Michigan-based Acorp Services recently closed on a 1.3-acre office building in Old Town North, buying a property assessed at nearly $21 million in value for $9.05 million.
The sale of the 1970s-era Class A office building at 11 Canal Center Plaza marks Acorp’s first building acquisition in Northern Virginia.
“Waterfront Class A office in Old Town is about as rare as it gets in the Washington region,” Raul D’souza, a representative of Acorp Services, said in a statement. “This building has the location, two outstanding anchor tenants and a recent renovation. We plan to own it for the long term and make it the best address in Old Town North.”
The building is about 86% rented by two anchor tenants — intellectual property firm Oliff PLC (with 43,000 square feet on the second and third floors) and event production company Freeman (with 24,400 square feet on the first floor and river level).
Earlier this year, the land value for the property was assessed at $7.4 million and the building was assessed at $13.5 million, for a nearly $21 million total value, according to city land records.
“Tenants here get a Class A waterfront office with direct access to the owner,” said Ian Green, a leasing and marketing manager at Acorp. “We make decisions quickly and build out space ourselves, which matters to a growing company that needs to move.”
The building currently has three suites available for rent:
- Suite RL1: about 3,632 SF on the river level, opening onto the patio steps from the Mount Vernon Trail
- Suite 101: about 2,910 SF on the first floor, facing the plaza with lobby exposure
- Suite 103: about 4,221 SF on the first floor, with an efficient layout and executive office views of the Potomac River, the U.S. Capitol and the Washington Monument
As previously reported, office vacancies are trending down in Alexandria, although Old Town and Old Town North are going against the trend, according to the Alexandria Economic Development Partnership.
Green told ALXnow the purchase price works for continuing an office use.
“We know vacancy has been rising in Old Town, but most of that is in older buildings that are harder to lease,” Green said. “This building is different. It sits right on the Potomac, with terraces on every floor and views of the U.S. Capitol and the Washington Monument. That kind of setting attracts companies that want a premier address to bring clients and recruit talent.”
The redevelopment of the former Potomac River Generating Station is also a selling point for the buyer.
“Turning the old power plant site into new homes, shops and parks right next door is one of the best things that could happen for this neighborhood,” Green said. “More people living and spending time in Old Town North means more energy on the street, more restaurants and more reasons for companies to want to be here.”
