Investment Co. Snaps Up Twin Office Buildings

ALEXANDRIA, VA-With such a hot office market in much of the Metropolitan Washington, DC region, now is a good time to cash on an investment, or so Cousins Properties Inc. evidently thinks. The Atlanta-headquartered real estate developer has handed over ownership of Carlyle Gateway I and II–totaling 250,000 sf–to international property development and investment company Grosvenor. The players are not yet offering any hints as to the financial specifics of the transaction, however the sales price is rumored to have been between $75 million and $85 million.

While the players are keeping mum on the transaction’s dollar figure for now, the properties’ valuations offer a limited indication of the amount they may have commanded; Carlyle I has a current assessed value of about $23 million, and Carlyle II has an assessed value of nearly $34.5 million.

Carlyle I and II carry the respective addresses of 1900 Duke St, and 333 John Carlyle St., and sit within the mixed-use master-planned community of Carlyle in Old Town Alexandria. They boast six stories of class A office space developed between 1999 and 2000, and at the time of the deal, the combined occupancy level was more than 95%.