Akridge Taps C&W To Market Prime Development Site In Capitol Riverfront
Plans to develop a large office building on a prime spot in the Capitol Riverfront have not come to fruition, and Akridge is now ready to part ways with the site.
The site consists of several parcels known collectively as 1000 First St SE. The District-based developer has enlisted Cushman & Wakefield to market the site to prospective buyers, the Washington Business Journal reports.
Akridge had envisioned constructing a 220k SF office building at the site, but has been unable to land an anchor tenant that would have put the project's wheels in motion. The developer acquired the site with its 2005 Akridge Office Fund, and was been working towards reducing its holdings in the Capitol Riverfront area. While The Wharf has been able to attract office tenants to its new buildings, other office developers near the water haven't been as fortunate in this cycle.
In addition to its potential as a home for a large office building, the site could also work well for residential development, which will likely place it on the radar of some of the region’s larger developers.
The developer still has one project in the works for the Capitol Riverfront neighborhood at 25 M St SE. Akridge had previously sold the site to Brandywine Realty Trust, but came back on board as Brandywine’s development partner for a 275k SF trophy building. [WBJ]
