AREP Plans to Convert Alexandria Office Building to Apartments
American Real Estate Partners (AREP) is looking to convert part of a seven-story office building in Old Town Alexandria, Va., to apartments, according to a permit application filed with the City of Alexandria.
AREP SOF III King Street LLC, an affiliate of the McLean, Va.-based AREP, filed the special-use application to acquire the 196,000-square-foot 1101 King Street, and convert the upper floors to housing, the Washington Business Journal first reported.
The permit noted that 210 units would be earmarked for floors 2 through 7, or however many the existing parking garage could support based on an upcoming review process. Meanwhile, the approximate 21,000-square-foot ground floor would remain office space.
Southern Management Companies owns the property, according to public records. On its website, the company notes it renovated the property in 2017, adding in a large furnished interior atrium, roof deck and new conference center. The property is currently about 80 percent vacant, according to WBJ.
In the ongoing fallout from the pandemic, record office vacancy in D.C. and elsewhere has led to an increase in office-to-multifamily conversions nationally.
Requests for comment from AREP was not immediately returned.
The permit noted Wire Gill LLP as the project’s land-use attorney and Bowman Consulting Group Ltd. as its engineering consultant.
Keith Loria can be reached at Kloria@commercialobserver.com.