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JL Properties announces acquisition of ConocoPhillips complex

By Kirsten Swann 4:30 PM December 16, 2013

Municipal property tax records show the 677,000-square-foot property is valued at more than $99 million.

ANCHORAGE – The tallest office building in Alaska has a new owner.

In a Monday press release, JL Properties announced it’s partnered with Washington Capital Management and Cook Inlet Region, Inc. (CIRI) to purchase the ConocoPhillips Alaska Office Complex in Downtown Anchorage. Municipal property tax records show the 677,000-square-foot property is valued at more than $99 million and registered to WEC 2000A-Alaska, LLC and Phillips Alaska, Inc.

ConocoPhillips is the main tenant of the Downtown building, which stands on 1.7 acres of land at 700 G St.

“We are pleased to add this prominent property to our portfolio of commercial, retail, and residential properties in Alaska,” said JL Properties CEO Jonathan Rubini in the written statement announcing the sale. “We are excited to partner with astute real estate investors such as Washington Capital and CIRI.”

For CIRI, the acquisition is the latest in a string of recent real estate developments citywide. In October, the corporation announced the development of an eight-story commercial office building at the corner of Fireweed Lane and the New Seward Highway, and construction continues at a 22-acre retail and commercial development in South Anchorage.

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