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1701 Rhode Island Ave NW, W...

Akridge Leases 104000 Square Feet To Tenant Represented By Gregory Lubar And Andy O’Brien
LEASEDOffice

Akridge Leases 104000 Square Feet To Tenant Represented By Gregory Lubar And Andy O’Brien

1701 Rhode Island Ave NW, Washingt...

Building Size

104,000 SF

Asset Type

Office

Closing

Feb 13, 2019

AI

Akridge has delivered 1701 Rhode Island, a seven-story building located at 1701 Rhode Island Ave NW, Washington, D.C., comprising 104,000 square feet. The building is fully leased to WeWork and features floor-to-ceiling windows, a landscaped entry plaza, a two-story lobby, a fitness center, and a rooftop terrace. The general contractor for the project was Whiting-Turner Contracting Co., and the architect was Hickok Cole Architects.

Summary of transation details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 1701 Rhode Island Ave NW, Washington, D.C.
  • Market: Island View
  • Size: 104,000 square feet
  • Tenant: WeWork
  • Landlord: Akridge
  • Tenant's Representatives: Gregory Lubar (JLL), Andy O’Brien (JLL), Greg Lubar (JLL)

Zach Boroson, Andy O’Brien, and Greg Lubar of JLL were involved in representing WeWork in the lease transaction, highlighting the key individuals responsible for facilitating this deal. Their expertise contributed to successfully securing the leasing arrangement for the property.

Players

Zach Boroson

JLL

Broker

3 deals

Broker

Island View Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93