Akridge sells 1701 Rhode Island to an Entity affiliated with EXAN Capital
July 8, 2019
(Washington, DC)— Earlier today Akridge announced the sale of 1701 Rhode Island to an entity affilliated with EXAN Capital for $119 million, with a net recorded price of $105.7 million. The sale represents the culmination of a successful business plan for the property. Akridge and its partner, Alcion Ventures, L.P., first purchased the YMCA National Capital building in March 2016, when the YMCA decided to close its location there. After securing historic preservation and zoning approvals, Akridge began an extensive redevelopment project to transform the former YMCA into a trophy office building. While the project was under construction, Akridge negotiated a lease with the coworking market leader, WeWork, for the entire building. In February 2019, the building delivered fully leased to WeWork. Within two months, Akridge entered into an agreement to sell the property.