JL Properties-Led Partnership Acquires Conoco Phillips Office Complex
ANCHORAGE, Alaska - JL Properties, Inc., Alaska’s largest real estate development and investment firm, announced that a partnership it led has acquired the ConocoPhillips Alaska Office Complex in downtown Anchorage.
JL partnered on the transaction with Washington Capital Management, a leading real estate investment firm active in the market, and Cook Inlet Region, Inc. (CIRI), an Alaska Native Regional corporation that has been a key player in the Anchorage real estate market.
The office complex has over 677,000 square feet, sits on 1.7 acres of land, and with the tallest office building in the state is an iconic part of the Anchorage skyline. ConocoPhillips Alaska is the primary tenant.
Jonathan Rubini, Chairman & CEO of JL Properties, said, “We are pleased to add this prominent property to our portfolio of commercial, retail, and residential properties in Alaska. We are excited to partner with astute real estate investors such as Washington Capital and CIRI.”
Sophie Minich, President & CEO of CIRI, said, “CIRI is confident the investment will strengthen and diversify our real estate portfolio and position the company for strong returns in the future.”
About JL Properties
JL Properties is Alaska’s largest real estate development and investment firm, with a portfolio whose market value exceeds $2 billion. JL owns over 2 million square feet of office property and 5000 residential units in Alaska. The company is also active in development projects in Utah and Florida.
About Washington Capital Management
Washington Capital Management is a leading investment advisory firm focused on equities, fixed income, mortgages, and real estate. It has a portfolio of real estate equity investments in excess of $1 billion dollars in the Western states. Headquartered in Seattle, Washington Capital has an office in Anchorage and is an active investor in Alaska real estate.
CIRI is an Alaska Native regional corporation proudly owned by more than 8,300 Alaska Native shareholders. The company holds investment and operating interests around the world. Its real estate investments in Alaska include the Tikahtnu Commons Retail and Entertainment Center, the newly-announced Fireweed Business Center, and 11000 C Street, a commercial office development at C Street and Klatt Road.
Posted: December 16, 2013