202.5

New owners step in as Akin Gump prepares to move out

Boston Properties (NYSE: BXP) has sold the Robert S. Strauss Building near Dupont Circle for $136.5 million, or nearly $433 per square foot, as the building’s anchor tenant, prepares to move out.

A joint venture between Bethesda-based The Meridian Group and WeWork Property Advisors on Friday closed its acquisition of 1333 New Hampshire Ave. NW, a 317,371-square-foot building. Boston Properties initially planned a more substantial renovation of the building after Akin Gump Strauss Hauer & Feld LLP signed on for new space at Alexander Court.

In addition to owning a 50 percent stake in the building, WeWork, the popular coworking space provider, has signed on to lease more than 100,000 square feet at 1333 New Hampshire Ave. WeWork is already one of the largest private tenants in the District.

Akin Gump plans to move out by August 2019, and Meridian plans renovations that will upgrade the exterior, improve common areas and include a penthouse-level, indoor-outdoor amenity space. Those renovations…

Read the full story from the Washington Business Journal.



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