Akridge, STARS REI Buy East End Office for $49M
The purchase of 1025 Vermont Ave., NW, is the second joint venture for the two companies.
WASHINGTON, DC–Akridge and STARS REI have partnered to acquired 1025 Vermont Ave, NW, a 116,000-square foot office in the East End that reportedly traded for $48.5 million.
Carr Properties was the seller.
This transaction is the second joint venture for Akridge and STARS REI. They also partnered together on 1101 Sixteenth St., NW, a redevelopment located two blocks from 1025 Vermont Ave. 1101 Sixteenth is set to deliver 100,000 square feet of trophy class space next month. Both buildings have small floorplates, above-market window lines, and on-site parking.
Akridge, of course, is a long-standing owner and developer in the Washington, DC market. STARS, by comparison, is a relative newcomer having acquired three properties here, including 1025 Vermont Ave. Joaquin Canessa, Vice President at STARS REI, says the firm expects to continue investing in this market.
Carr Properties was represented by Cushman & Wakefield’s Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg, and Ben Mann.
Akridge will lease 1025 Vermont Avenue, NW.