and is home to international law firm Troutman Sanders LLP, along with the mergers & acquisitions firm Harris Williams & Co., a subsidiary of PNC Financial Services and Rutherfoord, a subsidiary of Marsh McLennan Agency LLC. Riverside on the James, the firm’s first in the Richmond area, was 91 percent leased at the time of purchase.
The firm also recently purchased Westgate Corporate Center I, another trophy Class A building totaling 230,518 square feet. Westgate I is located 35 miles from Manhattan in a 40 acre first class office park in Basking Ridge, NJ and is 100 percent leased to Everest Reinsurance Company. Westgate I is American Real Estate Partners’ first acquisition in the New York Metro market.
American Real Estate Partners (formerly ACP Mid-Atlantic LLC), one of the most experienced real estate operating platforms in the United States, concentrates on commercial real estate assets and real estate financial instruments in markets along the Eastern Seaboard of the United States, including Washington, DC; Virginia; suburban Maryland; Raleigh-Durham; Philadelphia, New Jersey and New York. The firm’s current holdings total approximately 4.2 million square-feet of Class A office and flex assets.
