Burke & Herbert Bank & Trust Company, the oldest continuously operating bank in Virginia, has purchased a 100,000-square-foot building in Alexandria, Virginia, and will consolidate a large portion of its office staff to the location.
Burke & Herbert paid $22 million for the building at 5680 King Centre Drive. Commercial real estate firm Avision Young represented the bank in the acquisition.
The building will allow Burke & Herbert to bring together a large portion of its local workforce from several departments currently dispersed across various locations in the area. It will keep its main headquarters, at 100 South Fairfax St. in Old Town Alexandria.
“Consolidating our team under one roof allows us to improve collaboration, work much more efficiently, and continue to strengthen and build the Bank’s signature culture of community as we embrace future expansion,” said David P. Boyle, the Bank’s president and CEO.
Burke & Herbert announced in June its intent to form a holding company, a reorganization that could increase access to capital for expansion.
Burke & Herbert was founded in 1852 in Alexandria. It now has more than 20 branches in Northern Virginia and the Fredericksburg and Richmond areas, with about $3.6 billion in assets.