{"id":1004239223,"date":"2018-07-02T04:20:29","date_gmt":"2018-07-02T12:20:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004239223"},"modified":"2022-12-08T15:11:35","modified_gmt":"2022-12-08T23:11:35","slug":"cushman-wakefield-secures-95m-for-dc-office-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-secures-95m-for-dc-office-project\/","title":{"rendered":"DC Spec Office Project Secures $95M Construction Loan"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"1050<\/a>

1050 17th St.<\/p><\/div>\n

The Lenkin Co. has received a $95 million construction loan to build 1050 17th St., a 154,000-square-foot speculative office building in the central business district of Washington, D.C.<\/p>\n

An existing 145,000-square-foot building currently in the spot, developed by Lenkin in the mid-\u201970s, will be demolished to make way for the new building. The new property will feature trophy-quality suites and best-in-class amenities, and will also include ground-floor retail and below-grade parking.<\/p>\n

Cushman & Wakefield secured the construction financing agreement for the centrally located building from Eagle Bank.<\/p>\n

\u201cThe big appeal is the location of this real estate. It\u2019s an absolute fine location, basically across the street from a Metro stop,\u201d <\/em>Philip Mudd, Cushman & Wakefield\u2019s executive managing director, told Commercial Property Executive. \u201cThe size of the floorplates is also optimal.\u201d<\/em><\/p>\n

DC Office Market on Fire<\/strong><\/h2>\n

There\u2019s been a lot of activity in D.C.\u2019s office market of late. In May, NBA Investment Corp. sold its headquarters<\/a> in Washington D.C.\u2019s Mount Vernon Triangle neighborhood to an entity managed by Potomac Development Group. Also that month, HFF arranged a $79 million sale<\/a> of an office building at 1100 G St. N.W. In January, Greysteel arranged the sale<\/a> of another D.C. asset, located on the northern outskirts of the city. <\/p>\n

According to Mudd, the lending community was very keen on taking on this financing, as the building\u2019s design, ownership and location were all strong selling points.<\/p>\n

\"Philip<\/a>

Philip Mudd, executive managing director, Cushman & Wakefield<\/p><\/div>\n

\u201cThe building is just off Connecticut Ave., the Mayflower Hotel is just around the corner and K St., is just one block away,\u201d <\/em>he said. \u201cIt\u2019s a corner property and will be built to the highest standards.\u201d<\/em><\/p>\n

Joining Mudd in representing the borrower was Senior Vice President Brad Geiger. The Lenkin Co. and Cushman & Wakefield have a long history of working together in the D.C. area.<\/p>\n

\u201cThey are a third-generation company about to go to a fourth generation and they have been around Washington for almost 100 years,\u201d <\/em>Mudd said. \u201cWe had several lenders we could choose from and we ended up doing it with a local bank, but there was strong interest from national lenders as well.\u201d <\/em><\/p>\n

The interior demolition has already begun and the exterior demolition is scheduled for later this summer. The hope is to begin leasing in 18 to 20 months.<\/p>\n

Cushman & Wakefield has revenue of approximately $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services.<\/p>\n

Image courtesy of Cushman & Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Working on behalf of The Lenkin Co., Cushman & Wakefield arranged a construction loan for 1050 17th St., a 154,000-square-foot speculative development in the city’s central business district.<\/p>\n","protected":false},"author":451,"featured_media":1004239229,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21825,11,21742,21747,1615],"tags":[32799,39204,34296,32792,40904],"class_list":["post-1004239223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-finance","category-midatlantic","category-latest","category-office","category-washington-dc","tag-cushman-wakefield","tag-eagle-bank","tag-greysteel","tag-hff","tag-philip-mudd"],"acf":[],"yoast_head":"\nDC Spec Office Project Secures $95M Construction Loan - 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\/cushman-wakefield-secures-95m-for-dc-office-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DC Spec Office Project Secures $95M Construction Loan\" \/>\n<meta property=\"og:description\" content=\"Working on behalf of The Lenkin Co., Cushman & Wakefield arranged a construction loan for 1050 17th St., a 154,000-square-foot speculative development in the city's central business district.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-secures-95m-for-dc-office-project\/\" \/>\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=\"2018-07-02T12:20:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:11:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/1050-17th-St..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-secures-95m-for-dc-office-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-secures-95m-for-dc-office-project\/\",\"name\":\"DC Spec Office Project Secures $95M Construction Loan - 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