Hoffman Center Building Sold to Philadelphia Firm

PHOTO of 2461 Eisenhower Ave. in Alexandria courtesy of Google images

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Last week, Rubenstein Partners, L.P. of Philadelphia announced it has bought a building at Hoffman Town Center in Alexandria. The building is at 2461 Eisenhower Ave., a mixed-use office and retail property, as well as 2425 Eisenhower Avenue, a retail development pad that can accommodate 7,500 square feet of new retail or restaurants, according to a news release from the company.

The building is across the street from the movie theater and the new headquarters for the National Science Foundation. The Hoffman Center Web site notes that the pad could accommodate a 7,000 square foot restaurant but no plans have yet been announced for the space.

The properties are also across the street from the Eisenhower Avenue Station Metro within the 56-acre Hoffman Town Center.

The mixed-use building is a 14-story, 335,000-square-foot office building that also includes 25,000 square feet of single-story retail that “wraps” the office building and contains seven restaurants.

The office building is currently “gutted” and in shell condition and plans call for it to undergo a 15-month transformation into a Class “A” office building, which will include fitness and conference facilities, in addition to the existing retail, the company said.

The Hoffman Family, the seller of the properties, selected Rubenstein based on the firm’s ability to execute on the complicated transaction on an “all-cash” basis, according to the company.

“This was a complicated transaction that took time to ripen and come to fruition, but in the end, it is a transaction that we believe made sense for all parties involved,” said Steve Evans, regional director of the Washington, D.C. market for Rubenstein. “We’re excited to announce the closing and begin the implementation of our plan to complete the office and enhance the retail into a first class project with walkable amenities by a Metro.”

Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern U.S. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern 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 10,000,000 square feet of office real estate assets throughout the Eastern U.S. For more information, visit www.rubensteinpartners.com.