Crescent at Carlyle, Alexandria, Virginia

 
 

Crescent at Carlyle, Alexandria, Virginia

Office

Cresent-@-Carlyle-Alexandria-Virginia.jpg
 

ACQUISITIONS STRATEGY

  • The Carlyle development was the new home for the U.S. Patent and Trademark Office (PTO).

  • PTO moved into seven office buildings of the mixed-use development.

  • Significant, rising demand for office space by lawyers and others who work closely with the PTO.

  • Purchased1940 Duke Street (while under construction) for Oblon, Spivak.

ASSET MANAGEMENT VALUE-ADD

  • Time-Life later announced they were moving out of the adjacent building, 2000 Duke Street.

  • Purchased 2000 Duke Street nearly empty on an all-cash basis.

  • Falcon adopted a multi-tenant strategy and delivered minor structural changes as Time-Life began exit.

  • Within 18 months of purchase, Falcon fully re-leased to five major tenants, including the U.S. Government on behalf of PTO and Raytheon.

RESULTS

Sale Price: $217 MM

Investor IRR: 27.9% p.a. over 4 years

 
OfficeCatherine Rhoades