{"id":1004090594,"date":"2014-01-30T09:22:46","date_gmt":"2014-01-30T17:22:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004090594"},"modified":"2022-12-05T11:17:38","modified_gmt":"2022-12-05T19:17:38","slug":"seller-finances-heitman-jvs-purchase-of-d-c-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/seller-finances-heitman-jvs-purchase-of-d-c-office-building\/","title":{"rendered":"Seller Finances Heitman JV’s Purchase of DC Office Building"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"1401<\/a>

1401 New York Ave. in Washington, D.C.<\/p><\/div>\n

The Class A office building at 1401 New York Ave., N.W., in Washington, D.C., has gotten its second owner in less than one year, and a $65.5 million acquisition loan helped make it happen. A joint venture of Minshall Stewart Properties and an affiliate of Heitman L.L.C. secured the financing from Lone Star Funds to acquire the 210,300-square-foot property from … Lone Star Funds.<\/p>\n

The financing, arranged on Minshall and Heitman’s behalf by commercial real estate services firm Cassidy Turley, came in the form of a floating-rate loan from the seller.<\/p>\n

Developed in 1983, 1401 New York stands 12 stories at a well-traveled and well-known intersection one block from the White House. So despite the fact that the building is just 40 percent occupied, Lone Star encountered a bevy of lenders eager to provide financing at what Cassidy Turley described as “aggressive pricing.”<\/p>\n

They had their reasons. “It is on a premier corner in the Washington, D.C., central business district, the rehab will boost the rents and Class A vacancy rates are very tight,” John Campanella, executive managing director with Cassidy Turley, told Commercial Property Executive<\/i>. Indeed, it’s a good time to own top-notch office space in the nation’s capital. The total vacancy rate for Class A properties in Washington, D.C., in the fourth quarter of 2013 was 10.2 percent, per a Cassidy Turley report, and the average rental rate was $53.23 per square foot.<\/p>\n

In light of the market, Lone Star’s flip of the property was a good one. The leading private equity firm, which invests globally in distressed assets, acquired it in March 2013 for approximately $71.8 million. The Minshall-Heitman joint venture purchased it for $88 million. And Lone Star, which now holds the loan, will continue its affiliation with the office destination, as the Dallas-based company maintains its local offices in the tower.<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A joint venture of Minshall Stewart Properties and an affiliate of Heitman L.L.C. secured the financing from Lone Star Funds to acquire 1401 New York Ave., N.W., in Washington, D.C.<\/p>\n","protected":false},"author":755,"featured_media":1004203984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,11,21742,21747],"tags":[],"class_list":["post-1004090594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-midatlantic","category-latest","category-office"],"acf":[],"yoast_head":"\nSeller Finances Heitman JV's Purchase of DC Office Building - 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\/seller-finances-heitman-jvs-purchase-of-d-c-office-building\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seller Finances Heitman JV's Purchase of DC Office Building\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Minshall Stewart Properties and an affiliate of Heitman L.L.C. secured the financing from Lone Star Funds to acquire 1401 New York Ave., N.W., in Washington, D.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/seller-finances-heitman-jvs-purchase-of-d-c-office-building\/\" \/>\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=\"2014-01-30T17:22:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T19:17:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/1401-New-York-Ave..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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