American Real Estate Partners (AREP) has begun construction to transform an outdated office building into a multifamily residential complex in CityHouse Old Town, according to the Washington Business Journal. The seven-story brick structure, also known as the Tycon Building, will feature around 200 units ranging from studios to three-bedroom residences with dens. Hoar Construction is leading the construction efforts and Bozzuto Management will oversee property management upon its completion in fall 2025.
Headquartered in McLean, AREP and its partner Silverpeak Real Estate Partners of New York acquired units in this office condominium building when it was approximately 80% vacant back in September 2022. The original development application was submitted just a few months prior, in April of that year. Originally built-in 1985 and renovated most recently in 2017, this building now houses tenants within its street-level retail space measuring at about17,500 square feet; including Orangetheory Fitness.
The article “AREP’s Conversion Project for One of Old Town’s Largest Office Buildings” originally appeared on Connect CRE.
