WASHINGTON, DC-Douglas Development has acquired a mixed used office/retail building located at 700 5th Street NW in the city's Chinatown neighborhood. Wingate & Ginsburgh was the seller of the four-story building and is also a tenant, occupying the second through fourth floors.

The 8,411-square foot building is located at the corner of 5th and G streets, next to the Verizon Center. It was initially built in 1889 as a three-story building and then expanded in the 1890s to include the fourth floor. It was registered on the National Register of Historic Places in 1983.

Today the building features 3,411 square feet of retail space on the ground and lower level and 5,037 square feet of office space.

Chinatown has become quite active in recent years, spurred in part by the development of the CityCenter a few blocks away. Clarion Partners recently acquired The Portrait Building, paying $98.5 million for the 134,240-square foot office building, as one example.

Another transaction, more in line with Douglas Development's trade, occurred in February when Rock Creek Property Group acquired two buildings in the submarket totaling 31,000 square feet. The $5.9 million transaction was structured as a sale leaseback to allow the owner, Gospel Rescue Ministries, which runs a homeless shelter, to transition to its other facilities in the city.

Separately, and across town, Douglas Development inked a seven-year lease renewal with architect firm Hickok Cole at 1023 31st St. in Georgetown. The company occupies 24,015 square feet of space on the first through fourth floors of the five-story building.

Instant Insights /

Chinatown Building Trades in Sale Leaseback

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