JV Completes DC Office Transformation
- Feb 21, 2019
A partnership of Akridge and Stars REI has completed an office redevelopment project in the heart of Washington, D.C. The firms teamed up to reposition two Brutalist-style office buildings, developed in the 1970s, into 1101 Sixteenth Street, a boutique modern office property.
Located in the downtown area of the city, just a few blocks from The White House, the property sits at the corner of 16th and L Streets. The office asset offers easy access to the Red, Blue, Orange and Silver lines of the DC Metro system and is within walking distance of a variety of restaurants, retailers and lodging.
The joint venture purchased the seven-story properties in 2016 with plans to reposition them into one freestanding office building. Architects HOK designed the new property, which was built by Clark Construction Group. Tenant amenities include a fitness center, a penthouse lounge and a rooftop terrace offering views of the White House.
“This building provides a premier Washington, DC destination for companies looking to benefit from Midtown Center amenities, proximity to the White House and numerous hotel, restaurant, and transportation options,” said Cristina Dawson, senior vice president of asset management for Stars REI, in prepared remarks.
Last month, Akridge and Stars REI partnered on the $48.5 million purchase of 1025 Vermont Ave. NW in Washington, D.C., from Carr Properties.
Image courtesy of Akridge