COLUMBIA, MD—Corporate Office Properties Trust has acquired a majority stake in a trophy office project that Akridge has been planning to build in DC's southwest corner of 21st and L streets in the CBD.
The REIT announced the deal, which technically is a joint venture, as part of a series of end-of-the-year transactions, which included the sale of two properties in Baltimore, leases for build-to-suit developments and an upwardly revised projection of investment sales it expects to make next year.
COPT and Akridge have formed a JV to "acquire and improve the land" at the site, which is located at the western-edge of the Golden Triangle submarket. Akridge has envisioned a 190,0000-square foot office at the site, which would have the address of 2100 L St, NW. The design elements and specs for the 10-story building include floor-to-ceiling glass, a two-story lobby, an art gallery, fitness center and 8,000 square feet of retail space.
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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.
