Companies Acquire 1140 and 1146 19th Street N.W. in Washington, D.C’s Golden Triangle
(HERNDON, VA – June 6, 2011) − American Real Estate Partners (AREP) is pleased to announce it has partnered with The Davis Companies (TDC) to purchase 1140 and 1146 19th Street N.W. in Washington, D.C. The buildings are located in the Central Business District (CBD) in downtown Washington, D.C. AREP, based in Herndon, VA, is a fully-integrated private real estate investment company. TDC, based in Boston, MA, is also a private real estate investment company. While the respective teams have known each other for some time, this acquisition represents their first joint venture.
“Through quality acquisitions such as 1140 and 1146 19th Street, N.W., American Real Estate Partners continues to build its reputation as one of the most active real estate operating platforms in the country,” said Brian Katz, President, AREP. “We remain dedicated to identifying opportunities to create value and growing our portfolio of assets in Washington, D.C. and other top cities along the East Coast”.
“We are very excited to be partnering with the Davis Companies on this acquisition,” said Doug Fleit, CEO, AREP.
“This acquisition is strategically important for us, as it marks our debut in the Washington, D.C. market,” said Brad Takala, Managing Director of Acquisitions for TDC. “While we have been active investors in the Northeast for 35 years, we are excited to be extending our portfolio down the coast to the nation’s capital. We are equally thrilled to be partnering with Doug and Brian and their very capable team at AREP on this unique opportunity.”
Located in the Golden Triangle, two-and-half blocks from the Dupont Circle and Farragut North Metro stations, 1140 and 1146 19th Street N.W. total 111,348 square feet, and feature a diverse tenant population of law firms, medical offices and professional organizations.
The buildings are situated in one of Washington D.C.’s Transferable Development Rights Receiving Zones and can add up to an approximately 60,000 square feet of additional Floor Area Ratio. While the plans are still preliminary, AREP and TDC are planning for a Class A, full-building renovation that will add three floors to the top of the buildings.
