Proceeds from the sale will go to Startup Virginia, a nonprofit that will operate the incubator, Cummings said. Renovations are underway but he did know when the building will be ready to open.

The 36,000-square-foot building between 17th and 18th streets was built in 1917 as the Virginia Bonded Warehouse. Before Loving and Cummings acquired the building, it was owned by John and Laura Crank, whose 1717 Design Group business was housed there but has since relocated.

Capital One plans to occupy two floors of the building and lease space back to Startup Virginia. The incubator will be on three floors.

“We were always planning on having an anchor tenant on the fourth and fifth floors, and always planned on the incubator being on floors one, two and three,” Cummings said. “We’re just excited to have found a match with Capital One.”

Capital One employees in the building will work collaboratively with the startup businesses in the incubator, the company said.