{"id":1004288930,"date":"2019-01-02T06:29:07","date_gmt":"2019-01-02T14:29:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004288930"},"modified":"2022-12-07T23:33:38","modified_gmt":"2022-12-08T07:33:38","slug":"akridge-stars-acquire-116-ksf-dc-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/akridge-stars-acquire-116-ksf-dc-property\/","title":{"rendered":"Akridge, Stars Acquire 116 KSF DC Property"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<div id=\"attachment_1004288933\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004288933\" data-attachment-id=\"1004288933\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/akridge-stars-acquire-116-ksf-dc-property\/akridge-1025-vermont-avenue\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg\" data-orig-size=\"2403,1802\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Akridge&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;1025 Vermont Avenue (PRNewsfoto\/Akridge)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Akridge 1025 Vermont Avenue&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Akridge 1025 Vermont Avenue\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1025 Vermont Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?w=1024\" class=\"wp-image-1004288933 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg 2403w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=2048,1536 2048w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=150,112 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=696,522 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=1068,801 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=1920,1440 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=560,420 560w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=80,60 80w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/01\/1025-Vermont-Ave.-N.W.-Washington-D.C.-e1546439186413.jpg?resize=265,198 265w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004288933\" class=\"wp-caption-text\">1025 Vermont Ave.<\/p><\/div>\n<p>Akridge and Stars REI have added a new asset to their holdings with the acquisition of an office building at 1025 Vermont Ave., N.W. in Washington, D.C., from Carr Properties. The partners have not disclosed the financial details of the purchase; however, according to the D.C. Recorder of Deeds, the 116,000-square-foot property traded for $48.5 million.<\/p>\n<p>1025 Vermont, which last sold in 2006 for $34.1 million, is located in the central business district in the East End submarket. The 12-story tower welcomed its first tenants in 1963 and most recently underwent renovations in 2013.<\/p>\n<p>The 1025 Vermont transaction marks Akridge and Santiago, Chile-based Stars\u2019 second joint venture endeavor. The companies teamed on the <a href=\"https:\/\/www.commercialsearch.com\/news\/trophy-office-building-coming-to-dc\/\">redevelopment of a property at 1101 16th St., N.W.<\/a> into a trophy office destination. <em>\u201cOur investment in Washington, DC is a testament to the success of 1101 Sixteenth and the strength of the DC market,\u201d<\/em> Mike Gill, senior vice president with Akridge, said in a prepared statement.<\/p>\n<p>A team from Cushman &amp; Wakefield that included Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann represented Carr in the transaction.<\/p>\n<h2><strong>DISTRICT MAGNETISM<\/strong><\/h2>\n<p>The D.C. office market\u2019s longstanding status as a favorite for cross-border investment shows no signs of waning. According to a third quarter 2018 report by commercial real estate services firm Newmark Knight Frank, \u201cForeign investors continue to show strong interest in the region despite trade tension and interest rate hikes, as consistent job growth in Washington\u2019s office-using sectors continues to generate demand for office space and attract investors, who have ample capital waiting to be placed.\u201d<\/p>\n<p>At the close of the third quarter, foreign buyers accounted for 47 percent of 2018\u2019s office transactions in the District. For Stars, the 1025 Vermont transaction gives the company its second office asset in the city.<\/p>\n<p><em>Image courtesy of Akridge<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In their second joint venture, the partners purchased 1025 Vermont Ave. NW from Carr Properties in a $48.5 million transaction.<\/p>\n","protected":false},"author":969,"featured_media":1004288933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,11,21742,21747,1615],"tags":[34771,32799,43541],"class_list":["post-1004288930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-midatlantic","category-latest","category-office","category-washington-dc","tag-akridge","tag-cushman-wakefield","tag-stars-rei"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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