Avison Young news: Find out the latest industry happenings
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Avison Young represents bank in purchase of 110,047-sf building in Alexandria, VAJuly 11, 2022
Burke & Herbert Bank & Trust Company acquires 5680 King Centre Drive for $22 million to bring together part of its local workforce, now dispersed across various locations in area
Washington, DC – Avison Young today announced that it has represented the buyer of 5680 King Centre Drive, a premier office building in Alexandria, VA.
Burke & Herbert Bank & Trust Company bought the 110,047-square-foot building for $22 million. Representing Burke & Herbert Bank was an Avison Young team led by Jim Kornick and Bill Evans, Principals at Avison Young. The seller was not represented by a broker.
The new building allows Burke & Herbert Bank to bring together a large portion of its local workforce, which is currently dispersed across various locations in the area. The Bank's main headquarters will remain at its historic location at 100 South Fairfax Street in Old Town Alexandria.
"Consolidating our team under one roof allows us to improve collaboration, work much more efficiently, and continue to strengthen and build the Bank's signature culture of community as we embrace future expansion," said David P. Boyle, the Bank’s President and Chief Executive Officer. "The acquisition of this building is consistent with our plans for growth as we continue to execute our strategic priorities."
The new office will house employees from several departments, including commercial, treasury management, retail banking, human resources, operations, finance and accounting, credit risk management, marketing, digital strategy and information technology. The new location is more centrally located for its expanding workforce, is certified as a LEED Gold level building and provides additional visibility for the Bank.
“We are proud to have helped Burke & Herbert Bank find the ideal building for its employees working around the area,” Kornick said. “This is a first-class building in an incredible location, offering convenient access to commuter roads and nearby stores, restaurants and other amenities.”
Burke & Herbert Bank is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, DC area. The Bank offers a full range of personal and business banking products and services designed to meet customers' banking, borrowing, and investing needs. Headquartered in Alexandria, Burke & Herbert Bank has over 20 branches, and operates throughout Northern Virginia, including Loudoun County, as well as in greater Fredericksburg and the Richmond metro area.
ABOUT AVISON YOUNG
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2021 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.
Follow Avison Young
For more information: