EXAN Capital Buys DC Trophy Office Asset for $119M
- Jul 10, 2019
Akridge and Alcion Ventures have sold 1701 Rhode Island in Washington, D.C., for $119 million. An affiliate of Miami-based Exan Capital purchased the 104,000-square-foot property for a net recorded price of $105.7 million. Akridge delivered the adaptive reuse of the former YMCA National Capital building in February for WeWork, which occupies the entire property.
The building is located in the heart of downtown, at the confluence of the CBD, 14th Street and Dupont Circle neighborhoods. The asset is also within a 15-minute walk from Lafayette Square and George Washington University. The two partners acquired the property in 2016 and immediately started an extensive redevelopment project to convert the structure into a trophy office building.
Designed by Hickok Cole Architects, 1701 Rhode Island offers views of Scott Circle and Connecticut Avenue. The facility has a two-story lobby, a pocket park, roof-decks on the penthouse and seventh floor and a landscaped rooftop terrace. Last month, 1701 Rhode Island also received its LEED Platinum core and shell certification.
Eastdil Secured’s Collins Ege, Sean McDermott, Nicholas Pappas and Nick Carpenter acted on behalf of Akridge and Alcion in the sale. JLL’s Zach Boroson, Andy O’Brien and Greg Lubar represented WeWork in the lease, while Akridge’s Wil Pace, McKay Elliott, Ben Meisel and Tim McCarty worked on behalf of the landlord.