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WRIT Buys Old Town Office and Retail Complex for $17 Mil

ALEXANDRIA, VA-Washington Real Estate Investment Trust has acquired Courthouse Square, a five-story office and retail complex in historic Old Town Alexandria, for $17 million. The Rockville REIT expects to gain money on rent hikes on the 113,000-sf building at 510 and 526 King St.

By Mike Cleary | Updated on October 12, 2000

ALEXANDRIA, VA-Washington Real Estate Investment Trust has acquired Courthouse Square, a five-story office and retail complex in historic Old Town Alexandria, for $17 million. The 113,000-sf building at 510 and 526 King St., is 98% leased to 28 tenants. The Rockville-based real estate investment trust often buys such multi-tenant buildings, but it had several other reasons for making the purchase, starting with a rent hike.

“The rents are significantly below market,” says Larry Finger, senior vice president and chief financial officer for WRIT. The average rent tenants are paying in the building is $21.83, but WRIT believes the average rent demand in the area is $25.91–an 18.7% increase just in base rent alone, Finger says.

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