December 19, 2013
For Immediate Release
CLARION PARTNERS ACQUIRES CARLYLE OVERLOOK IN ALEXANDRIA, VA
Clarion Partners, LLC, a leading real estate investment manager, today announced the
acquisition of a majority condominium interest in Carlyle Overlook, a best-in-class office
property located in the Carlyle district of Alexandria, VA. The purchase price was $65.75
million and the building is 91.4% leased.
Clarion acquired a condominium interest in the 126,462 square foot, Class-A property,
encompassing the top five floors of Carlyle Overlook, ground floor retail, and ample tenant
parking. The remaining interest is held by the American Society of Clinical Oncology
(ASCO), a professional organization headquartered in the building.
Carlyle Overlook was developed in 2008, and is the tallest building in one of
Washington DC’s core metropolitan submarkets. Situated on the border of Alexandria’s
Southwest Quadrant and about two miles from Old Town in Northern Virginia, the property sits
just inside the Capital Beltway and offers ready access to Routes I-495/I-95 and the
Washington Metro system as well as Reagan National Airport and Capitol Hill.
Alexandria is home to a diverse mix of tenants including financial services groups, law
firms, associations and government agencies; importantly, fewer than 5% of its daytime
employees work for the government. The largest tenant and office demand driver in the
Carlyle submarket is the US Patent and Trade Office (US PTO) which occupies over 2.5
million square feet of space and contributes significantly to the resilience of the Carlyle district,
with vacancy of just 2.6%. The National Science Foundation will also be moving into the
Carlyle submarket.
“Carlyle Overlook is a modern, high-quality property located in a thriving submarket,”
observed Barron Williams, a Senior Vice President at Clarion Partners. “The neighborhood
continues to attract a varied mix of users, creating a vibrant, walkable environment. We
expect Carlyle to continue as a prominent submarket for years to come. The acquisition fits
well with an investment strategy to acquire well-leased institutional-quality real estate in
superior submarkets.”
Press Contacts:
For Clarion Partners: Mike MacMillan/Chris Sullivan, (212) 473-4442, mike@macmillancom.com ;
chris@macmillancom.com
About Clarion Partners LLC
Clarion Partners has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New
York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well
as a presence in Mexico. With $28.6 billion in total assets under management, Clarion Partners offers a broad
range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international
institutional investors.
More information about the firm is available at www.clarionpartners.com.
Disclaimer
Some information contained herein is derived from selected third party sources believed by Clarion Partners to be
reliable, but no representation or warranty is made regarding its accuracy or completeness. Opinions and forecasts
expressed reflect the current judgment of Clarion Partners’ Investment Research Group and may change without
notice. Nothing herein constitutes an offer or solicitation of any product or service to any person or in any
jurisdiction where such offer or solicitation is not authorized or is prohibited by law. Past performance is not
necessarily indicative of future results.
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