Akridge Buys Downtown D.C. Office Building For $50M
The annual run of year-end office building sales is continuing with a trade between two major D.C. real estate companies for nearly $50M.
Akridge, in partnership with Stars Real Estate, acquired 1025 Vermont Ave. NW for $48.5M from Carr Properties, documents posted Wednesday to the D.C. Recorder of Deeds show.
The 12-story office building was constructed in 1963 and last renovated in 2013. It includes 116K SF of office space, bringing the deal to roughly $418/SF.
The building sits near the intersection of Vermont Avenue and L Street NW, within a half-mile of the Farragut North and McPherson Square Metro stations. Its ground-floor retail space is occupied by Bozzelli's Italian Deli and casual Indian restaurant Naan and Beyond.
Cushman & Wakefield's capital markets team of Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Benjamin Mann represented the seller. The team, one of D.C.'s most active investment sales groups, also brokered Wednesday's $385M sale of 1501 K St. NW. Collins told Bisnow on Tuesday he has multiple deals in the works that could close in the days before or after New Year's Day.
Akridge has at least three ongoing office projects in Downtown D.C., including developments and renovations at 1701 Rhode Island Ave. NW, 1101 16th St. NW and its latest, 1700 Pennsylvania Ave. NW. Carr Properties recently completed the massive Midtown Center project anchored by Fannie Mae, and it is working on a major development in Downtown Bethesda.
