1501 M Street
Washington, DC

Former holding of the principals sold in February of 2006 for $65.8 MM

1501 M Street Acquisition Strategy

• Off-market acquisition at advantageous pricing.
• Purchase Price at a discount to replacement cost.
• Short term rollover allowing for repositioning of asset to take advantage of improving submarket fundamentals.
• American Real Estate Partners boutique trophy asset allowing for a significant mark to market.