Old Town building sale will mean more retail and a restaurant

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 70,000-square-foot, five-story building, across the street from the Alexandria Court House, will get lobby and ground-floor retail renovations. (Courtesy 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.

Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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