WASHINGTON, DC–Akridge and its Chilean real estate partner Stars Investments have broken ground on 1101 16th St., NW, a project that will redevelop 1101 and 1111 16th St., NW into a freestanding, 100,000-square-foot, trophy office building that will deliver in Fall 2018.
The two buildings previously served as the site of the American Association of University Women and the American Beverage Association. Akridge signed purchase agreements with them in 2015 and closed the deal a year later, paying $43 million or $457 per square foot for the properties.
EagleBank provided $55.7 million for the deal.
This is Stars Investments first acquisition in Washington DC, according to a statement last year by Oscar Boettiger, head of Real Estate at the company.
1101 16th St., NW has been designed by architects HOK, and will feature window lines on all four sides, efficient floor plates, and such amenities as a fitness facility, penthouse lounge, and rooftop terrace with White House views. “The project's boutique size will give small- and medium-sized Clients a prominent identity on one of DC's most powerful streets,” Akridge President Matt Klein said in a prepared statement.
WASHINGTON, DC–Akridge and its Chilean real estate partner Stars Investments have broken ground on 1101 16th St., NW, a project that will redevelop 1101 and 1111 16th St., NW into a freestanding, 100,000-square-foot, trophy office building that will deliver in Fall 2018.
The two buildings previously served as the site of the American Association of University Women and the American Beverage Association. Akridge signed purchase agreements with them in 2015 and closed the deal a year later, paying $43 million or $457 per square foot for the properties.
EagleBank provided $55.7 million for the deal.
This is Stars Investments first acquisition in Washington DC, according to a statement last year by Oscar Boettiger, head of Real Estate at the company.
1101 16th St., NW has been designed by architects HOK, and will feature window lines on all four sides, efficient floor plates, and such amenities as a fitness facility, penthouse lounge, and rooftop terrace with White House views. “The project's boutique size will give small- and medium-sized Clients a prominent identity on one of DC's most powerful streets,” Akridge President Matt Klein said in a prepared statement.
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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.
