Douglas Development Adds to Its Chinatown Dominance
Let's name it Douglastown already and get it over with. Douglas Development—which owns much of F Street NW, the new Walgreens building directly adjacent to the Chinatown arch, and several other properties in and around Chinatown—has just increased its arsenal in the decreasingly Chinese neighborhood with an announcement this morning that it purchased 700 5th St. NW, a four-story building behind the Verizon Center.
The building currently houses a Burger King that Douglas says will leave after its lease expires next year. No word on what will replace it, but Douglas' announcement implies it'll be a restaurant: "Douglas Development is in the process of selecting a new retailer to add to its portfolio of trendy Chinatown restaurants that include Graffiato, Sixth Engine, Legal Sea Foods, Matchbox, District of Pi, and new restaurants, Lime Fresh Mexican Grill and NoPa Kitchen + Bar, opening later this year."
There are three stories of office space above the ground-floor retail, leased by the law firm Wingate & Ginsburg, PC—the former owner of the building, from whom Douglas purchased it.
A Douglas developer did not immediately return a call, and Douglas didn't disclose the sale price of the building. It was assessed this year at $4,709,450.