An affiliate of Douglas Development Corp. has received $146.7 million in refinancing for its 254,000-square-foot 1155 F St. NW office building in Washington, D.C.
Natixis originated the floating rate debt for the property, situated within the East End submarket. The new loan retires a $130 million, Deutsche Bank-backed 10-year note, according to CommercialEdge data.
The property is made up of three historic buildings on 11th Street and a new 12-story structure on 12th Street. The asset includes 35,000 square feet of retail space, along with a two-level, 271-space underground parking garage. The historic buildings, ranging between four and six stories in height, date back to the late 1800s and were acquired between 1986 and 2006.
The project earned an Award of Excellence from the DC Preservation League, and a Mayor’s Award for Excellence in Historic Preservation, among other recognitions. Current retail tenants include Walgreens, PRET A Manger and GAP, while the office roster comprises Franklin Square Group, Home Depot USA and Intel Corp.
Since its founding in 1985, Douglas has expanded its portfolio to more than 250 properties and 13 million leasable square feet. Last December, the developer sold off a similar office property, situated across the street from 1155 F St. NW. A partnership between MC Real Estate Partners and an international family office picked up the 95,000-square-foot, fully leased asset at 1000 F St., in a $106 million deal.
Earlier in December, Douglas landed a long-term lease at another adjacent property at 1025 F St. NW. Global data intelligence company Morning Consult committed to 49,000 square feet at the historic Woodies Building.