D.C.-based developer Akridge tapped into stronger-than-anticipated demand for trophy-quality office stock with its recent sale of 1701 Rhode Island Ave.… D.C.-based developer Akridge tapped into stronger-than-anticipated demand for trophy-quality office stock with its recent sale of 1701 Rhode Island Ave. NW, and the full-building lease inked earlier this year with popular coworking space provider WeWork didn’t hurt. Akridge and partner Alcion Ventures LP sold the 104,000-square-foot boutique office building June 28 to an affiliate of Exan Capital for $119 million, or about $1,144 per square foot. The sale price included about $13.3 million Akridge credited Exan for additional tenant build-out work for WeWork, netting a recorded sale price of $105.7 million, or about $1,016 per square foot. The pair had planned to market the property more widely through Eastdil Secured, but the investment sales brokerage quickly found a willing buyer that was positioned to close quickly, said David Tuchmann, vice president of development at Akridge. “It was part of our business plan with Alcion, our investment partner, following lease up, if the market…
DC-based developer Akridge has sold its 104,000 sq ft boutique office building located at 1701 Rhode Island Ave NW in Washington DC after an affiliate of Exan Capital made it an offer it couldn’t refuse. The property, on which WeWork signed a lease on the entire building earlier this year, was sold for a nett $1,016 per square foot.