Washington D.C.
PRI Profits from 1718 Connecticut Ave. Sale; Social & Scientific Systems Renews
An entity operated by Dave Schaeffer, CEO of the Cogent Communications Group Inc., has paid $14.4 million for a landmark office building located at 1718 Connecticut Avenue, NW in Washington, DC. Richard McBride and Roy Ayers of Washington, DC’s McBride Real Estate Services, Inc. represented both the buyer and the seller, PRI Inc.The building was constructed in 1982. It has 47,569 gross square feet and is fully leased to such office tenants as include the law firm of Katz, Marshall & Banks, Policy Study Associates, Electronic Privacy, and Martell & Associates. The building’s street level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.
Greenwich Group Outlines $1.5B Financing Strategy for DC’s The Wharf
Even with quite specific preferences regarding both the debt and the equity financing for The Wharf, in D.C., Greenwich Group International reportedly has numerous entities potentially interested in getting in on the $1.5 billion, 27-acre, 3.2 million-square-foot mixed-use riverfront development.
CBRE Arranges $212M in Financing for Virginia Office Complex
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.
MetLife JV Acquires Constitution Center
Constitution Center, the largest privately owned office building in Washington, D.C., which recently completed a $250 million renovation, has been acquired by a joint venture between MetLife and an unidentified U.S.-based institutional investor.
Bainbridge, Swiss Firm Team on 574-Unit M-F Property Purchase in Suburban DC
The metropolitan Washington, D.C., apartment market has the kind of fundamentals that attract investors from all over, so it’s no surprise that affiliates of Bainbridge Companies found a partner in Switzerland’s Partners Group for the acquisition of the 574-unit Aventine of Alexandria in Alexandria, Va.
CBRE Arranges $212M Financing for Clarion DC-Area Office Campus
CBRE Capital Markets has arranged $212 million in financing for Metro Park, a 37-acre, seven-building, 1 million-square-foot Class A office campus in Alexandria, Va.
Loews Acquires The Madison Hotel in Washington, D.C.
Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), is entering the Washington market. The New York-based hotel owner and operator has agreed to purchase the Madison Hotel from Jamestown Properties
Property Group Partners Closes Air Rights Purchase for $1.3B M-U Project in DC
The largest contiguous undeveloped site in Washington, D.C., is now well on its way to being transformed into the 2.2 million-square-foot Capitol Crossing mixed-use destination.
Laurel Apartment Complex Sells for $28M
The Westgate of Laurel, a renovated apartment complex in the heart of the Baltimore-Washington corridor, was recently sold to Westgate DNB Associates, a subsidiary of Geller Associates Inc. of Roseland, N.J.
KBR Building Group to Construct The Acadia in Arlington
Multi-family developer Kettler has selected the Charlotte, N.C.-based KBR Building Group to construct The Acadia at Metropolitan Park, a 411-unit mixed-use, residential building in Arlington, Va.