Alexandria office building sells for $13.12M; to be converted to condos
Construction expected to begin this year
An office building in Alexandria that sold for $13.12 million will be converted to condominiums, according to an announcement from Bethesda, Maryland-based commercial real estate firm Finmarc Management Inc.
Located at 801 N. Fairfax Street, the vacant four-story, 65,971-square-foot building will be converted to a 54-unit complex. Construction is expected to begin this year, but a timeline for its opening has not been released.
Finmarc sold the property, also known as the Waterfront I, to Abramson Properties, an Alexandria-based general contractor. The building was constructed in 1971 and overlooks the Potomac River. It is part of a two-building office portfolio, which also includes Waterfront II, a five-story, 90,000-square foot building located at 209 Madison Street.
“During our nearly seven-year hold period of Waterfront I, we were able to maximize value in this asset and believe the planned residential use represents an excellent strategy moving forward based on the evolution of North Old Town,” Finmarc Vice President Sean Sullivan said in a statement. “We continue to evaluate our portfolio for favorable disposition opportunities to fund future acquisitions, with a goal of acquiring more than $200 million worth of assets in 2021.”
John Pellerito and Paul Norman Jr. of Cushman & Wakefield represented Finmarc, and Joseph Hoffman and Heather Purdy of Kelley Drye & Warren LLP provided legal services.