Co-Developer Joins Alexandria Conversion: The D.C. Deal Sheet
An office-to-residential conversion in Old Town Alexandria that’s been in the works for four years has broken ground after a new development partner signed on to the project.
Akridge has joined The Pinkard Group as a co-developer for the office conversion at 1201 E. Abingdon Drive. The team plans to transform the 95K SF L-shaped office building near the banks of the Potomac River into a 133K SF building with 143 apartment units.
Construction is underway, with delivery expected in 2027, Akridge said in a release Thursday.
Amenities are slated to include a rooftop deck featuring grilling stations, fire pits and an outdoor living room, a clubroom, a library, a fitness center, coworking space and a pet spa. Davis Construction is the general contractor, and KTGY Architecture + Planning is the architect.
“This partnership reflects exactly the kind of high-conviction opportunity we pursue — a supply-constrained submarket, a well-positioned asset ready for a new chapter, and the right team to execute,” Akridge Managing Principal Mike Gill said in the release.
The Pinkard Group identified the property for conversion four years ago, said Peter Kleeblatt, a managing principal at the firm, adding that it has viewed the property as an “ideal candidate for conversion in one of the region’s most desirable and underserved rental submarkets.”
The company had filed for a special use permit to convert 1201 E. Abingdon Drive in August 2023, the Washington Business Journal reported.
LEASES
Nvidia inked a 27,600 SF sublease at Douglas Development Corp.’s Woodies Building downtown, Bisnow first reported. The chip behemoth is taking space from Morning Consult, according to a spokesperson for Cushman & Wakefield, the brokerage that noted the sublease in its second-quarter report. The half-million-square-foot Woodies Building at 1025 F St. NW also recently inked leases with Netflix for office space and an entertainment hub and a ground-floor Barnes & Noble.
SALES
GID acquired a 423-unit multifamily community in Arlington’s Court House neighborhood from Greystar Real Estate Partners, the seller’s brokerage, Berkadia, announced. The Commodore at 2055 15th St. N. was completed in 2023 and includes 18K SF of ground-floor retail. The price was undisclosed. Berkadia’s Brian Crivella, Yalda Ghamarian, Bill Gribbin and Jack Canepa represented Greystar.
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New York City-based GoodHomes Communities purchased the 1960s-era Arlington Court Suites Hotel for $35M, with plans to reposition it into 180 apartment units. Fulton, Maryland-based Sunburst Hospitality Corp., the previous owner, had planned to reposition the property at 1200 N. Courthouse Road since before the pandemic, but plans never got underway, and it eventually put the property on the market with KLNB and HREC Investment Advisors. KLNB’s Rawles Wilcox, Justin Shay and Dutch Seitz as well as HREC’s Mark Morris and Scott Stephens represented the seller in the transaction.
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Pulte Homes purchased a 14-acre piece of its Park East Corporate Center in Chantilly that it plans to turn into 183 townhome and condo units. The homebuilder purchased an 83K SF flex/office building and a 6.4-acre parcel next door from Bethesda-based Finmarc Management for $26M, the seller announced. Cushman & Wakefield’s Brendan May and Paul Norman represented Finmarc, and Kelley Drye & Warren's Aaron Rosenfeld provided legal services to Finmarc.
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Northpoint Realty Partners purchased a 33-acre land parcel in a Prince George’s County master-planned community, where it plans to build out 306K SF of warehouse space across two buildings. The seller was Walton Global, which announced the news but did not disclose the price. The 33-acre parcel sits within the greater master-planned Westphalia Town Center, which is planned to primarily house residential and retail. Northpoint’s new parcel is zoned for commercial and light industrial uses.
