Oldest Bank in Virginia Acquires Alexandria Building to Consolidate Workforce
Burke & Herbert Bank & Trust Company, the oldest bank in the Commonwealth of Virginia, has acquired the Kingstowne Ridge office building in Alexandria for $22 million.
The seller of the 110,047-square-foot property was an affiliate of The Halle Companies.
Located at 5680 King Centre Drive, the bank will use the new location to house local employees from a variety of departments, while retaining its main headquarters at 100 South Fairfax Street in Old Town, Alexandria.
“We’ll be consolidating our team from seven locations,” David P. Boyle, Burke & Herbert Bank & Trust Company’s president and CEO, told Commercial Observer. “It was a size to meet our needs, has parking and very little demolition of existing space required. Plus, it’s easily accessible for our employees and proximity to other businesses. The acquisition of this building is consistent with our plans for growth as we continue to execute our strategic priorities.”
The divisions that will move into the new space include commercial banking, Treasury management, retail banking, human resources, operations, finance and accounting, credit risk management, marketing, digital strategy and information technology.
Built in 2013, the Class A building is LEED Gold and offers quick access to the Capital Beltway, plus the Franconia and Van Dorn Street Metro stations.
“This is a world-class building in an ideal location,” Bill Evans, a principal at Avison Young, who represented the bank in the acquisition, told CO. “It offers easy access to employees around the area, and it’s close to a variety of stores, restaurants and other amenities.”
Joining Evans on the Avison Young team was principal Jim Kornick, The seller was not represented by a broker.
Burke & Herbert Bank & Trust Company will occupy about 40 to 50 percent of the building, and lease the remaining space to other tenants. Avison Young will handle leasing for any available space, although it it currently fully leased.
Keith Loria can be reached at Kloria@commercialobserver.com.