The five-story structure at 2000 Duke St. has been home to Time Life since the building's inception in 1997. The company relocated to the new digs after having spent two decades at a location in Old Town Alexandria. Accenting its class A office space with a fitness center, cafeteria and underground parking facility, the property occupies an approximately 1.5-acre parcel in the 76-acre Carlyle master-planned office development. The location puts the building right at the entrance of the Norfolk Southern-conceived business compound, which is home to the new two-million-sf US Patent and Trademark Office complex. This purchase, in addition to the nearly $75-million acquisition one year ago of the 213,000-sf Oblon Spivak building on the same street, leaves Falcon clientele with possession of over 300,000 sf in class A office space right at the gateway to Carlyle.

The tenancy at the property is due for a change, however. Time Warner recently sold Time Life Inc. and the business will be relocating from the Duke Street address this year. CB Richard Ellis is on board to handle leasing activity for the space, as well as space currently under sublet agreements that will expire in 2005. "The acquisition of this suburban office building serves to confirm our confidence in the US real estate market," says Strategic Real Estate managing director Jeremy Gates. "It is becoming increasingly difficult to purchase top quality fully-leased properties at reasonable prices. We are confident that we will be able to lease this building during the coming year, and will then have a trophy asset to hold as a long-term investment."