Old Town North Office Building Set To Become Condos

ALEXANDRIA, VA — A four-story office building known as Waterfront I in Old Town North is slated to become the home of condos.

Commercial real estate firm Finmarc Management, Inc., announced it has sold the vacant property at 801 North Fairfax Street for $13.12 million. The new owners, Abramson Properties, revealed plans to turn the property into a 54-unit condominium. Construction activities are expected to start this year.

The office building known as Waterfront I dates back to 1971. The 65,971-square-foot building is part of a two-office building set overlooking the Potomac River, collectively offering 150,000 square feet of commercial office space. Waterfront II, located at 209 Madison Street, is five stories and 90,000 square feet. Finmarc had first acquired the properties from Gates Hudson in 2014.

"During our nearly seven-year hold period of Waterfront I, we were able to maximize
value in this asset and believe the planned residential use represents an excellent strategy moving
forward based on the evolution of North Old Town," said Sean Sullivan, vice president of
Finmarc, in a statement. "We continue to evaluate our portfolio for favorable disposition opportunities to fund future acquisitions, with a goal of acquiring more than $200 million worth of assets in 2021."

Old Town North has seen other recent development activity. The Gables Old Town North and Edens mixed-use development on Montgomery Street has gradually seen the opening of retailers, with the most recent being St. Elmo's Coffee Pub.

Another development called The Muse will have luxury condo units at 1201 North Royal Street. The location was home to MetroStage, a nonprofit theater company, which is constructing a new theater at 901 North Fairfax Street. The Muse development will have an outdoor Arts Walk and office space for nonprofit The Art League.