Oldest Bank in Virginia Acquires Alexandria Building to Consolidate Workforce

Burke & Herbert Financial institution & Belief Firm, the oldest financial institution within the Commonwealth of Virginia, has acquired the Kingstowne Ridge workplace constructing in Alexandria for $22 million.

The vendor of the 110,047-square-foot property was an affiliate of The Halle Corporations.

Situated at 5680 King Centre Drive, the financial institution will use the brand new location to accommodate native workers from quite a lot of departments,  whereas retaining its important headquarters at 100 South Fairfax Avenue in Outdated City, Alexandria. 

“We’ll be consolidating our workforce from seven places,” David P. Boyle, Burke & Herbert Financial institution & Belief Firm’s president and CEO, instructed Industrial Observer. “It was a measurement to fulfill our wants, has parking and little or no demolition of present house required. Plus, it’s simply accessible for our workers and proximity to different companies. The acquisition of this constructing is according to our plans for progress as we proceed to execute our strategic priorities.” 

The divisions that may transfer into the brand new house embrace business banking, Treasury administration, retail banking, human assets, operations, finance and accounting, credit score danger administration, advertising, digital technique and knowledge know-how.

Inbuilt 2013, the  Class A constructing is LEED Gold and provides fast entry to the Capital Beltway, plus the Franconia and Van Dorn Avenue Metro stations. 

“It is a world-class constructing in a great location,” Invoice Evans, a principal at Avison Younger, who represented the financial institution within the acquisition, instructed CO. “It provides quick access to workers across the space, and it’s near quite a lot of shops, eating places and different facilities.”

Becoming a member of Evans on the Avison Younger workforce was principal Jim Kornick, The vendor was not represented by a dealer.  

Burke & Herbert Financial institution & Belief Firm will occupy about 40 to 50 % of the constructing, and lease the remaining house to different tenants. Avison Younger will deal with leasing for any obtainable house, though it it at present absolutely leased.

Keith Loria will be reached at Kloria@commercialobserver.com.