Douglas Development has acquired a prominent, 1960s-era office building on Old Town’s King Street five blocks from the Alexandria waterfront, and plans major updates.
Boston Properties sold the building at 515 King St. for $12 million. The Virginia sale closed April 28. JLL represented Boston Properties.
The building was last renovated in 1990.
The 70,000-square-foot, five-story building, across the street from the Alexandria Court House, will get lobby and ground-floor retail renovations. Douglas Development said it is currently negotiating with prospective tenants for the retail spaces and anticipates a restaurant opening as well.
Updates will include offices and coworking spaces.
The building has its own on-site parking, which is unusual for Old Town.
“We see tremendous potential and value in this submarket and (it) will be a terrific addition to our Old Town Alexandria portfolio … while also contributing our value and repurposing useful spaces,” said Matthew Jemal, principle of Douglas Development.
Douglas Development owns almost a dozen other commercial buildings in Old Town, along King Street and North and South Washington Street.