WASHINGTON, DC—Buoyed by its success with 1200 17th St, NW, Akridge has announced plans to develop another Downtown property.
Akridge announced purchase agreements with the American Beverage Association and the American Association of University Women to redevelop 1101 and 1111 Sixteenth streets.
It is partnering with Stars Investments to renovate the two buildings into one, freestanding, 100,000-square foot trophy-class office building.
There is demand for quality product in the market, says Matt Klein, president of Akridge in a prepared statement. "The project will complement the historic character of Sixteenth Street and will appeal to law firms, associations, and government affairs clients who appreciate a floorplan that maximizes windowed offices, as well as the impressive location near the White House and the city's best hotels."
Cushman & Wakefield's Eric Berkman, Steve Gichner, and John Boland brokered the transaction on behalf of the American Beverage Association and the American Association of University Women. The new 1101 Sixteenth Street building will deliver in 2017.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
