Exclusive: LaSalle Lands $50M for DC Office Asset

December 5, 2025

Washington D.C.Finance Mid-Atlantic News More Office

The investor has owned the property since 2016.

Exterior shot of One Thomas Circle, an office property in Washington, D.C. — The 12-story Class A property includes first-floor retail space and was last upgraded in 2014. *Image courtesy of Yardi Matrix*

LaSalle Investment Management has secured a $50 million financing package through two loans backed by One Thomas Circle, a 229,660-square-foot office building in Washington, D.C., according to Yardi Matrix.

The financing includes a $40 million refinancing agreement provided by State Farm, with a maturity date set for 2030.

This loan will replace a prior debt by the same originator totaling $56 million, which was originated in 2016 and was due next year. The second note is a $10 million self-financed loan originated by the owner’s platform LaSalle Debt Funds, due in 2035.

LaSalle Investment Management has owned the office mid-rise since 2016, when the company purchased it from State Street in a $115 million transaction, the same source shows.

Located in the city’s 14th Street Corridor at 1 Thomas Circle NW, the building has access to multiple bus stops, retail and restaurant options. Ronald Reagan Washington National Airport and Arlington, Va. are both 4 miles away.

Completed in 1982, the 12-story property was completely renovated in 2003 and underwent another series of cosmetic upgrades in 2014. The building has floorplates ranging between 19,138 and 20,878 square feet, five passenger elevators, 2,000 square feet of first-floor retail space and 168 parking spots. Amenities feature a communal lounge and an upgraded lobby, fitness center, atrium and a third-floor outdoor terrace.

The tenant roster includes Industrious, GlobalGiving, Washington Media Group and Louisiana-Pacific Building Solutions, among others, according to Yardi Matrix.

DC draws investors amid sector headwinds

Washington, D.C.’s office investment activity maintained a positive performance year-to-date, with the District ranking third in the nation, a recent Yardi Matrix office report shows. The metro’s total sales volume hit $3.6 billion as of October, with office assets trading at an average of $174 per square foot, below the $191 national figure.

However, despite the rise of discount deals and lower property values—aligning with ongoing office real estate trends—investor appetite remained steady in D.C., keeping it as a top performer. Some of the year’s noteworthy transactions include the $153 million purchase of the Victor Building, a 1909-vintage property. Brookfield Properties sold the asset to Rockwood Capital in March, with the seller using the proceeds to pay off the remainder of a $155.6 million loan issued in 2015.

In April, Exelon Corp. paid $175 million for Edison Place, a 364,000-square-foot office building serving as the headquarters of its Pepco Holdings subsidiary. Brookfield Properties sold the property.