WASHINGTON, DC-Akridge just closed on the acquisition of the 38,300-sf boutique office building at 1016 16th St. NW for $12.5 million. The building was sold by a partnership involving a group of local investors and the National Federation of Federal Employees.

The building and the one-fifth-acre parcel it occupies have a current assessed value of nearly $7.2 million, according to District real estate records. The 1920s-era structure sits three blocks north of the White House.

Akridge just took over property management and leasing responsibilities at the building yesterday. It plans to renovate and reposition the building, and market the space as for-sale office condominium units. Akridge will also consider selling entire floors or the entire building.

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