Akridge and Stars REI have Fannie Mae surrounded.
The pair just acquired 1025 Vermont Ave. NW, a Class B office building two blocks east of Fannie Mae’s new headquarters, for $48.5 million, according to the D.C. Recorder of Deeds. The seller in the deal, recorded Wednesday, was Carr Properties — the developer of Midtown Center, home to Fannie Mae.
D.C.-based Akridge and Santiago, Chile-based Stars are similarly partnered on the development of 1101 16th St. NW, a boutique office building that backs up to Midtown Center. It is slated to deliver next month.
The 116,000-square-foot 1025 Vermont is 90 percent leased and was renovated about seven years ago, so Akridge and Stars have few plans for the building except to fill the little vacant space and keep existing tenants happy. Akridge will lease the building itself.
“Akridge and Stars are targeting the two strongest segments of the D.C. office market, Trophy and Class B,” Michael Gill, Akridge senior vice president, wrote in an…Read the full story from the Washington Business Journal.