{"id":1004067957,"date":"2013-02-28T07:31:59","date_gmt":"2013-02-28T15:31:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004067957"},"modified":"2022-12-08T20:22:34","modified_gmt":"2022-12-09T04:22:34","slug":"cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\/","title":{"rendered":"Cassidy Turley Secures $150M in Acquisition Financing for DC-Area Office Complex"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/em><\/p>\n

Cassidy Turley secured the financing, in the form of a $150 million loan from a commercial bank, for the recent sale of the three-building, 688,700-square-foot Air Rights Center in downtown Bethesda, Md., the company announced Wednesday. The announcement puts a financial dimension on the sale; the price remained undisclosed when the sale was initially reported in January.<\/p>\n

The buyer was a joint venture of MidAtlantic Realty Partners L.L.C., of Washington, D.C., and Rockpoint Group L.L.C., of Boston, and the seller was TIAA-CREF.<\/p>\n

The property is at Wisconsin and Montgomery avenues, one block from the Bethesda station on the Washington Metro\u2019s Red Line.<\/p>\n

The Air Rights Center consists of the 10-story, 110,800-square-foot East Tower, built in 1964; the 14-story, 218,500-square-foot West Tower, completed in 1976; and the 12-story, 380,200-square-foot North Tower, built in 1980. The towers are connected on the first floor by a retail promenade of about 55,000 square feet, and the complex also includes parking for 1,227 vehicles.<\/p>\n

The center is currently 93 percent leased to a diverse tenant base with staggered lease rollover, according to Cassidy Turley, and is managed and leased by Jones Lang LaSalle.<\/p>\n

Cassidy Turley\u2019s John Campanella, executive managing director, and Paul Spellman, vice president, represented the purchasers in securing the acquisition financing.<\/p>\n

\u201cIn the D.C. region, we continue to see aggressive bank pricing for quality, well-located assets with strong sponsorship,\u201d Campanella said in the release. \u201cThis portion of Bethesda has emerged as a truly urban, 24\/7 live-work-play environment with numerous upscale amenities \u2013 all features that are highly attractive to lenders, investor, tenants and area residents.\u201d<\/p>\n

The Washington Business Journal reported last month that the purchasers plan \u201ca substantial makeover\u201d of the center. The complex reportedly also includes a development site with an already-approved plan for a further 150,000 square feet of office space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cassidy Turley secured the financing, in the form of a $150 million loan from a commercial bank, for the recent sale of the three-building, 689,000-square-foot Air Rights Center in downtown Bethesda, Md.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,21742,21747,1615],"tags":[],"class_list":["post-1004067957","post","type-post","status-publish","format-standard","hentry","category-midatlantic","category-latest","category-office","category-washington-dc"],"acf":[],"yoast_head":"\nCassidy Turley Secures $150M in Acquisition Financing for DC-Area Office Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cassidy Turley Secures $150M in Acquisition Financing for DC-Area Office Complex\" \/>\n<meta property=\"og:description\" content=\"Cassidy Turley secured the financing, in the form of a $150 million loan from a commercial bank, for the recent sale of the three-building, 689,000-square-foot Air Rights Center in downtown Bethesda, Md.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-02-28T15:31:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:22:34+00:00\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Cassidy Turley Secures $150M in Acquisition Financing for DC-Area Office Complex\",\"datePublished\":\"2013-02-28T15:31:59+00:00\",\"dateModified\":\"2022-12-09T04:22:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/\"},\"wordCount\":314,\"commentCount\":0,\"articleSection\":[\"Mid-Atlantic\",\"News\",\"Office\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cassidy-turley-secures-150m-acquisition-financing-for-dc-area-office-complex\\\/\",\"name\":\"Cassidy Turley Secures $150M in Acquisition Financing for DC-Area Office Complex - 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