Alexandria’s 172K-SF Tavern Square Property Available for Purchase
By Anna Staropoli August 22, 2024 5:51 pm
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Alexandria, Va.’s Tavern Square is on the market.
JLL (JLL) listed the city center’s 1.8-acre, 171,735-square-foot network of four buildings for sale this week. A spokesperson for JLL did not immediately respond to a request for the asking price. Tavern Square was last sold in 2018 to a joint venture for $50.4 million, according to property records cited by the Business Journals.
Now, the property’s value hovers around $34.2 million. Affiliates of Westport Capital Partners and Galaxy Investments bought the real estate six years ago, with regional real estate company Cambridge Holdings as the property’s manager. In 2019, the Tavern Square buildings underwent a $5 million renovation that upgraded lobbies, elevators, conference centers and various amenities, according to Cambridge’s website.
Tavern Square borders four streets that include Alexandria’s King, Royal, Cameron and Pitt streets. The main address, however, is 411 King Street, adjacent to the town farmers market.
As of now, 23 tenants have brought the building to 84 percent occupancy. Offices account for most of those leases, though the development also includes a parking garage and select retailers and restaurants such as Taco Bell and Kismet Modern Indian.
Spokespeople for Westport Capital and Cambridge did not immediately respond to requests for comment. JLL lists Matt Nicholson, Kevin Byrd, Jim Meisel, David Baker and Andrew Weir as the property’s brokers.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
