Rubenstein Partners, L.P., (including its affiliates, “Rubenstein”), a vertically-integrated real estate investment advisor focused on value-added office property opportunities, and Griffith Properties (“Griffith”) closed a 150,000 square foot lease at Centerstone at Tysons, completing the lease-up program for the newly renovated property by bringing it to full occupancy in a single transaction
Rubenstein and Griffith previously acquired Centerstone at Tysons, located at 1550 Westbranch Drive in the Tysons Corner office submarket of Northern Virginia, and initiated a capital improvement program. “What we created at Centerstone at Tysons is the kind of differentiated workplace experience modern tenants are seeking,” added Read Mortimer, Senior Vice President with Rubenstein Partners.
Marci Griffith Loeber, Managing Principal of Griffith, added: “At the outset of this investment we quickly reached a consensus with Rubenstein that a strategic capital improvement program would result in the best outcome for Centerstone. The execution of the business plan we created together has been seamless and successful.”
Centerstone at Tysons is conveniently located near two Metro stations, Dulles Toll Road, and the new Jones Branch Drive interchange with the I-495 express lanes. The property is surrounded by popular off-site retail, dining, and hotel amenities, including Tysons Corner Center, Tysons Galleria, McLean Hilton, Ritz-Carlton Tysons, Whole Foods, Harris Teeter, a new Wegmans grocery concept, and several esteemed restaurants.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S. Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 21 million square feet of office real estate assets throughout the United States. For more information, visit www.rubensteinpartners.com.
About Griffith Properties
Griffith Properties is a locally based owner and operator of commercial real estate led by Marci Loeber. Over the past 15 years Griffith has invested over $261 million of equity via three separate funds with a focus on life science, office, and industrial assets. Through three separate funds, Griffith Properties has acquired $628 million of assets consisting of 24 office and 4 industrial buildings, totaling 3.8 million square feet in the Greater Boston, Baltimore, and Washington DC markets. Griffith specializes in core-plus and value-added office, life science, industrial, and R&D assets.
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