By Adrian Maties, Associate Editor
CBRE Capital Markets announced it arranged $212 million in financing for Metro Park, a trophy-class office portfolio in Alexandria, Va. CBRE worked exclusively on behalf of Clarion Partners, a leading U.S. real estate investment manager based in New York.
SunTrust Bank and HSBC Credit Corp. have provided the funding for the seven-year loan. It has a fixed rate of roughly 3 percent and a 50 percent loan-to-value ratio.
Metro Park is a 37-acre office park, strategically located at the crossroads of Northern Virginia’s major roadways and extensive public transportation network. It comprises 1.2 million rentable square feet within seven office buildings. Clarion Partners acquired it in 2006 for $214 million.
The office park offers its tenants numerous first-rate amenities, such as a centrally located fitness center, a state-of-the-art LEED Platinum Conference Center with catering facilities, plenty of parking spaces, on-site daycare, dining facilities and shuttle service, all in a park-like setting.
Metro Park is located near Fort Belvoir and the National Geospatial Intelligence Agency (NGA) headquarters, in an area that has seen growth as a result of the Base Realignment and Closure (BRAC) initiative. It is now home to the General Services Administration and some of the largest government contractors in the nation.
CBRE executive vice president Joe Donato led the team that arranged the financing. “Despite the headlines about the fiscal cliff and sequestration, we received interest from both banks and life companies. Clarion Partners has done a tremendous job creating the premier office park in Northern Virginia, and the quality of this portfolio combined with a low leverage request from a top-tier borrower resulted in favorable financing terms,” he said in a press release.
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Photo credits: https://www.metroparkva.com/
Charts courtesy of Marcus&Millichap.