WASHINGTON, DC – April 22, 2013:  Douglas Development Corporation is pleased to announce that it has acquired a mixed used office/retail building located at 700 5th Street NW in Washington’s Chinatown neighborhood.  The four-story building was purchased from Wingate & Ginsburgh, PC, who is also a tenant of the building occupying the second through fourth floors.

The building is located at the northwest corner of 5th and G Streets adjacent to the VerizonCenter.  Known as the Moran Building, it was initially built in 1889 as a three-story building with lower level by local builder J.E. Moran.  The building was expanded by it’s second owner in the 1890’s to include the fourth floor with it’s slate and tin mansard roof, embellished with decorative iron work and dormer window treatments, including a free-standing central pavilion.  It was registered on the registered on the National Register of Historic Places in 1983 as being one of the few remaining commercial structures in the Second Empire or Mansard Revival style.

Today, the building is an 8,411 square foot class B office building.  The building features 3,411 square feet of retail space on the ground and lower level currently occupied by Burger King and 5,037 square feet of office space of levels two through four that is leased to Wingate & Ginsburgh, PC.

Norman Jemal, Principal of Douglas Development commented on the acquisition of this property saying, “We are excited to add another great historic property to our portfolio in that we see tremendous potential in this investment and look forward to capitalizing on strong interest from retailers.”


About Douglas Development Corporation

Douglas Development Corporation is among largest private property owners in the Washington, DC region and offers a fully integrated real estate company featuring a portfolio of commercial office, retail and residential mixed used properties.  The company has completed more than 180 successful redevelopment projects and is a leading force in the revitalization of the District of Columbia.  Currently, Douglas Development owns and manages more than 8 million square feel of real estate and has more than 4 million square fee of developable property in the pipeline.  Founded by Douglas Jemal in 1985, the company has a passion to preserve and redevelop historic buildings including iconic properties like the Woodward & Lothrop flagship building and Chinatown’s historic row across from the VerizonCenter.  For more information about the company visit us online at:  www.DouglasDevelopment.com

# # #