WASHINGTON, DC-The storied former Riggs Bank headquarters building on Pennsylvania Avenue has been put on the market for sale.
Riggs Bank ended 168 years in business in 2005 when it was acquired by PNC Bank. The 42,000-square-foot headquarters building at 1503-1505 Pennsylvania Ave. was later converted to a bank branch.
PNC officials say the closure of Pennsylvania Avenue between 15th and 17th streets due to security concerns rendered the branch unworkable. The branch has been closed since 2010, although an ATM still operates out front of the building, according to the Washington Post. Newmark Grubb Knight Frank's Brendan Owen is the exclusive agent for the seller, PNC Bank.
“When Pennsylvania Avenue was closed to through traffic, the Corcoran branch lost its viability for PNC as a retail bank location,” states Michael N. Harreld, regional president of PNC Bank. “We are committed to finding a new owner for the signature branch of 'the Bank of the Presidents' who will honor the historical significance of the building and be able to use the location in a different way.” See story in the Washington Post.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
