July 10, 2019
Real estate services company Akridge sold 1701 Rhode Island, a 103,908-square-foot office building in Washington DC for $119 million.
Akridge and partner Alcion Ventures first acquired the property, the former YMCA National Capital building, in 2016. After securing historic preservation and zoning approvals, Akridge embarked on a redevelopment project to transform the former YMCA into a trophy office building. Co-working company WeWork signed a full-building lease in February 2019.
Collins Ege, Sean McDermott, Nicholas Pappas, and Nick Carpenter of Eastdil Secured represented Akridge and Alcion in the transaction. The buyer was Exan Capital.
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