Old Town building to be purchased for $12 million, upgrade plans in the works

Update 3:50 p.m. — The PR firm representing Douglas Development said the transaction hasn’t been closed yet. While the original closing date was today, the PR firm said it is being delayed until tomorrow (Friday).

Earlier: The distinctive quasi-brutalist building at 515 King Street is the latest acquisition by Douglas Development, which has been snatching up several buildings along King Street in Old Town.

In a release today, the company said Douglas Development purchased the 70,000 square foot site from Brookfield Properties for $12 million.

“We see enormous potential and value in this submarket, and 515 King St. will be a terrific addition to our Old Town, Alexandria portfolio,” said Matthew Jemal, vice president of Douglas Development Corporation, in the release. “This acquisition will allow us to continue to work with great companies that are looking to grow and further expand their portfolio in the region, while also contributing our value and repurposing useful spaces.”

Along with the purchase, Douglas Development said there will be a series of improvements to the building.

“Capital improvements will include a lobby renovation, ground floor retail renovation, designated office suites and the upgrade of co-working spaces,” the company said, “with the additional plans to refresh the public spaces and incorporate a gym, locker rooms and more.”

The release said Douglas Development is currently in the process of negotiating with prospective tenants for new retail spaces, including a new restaurant.

“The property also has parking,” the release said, “which is unique for Old Town.”