Akridge, STARS Buy 116,000 SF Office Building in Downtown D.C. for $48.5M

WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & Wakefield represented the seller, Carr Properties. This is STARS and Akridge’s second joint venture, having already partnered for a redevelopment of 1101 16th Street, which is expected to be delivered this month.