WASHINGTON, DC—Akridge has sold 1701 Rhode Island Ave., NW for $119 million, with a net recorded price of $105.7 million. The buyer is an entity affiliated with EXAN Capital. The property, once the home to the YMCA, is fully occupied by WeWork.
Akridge and its partner, Alcion Ventures, acquired the property in March 2016 when the YMCA decided to close its location there. The new owners secured historic preservation and zoning approvals for an extensive redevelopment to transform the former YMCA into an office building. While the office was under construction. Akridge struck the lease with WeWork. The building delivered in February 2019 and within two months Akridge entered into a contract to sell it.
The buyer’s long-term investment strategy is wealth preservation. EXAN Capital will remain as the asset manager for this investment.
Collins Ege, Sean McDermott, Nicholas Pappas, and Nick Carpenter of Eastdil Secured represented Akridge and Alcion for the sale to EXAN Capital. For the lease with WeWork, JLL’s Zach Boroson, Andy O’Brien, and Greg Lubar represented WeWork, while Akridge’s Wil Pace, McKay Elliott, Ben Meisel, and Tim McCarty of Akridge provided landlord representation. Whiting-Turner Contracting Company was the general contractor. It was designed by Hickok Cole Architects.