D.C.-based commercial property company Akridge has partnered with Santiago, Chile-based STARS REI to acquire a 116,000-square-foot building in D.C.'s East End.
WASHINGTON — D.C.-based commercial property company Akridge has partnered with Santiago, Chile-based STARS REI to acquire 1025 Vermont Ave., a 116,000-square-foot building in D.C.’s East End, from Carr Properties.
Akridge did not disclose the sales price. Carr bought the building in 2006 for $34 million. It has a 2016 assessed value of $46.7 million.
The 12-story building, known as The Global Building, was renovated in 2013 and is two blocks from the McPherson Square Metro station.
It is the second joint venture for Akridge and STARS REI. They also recently acquired 1101 16th St., also in Northwest D.C. After renovations, the 100,000-square-foot building will deliver in January 2019.
Akridge has acquired and developed more than 20 million square feet of commercial real estate in the D.C. region and owns buildings with a total value of more than $2.1 billion. Its projects have included Gallery Place and the Homer Building.
STARS REI is also a partner on 2009 8th St. Northwest, a future 132-unit luxury apartment building in D.C.’s Shaw neighborhood that is expected to be completed in 2020.
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