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Akridge Closes on $43M CBD Offices for 100,000-SF Trophy Redevelopment

WASHINGTON, DC-EagleBank is providing $55.7 million in acquisition and construction financing for the project, according to a source.

By Erika Morphy | erikamorphy | | Updated on July 22, 2016
One of the 16th street buildings that the companies purchased. Photo courtesy C&W. One of the 16th street buildings that the companies purchased. Photo courtesy C&W.

WASHINGTON, DC-Akridge has closed on its previously-announced plan to partner with a Chilean real estate investor and buy two office buildings located at 1101 16th St., NW and 1111 16th St., NW and then redevelop them into a free-standing, 100,000-square foot trophy office building. It also announced that EagleBank is providing acquisition and construction financing for the project, which will deliver in late 2017.

The companies paid $43 million or $457 per square foot for the properties, a source tells GlobeSt.com. The source also said that EagleBank provided $55.7 million for the deal.

This is Stars Investments first acquisition in Washington DC, according to a statement by Oscar Boettiger, head of Real Estate at the company. Stars Investments is Akridge’s South American partner in the transaction. Akridge and Stars Investments announced the purchase agreements with the American Beverage Association and the American Association of University Women in September 2015.

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