WASHINGTON: At its annual Awards of Excellence gala, NAIOP DC/MD honored 1101 Sixteenth Street as 2016's Best Real Estate Transaction. Akridge and Stars Investments partnered to acquire 1101 and 1111 Sixteenth Street, which previously served as the site of the American Association of University Women and the American Beverage Association, and will combine the two buildings into one 100,000-square-foot building. EagleBank provided funding to the joint venture, which will redevelop the brutalist structures into a contemporary, free-standing, trophy property.
The NAIOP award recognizes Akridge and Stars' dedication during the arduous, two-year, acquisition process for 1101 Sixteenth. They convinced American Association of University Women and the American Beverage Association, who were also building occupants, to conduct a simultaneous sale while allowing them time to identify and negotiate new leases for relocation, renegotiate the lease terms of the existing building Clients, and close on both acquisitions on the same day. The acquisition entailed two years of transaction negotiations, six months of work with the Historic Preservation Review Board and staff, the solicitation and review of design concepts from five different architects, and the refinement of the design and development plan. The Best Real Estate Transaction Award of Excellences speaks to the commitment of the Akridge and Stars team and the tremendous potential of 1101 Sixteenth. 1101 Sixteenth is situated on the corner of Sixteenth and L Streets, NW, offering Clients a prominent location just blocks from the White House. Designed by world-renowned architect HOK, 1101 Sixteenth strikes the perfect balance of historic and contemporary, making it an ideal addition to the historic Sixteenth Street corridor. The property boasts efficient 14,500-square-foot floor plates, desirable window lines on all four sides, and a full host of modern amenities, including a penthouse lounge and rooftop terrace with White House views. 1101 Sixteenth will deliver in Fall 2018.
"Akridge is honored by NAIOP's Award of Excellence and excited to deliver this sophisticated building," said Akride president Matt Klein. "Sixteenth Street has special status in Washington and 1101 Sixteenth will be a wonderful addition to this neighborhood. The boutique building will offer small and medium-sized Clients a prominent identity."
