1680 Duke Street alexandria, va

Services Provided by Donohoe:

  • Seller’s Agent

Background:

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.

Challenge:

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.

Result:

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.

Meet the Team