2000 Duke Street

Investment Overview

SRG Commercial Real Estate is pleased to present 2000 Duke Street, a 146,470 SF rentable (164,407 SF gross), five-story Class A office building in the Carlyle district of Old Town Alexandria, offered for sale on a fee simple basis and, concurrently, for lease. Built in 1996 to a SmithGroup design on a full-block 1.60-acre site, the brick and limestone building features a signature corner rotunda, a landscaped courtyard on Duke Street, five passenger elevators, on-site management and 296 covered parking spaces (1.8/1,000 SF). The King Street-Old Town Metro station (Blue and Yellow lines) sits directly behind the building. Three full floors of up to 33,000 SF each are move-in ready, left fully built out by The Motley Fool with open work areas, glass-front private offices, conference rooms, reception suites and kitchens. The building generates about $1.70 million of annual in-place rent, anchored by Spaces (IWG) on the full third floor through 2034, with five ground-floor tenants on gross leases (3% annual escalations) rolling in 2028. The property is currently 40.3% occupied, with 87,445 SF available. The offering suits owner-users, non-profits and associations, government contractors, investors and conversion developers. Upside includes lease-up of three floors (an estimated $1.9M to $2.5M of additional annual rent at stabilization), residential conversion, or an office condominium program, subject to City of Alexandria approvals under CDD#1. The building last traded at $75,000,000 in February 2019 at a 5.5% cap rate; today's offering is positioned at a reset basis. Ownership will consider an outright sale or a joint venture. Unpriced, contact broker.

Investment Highlights

• 146,470 RSF (164,407 GSF) five-story Class A office on 1.60 acres, built 1996 (SmithGroup)
• Fee simple, entire building, delivered with all in-place leases
• King Street-Old Town Metro (Blue/Yellow) at the rear door; Amtrak/VRE a 6-min walk; DCA 13 min
• Three full floors (up to 33,000 SF each) move-in ready with Motley Fool build-out
• ~$1.70M annual in-place rent; Spaces (IWG) anchors full 3rd floor through 2034
• 296 covered parking spaces (1.8/1,000 SF)
• Conversion optionality: 14' slab-to-slab, 30' x 40' column grid, CDD#1 zoning
• Outright sale or joint venture with current ownership; last traded $75M (2019) at 5.5% cap