This is Akridge's first acquisition in Bethesda, President Matthew Klein tells GlobeSt.com--indeed its first building acquisition in almost a year. This asset, he says, "fit our criteria very well--a building that is well located, in a key metro-oriented market and affords us the opportunity to get an attractive return for investors." He declined to give specifics about the deal, citing the confidentiality agreement with Brandywine.
The Fairmont was acquired for the Akridge Office Fund--the company's only active fund at the moment. It closed in 2006 with $120 million, leveraged to $350 million in purchasing power. Since then, 70% of that amount has been invested, Klein says. Now Akridge is on tract to invest the rest, hopefully by the end of the year. This deal closed very quickly, he noted--less than 30 days from the execution of the LOI to the final paperwork. Other investments will stay within Akridge's investment bailiwick: namely office mixed-use and potentially multifamily.
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