Office buildings don’t mean nearly what they once did to Alexandria’s bottom line.
A draft of the city’s fiscal year 2018 comprehensive annual financial report, released ahead of an upcoming city council meeting, shows few office building owners among the top 10 principal Alexandria real estate taxpayers. The money is in multifamily.
LCOR Alexandria LLC’s U.S. Patent and Trademark Office campus, valued at $976.2 million, remains the largest taxable property in the city. Southern Towers, a mix of largely multifamily and a little office, comes in at No. 8 on the top taxpayers list and Washington REIT, owner of apartments, office and retail, comes in at No. 7.
Otherwise, apartments dominate: Paradigm Cos. at No. 2, Equity Residential (NYSE: EQR) at No. 3, Morgan Properties at No. 4, UDR at No. 5, Aimco at No. 6, JBG Properties at No. 9 and CIM Group, owner of EOS 21 Apartments on South Van Dorn Street, at No. 10.
It’s a stark departure from a decade ago, when the likes of Mark…Read the full story from the Washington Business Journal.