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One week after delivering a new spec office building downtown, Akridge and a Chilean investor have partnered on a new acquisition.
Stars Investments, the asset management company of Chilean entrepreneur Felipe Ibañez Scott, partnered with Akridge to acquire 1100 17th St. NW for $61.8M in a deal posted Thursday to the D.C. Recorder of Deeds.
Cushman & Wakefield's D.C. capital markets team led by Bill Collins brokered the deal on behalf of the seller, Liberty Property Trust.
The 147K SF building, which sits two blocks from the Farragut North Metro station, recently underwent a $4.8M renovation and is 69% leased, according to a marketing brochure. Akridge Chairman Chip Akridge told Bisnow he sees opportunity to add value to the building by renewing leases with existing tenants whose deals have expired.
"This particular building is being sold by a REIT who has not actually paid very much attention to the leasing, so the building has a lot of tenants that are in there without leases because they're just holding over," Akridge said. "There is a bunch of leasing that needs to be done, and we think it can be done."
Liberty Property Trust, which told investors in October it plans to sell all of its non-industrial assets, declined to comment on the deal.
The purchase continues the partnership for Akridge and Stars Investments. The joint venture last week celebrated the delivery of 1101 16th St. NW, a 100K SF spec office project one block from its latest acquisition. Akridge and Stars in December acquired another nearby office building at 1025 Vermont Ave. NW for $48.5M.
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