1680 Duke Street alexandria, va
Services Provided by Donohoe:
- Seller’s Agent
1680 Duke Street was built for a non-profit owner in the mid-1980s. Part of a multi-building office project, the 50,000 SF building served as an ideal headquarters, but over time the association came to require less square footage. Attempts to retrofit and backfill the under-utilized space had proved difficult and the association hired Donohoe to explore both leasing and sales options.
Despite some excellent selling points, the property was coming to market with several challenges that had to be overcome. Among those issues: the new owner would have significant re-purposing, re-tenanting, and tenant improvement costs, the common areas and elevators cabs needed refurbishment, and understanding the office park’s condominium structure would require significant due diligence prior to closing.
After evaluating the market, Donohoe Real Estate Services recommended a different approach to facilitate the building sale: to explore a sale/leaseback. Such a transaction allows the association to right-size their offices and reduce the buyer’s vacancy costs. At the same time, Donohoe worked to secure a long-term lease that converted the 1st floor to retail and activated the building’s façade. DRES listed the property and within sixty (60) days had sole-sourced an institutional buyer that put the building under contract and closed ninety (90) days later.