Time Life Home Heads to New Portfolio in $40M Deal

ALEXANDRIA, VA-A recent transaction valued at approximately $40 million has left New York-based Falcon Real Estate Investment Co. in possession of the 156,000-sf office property at 2000 Duke St., also known as the Time Life headquarters building. Falcon acted on behalf of a London-based global real estate investment advisement and asset management firm Strategic Real Estate Advisors Ltd. Carlyle Development Corp., an entity of Norfolk Southern Corp., is listed as the former owner in city records. The property has a current assessed value of $37.8 million.

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.