A 1980s-Era Office Park is Reborn as Multifamily Housing


originally published by Mark Rivers for NAIOP National


The future was bleak for Park Center, a 566,000-square-foot, three-building Class B- office park in Alexandria, Virginia, when it came to market in 2016. The property consisted of two 14-story office towers and one four-story building, half of which was occupied by a full-service fitness center. 

However, national real estate investor and developer Lowe envisioned a future for Park Center as an apartment community. Lowe believed it presented a good value for a developer that was willing to invest the time, resources and creativity required to realize a new future for the property and transform it to viable use. Lowe partnered with USAA Real Estate to acquire Park Center in January 2018.

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