Akridge, the DC-based commercial real estate firm, announced this week that it had secured purchase agreements with both the American Beverage Association and the American Association of University Women for 1101 and 1111 Sixteenth Street NW, corner adjacent to the new Fannie Mae headquarters in Washington, DC. Akridge said that it has plans to redevelop the two buildings, in partnership with Stars Investments, into one freestanding trophy-class office building. Terms of the acquisitions were not disclosed, but the new 1101 Sixteenth Street building is expected to deliver in 2017. Cushman & Wakefield brokered the transaction on behalf of the American Beverage Association and the American Association of University Women.
"The success of our recent redevelopment at 1200 Seventeenth Street has demonstrated the strong demand for high quality and efficient office space. We believe redeveloping 1101 and 1111 Sixteenth Street into a freestanding, trophy office building will respond to the demand for quality product," said Matt Klein, President of Akridge. "The project will complement the historic character of Sixteenth Street and will appeal to law firms, associations, and government affairs clients who appreciate a floorplan that maximizes windowed offices, as well as the impressive location near the White House and the city's best hotels."
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