An affiliate of Equus Capital Partners has acquired King Street Station III a 156,904-square-foot class A office building in Alexandria, Va., on behalf of the Equus Investment Partnership XI fund.
The purchase on behalf of the Equus Investment Partnership XI fund, one of the firm’s fully discretionary value-add equity funds. Equus has sponsored a series of 13 closed-end, value-add funds over a period of 30 years, during which time the firm raised more than $3.5 billion of equity capital and acquired more than 40 million square feet of commercial space and 32,000 multifamily units on behalf of 150 institutional investors.
The seven-story asset is located at 1725 Duke St. and is situated on 1.12 acres. It was built in 1989 as part of the King Street Station Development, which includes three neighboring office buildings, according to Equus.
It is one block from the King Street Transit Center, two blocks from the U.S. Patent and Trademark Office’s headquarters, and is within walking distance to Alexandria’s restaurants, hotels and retail scene.
“This transaction afforded us the opportunity to acquire one of Alexandria’s most prominent assets at a meaningful discount to replacement cost,” said Tim Feron, acquisitions manager for Equus in a statement. “With our capital improvement plans and added amenities onsite, we believe the property will be well positioned to capture future demand.”
