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Association Scores One of the Highest Owner-Occupied Office Sales in Old Town

ALEXANDRIA, VA—A lot of associations in Old Town are looking for strategic solutions using their real estate right now, West, Lane & Schlager's Andrew Genova tells GlobeSt.com's Erika Morphy.

By Erika Morphy | erikamorphy | | Updated on May 11, 2016
1601 Duke St., 1601 Duke St.,
ALEXANDRIA, VA—The Society of American Florists has sold its headquarters at 1601 Duke St., in Old Town Alexandria for what broker West, Lane & Schlager says is among the highest sales prices for owner-occupied buildings in the submarket: $4.75 million or $401 per square feet. The association then turned around and acquired a slightly smaller space, albeit with a better floor plan, at 1001 N. Fairfax St. for close to half that amount: $2.35 million purchase of 1001 N. Fairfax St. WLS’ Matt Levin, Andrew Genova and Clark Turner helped the association execute the back to back transactions. The twin deals began as a strategic review for the association,  Genova told GlobeSt.com. One factor the team identified was the potential monetization of the additional development density at the Duke St. headquarters, he said. The WLS team also recognized that the association could maximize their space needs by moving into a building with a single-floor continuous space plan. “For a long time the association was split on two floors, which required some duplication,” Genova said. To be sure move did mean less square footage for the association’s employees, who went from having 658 per square feet per worker to 414 per square feet per worker. But the association determined that the trade offs were worth it. There are a number of associations in Old Town reconsidering their owner-occupied properties, Genova said. “They want to capitalize on the high prices in the Washington DC area, right size and create efficiencies.” “Also some associations are tired of playing landlord.”

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