Akridge, Stars REI are the Buyers of 1100 17th St.
This is the third joint venture between the two companies.
WASHINGTON, DC—Earlier this week Liberty Property Trust announced it had sold 1100 17th Street NW, a 12-story office building for $61.75 million. Now Akridge and Stars REI have announced they are the buyers of the 146,979-square-foot property in their third joint venture.
The building was 65.7% leased at closing, Liberty Property Trust reported. The REIT acquired the building in December 2011 for $50 million. At the time of the purchase the building had an 82% occupancy rate.
Akridge and Stars REI have partnered on 1101 Sixteenth St., NW, an 102,000-square-foot, office building that delivered to the market in February. Akridge and Stars also purchased 1025 Vermont Ave., NW in December 2018.
Liberty Property Trust was represented by Cushman & Wakefield’s Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg, and Ben Mann in the transaction.
Akridge and Stars REI have tapped Jones Lang Lasalle’s Evan Behr and Kristen Mathis to lease their latest holding.