WASHINGTON, DC-Akridge has sold its final office condo at 1016 16th St., NW, to Cadila Pharmaceuticals. The 2,232-square foot unit on the sixth floor traded for $618 per square foot, a spokesperson tells GlobeSt.com.
1016 16th St. was one of the first office-condominium projects in the city. After purchasing the 38,250-square foot, eight-story building, Akridge converted it into office condos in 2008 and began selling the units to such organizations as the Jesuit Conference and the Fordham Foundation. Akridge continues to provide property-management services to the condominium owners' association.
Office condos are typically acquired by non-profits who have unique financing options available to them for real estate purchases and who are particularly well-suited to benefit from ownership. Despite the large number of non-profits in DC’s business community, though, office condos have never been a mainstream real estate product.
Whether that will ever change is an open question. However deals do steadily close as Akridge illustrates with its 1016 16th St. investment. Last month, J Street Development sold the 10th floor in its office condo building at 111 K St., NE, to the Student Affairs Administrators in Higher Education. More recently, Monument Realty principal Michael Darby told GlobeSt.com that he most likely would develop office condos on an 8,000-square-foot lot in Chinatown. The firm just acquired the note for the property for $11.5 million from Eagle Bank.
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