Akridge, Long Wharf Real Estate Partners Buy Alexandria Office Building
- Jun 20, 2014
Akridge has partnered with Long Wharf Real Estate Partners to reacquire the four-story office building at 2800 Eisenhower Ave. in Alexandria’s Carlyle/Eisenhower submarket. The price of the transaction was not disclosed.
The property was constructed in 1987 on a 2.3-acre site. The 116,000-square-foot office building is part of the Alexandria Tech Center, a nine-building complex that is home to office buildings, two hotels and the headquarters of financial institutions. Its 30,000-square-foot floor plates are ideal for large tenants looking to move inside the Capital Beltway. In a news release, Akridge said that the Carlyle/Eisenhower submarket has an office vacancy rate of less than 5 percent.
According to PropertyShark, Akridge paid $9.9 million to purchase the building out of bankruptcy in 1996. Brian Connolly, executive vice president of the company, said that 2800 Eisenhower Ave. was completely empty at that time. He added that when his company sold the building two years later, it was fully leased. According to PropertyShark, Akridge sold the building for $21 million in 1998. The same real estate website lists its current market value at $25.5 million.
The new ownership announced it plans to renovate the office building in order to enhance the client experience. The renovation project will include upgrades to mechanical systems, the exterior of the building, the lobby, the common areas, the restrooms and the fitness facility.
“Akridge has looked to partner with Long Wharf Real Estate Partners for years, and we are excited to work with them on such a great opportunity. We look forward to working with them to bring 2800 back to an Akridge-quality building,” Matt Klein, president of Akridge, said in a statement.
“We are extremely pleased to partner with Akridge on the acquisition of 2800 Eisenhower,” added Philip Murphy, managing director of Long Wharf Real Estate Partners. “This investment fits perfectly with our strategy of purchasing high-quality, well-located properties at an attractive cost basis that allows us to offer a compelling value proposition to tenants.”
Photo credit: Akridge