{"id":1004597569,"date":"2022-08-16T02:21:16","date_gmt":"2022-08-16T10:21:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004597569"},"modified":"2022-12-08T02:18:27","modified_gmt":"2022-12-08T10:18:27","slug":"nasa-hq-lands-275m-in-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nasa-hq-lands-275m-in-financing\/","title":{"rendered":"NASA HQ Lands $275M in Financing"},"content":{"rendered":"
\"NASA<\/a>

NASA headquarters at 300 E. St. SW. Image via Google Street View<\/p><\/div>\n

Owner Hana Alternative Asset Management<\/strong> of Seoul, Republic of Korea, has recapitalized the previous debt and equity interest in NASA\u2019s Washington, D.C., headquarters, by way of a $275 million financing. Mesirow<\/strong>, which underwrote the financing for Hana, announced the transaction on Monday, Aug. 15.<\/p>\n

Hana acquired the nine-story, 605,900-rentable-square-foot building, at 300 E. St. SW, in 2017. The property is managed by Ocean West Capital Partners<\/strong>, based in El Segundo, Calif.<\/p>\n

Proceeds from the financing provided ownership with fixed-rate pricing on debt to be repaid on an interest-only basis until the loan\u2019s 2028 maturity date, which is coterminous with NASA\u2019s lease. That lease is currently the sixth-largest GSA lease in the country, according to Mesirow.<\/p>\n

\n

READ ALSO<\/strong>: Why Foreign CRE Investors Are Undeterred<\/a><\/p>\n

\n

Mesirow, of Chicago, served as placement agent and administrative agent on the financing. Cushman & Wakefield<\/strong> served as advisor to the borrower in shaping the loan request and brokering the ultimate engagement with Mesirow.<\/p>\n

In a prepared statement, Nat Sager, president of Mesirow Capital Markets, highlighted the role in the deal of Mesirow\u2019s muni desk alongside the more traditional CRE fixed-income sales and trading channels.<\/p>\n

Not quite ready for launch<\/h2>\n

The Washington office market has seen positive absorption for three consecutive quarters, as the flight to quality experienced in so many markets means that Class B and C properties are suffering, according to a second-quarter report from Cushman & Wakefield<\/strong>.<\/p>\n

\"NASA<\/a>

NASA Headquarters in Washington, D.C. Image courtesy of Mesirow Financial Holdings Inc.<\/p><\/div>\n

The Southwest submarket currently has an overall vacancy of 18.6 percent on an inventory of 12.2 million square feet. Year-to-date absorption has been 277,000 square feet, and 378,000 square feet is under construction. The average asking rent for Class A space is $53.34, according to Cushman & Wakefield.<\/p>\n

Earlier this month, a joint venture of Turnbridge Equities<\/strong> and Fundamental Advisors LP<\/strong> completed the disposition of a five-building, 860,000-square-foot office portfolio<\/a> in the Washington, D.C., metro for $220 million. The buyer was GI Partners<\/strong>, on behalf of its Essential Tech + Science Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mesirow led the recapitalization on behalf of Hana Alternative Asset Management. <\/p>\n","protected":false},"author":882,"featured_media":1004597609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,11,21742,21747],"tags":[32799,47885,42968,40410,36773],"class_list":["post-1004597569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-midatlantic","category-latest","category-office","tag-cushman-wakefield","tag-hana-financial-group","tag-mesirow-financial","tag-nasa","tag-ocean-west-capital-partners"],"acf":[],"yoast_head":"\nNASA HQ Lands $275M in Financing - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Hana Alternative Asset Management has recapitalized the previous debt and equity interest in NASA\u2019s Washington, D.C., headquarters.\" \/>\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\/nasa-hq-lands-275m-in-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NASA HQ Lands $275M in Financing\" \/>\n<meta property=\"og:description\" content=\"Hana Alternative Asset Management has recapitalized the previous debt and equity interest in NASA\u2019s Washington, D.C., headquarters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nasa-hq-lands-275m-in-financing\/\" \/>\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=\"2022-08-16T10:21:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T10:18:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/08\/Mesirow_Financial_Holdings_NASA_DC_HQ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"830\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\\\/nasa-hq-lands-275m-in-financing\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nasa-hq-lands-275m-in-financing\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"NASA HQ Lands $275M in Financing\",\"datePublished\":\"2022-08-16T10:21:16+00:00\",\"dateModified\":\"2022-12-08T10:18:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nasa-hq-lands-275m-in-financing\\\/\"},\"wordCount\":363,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nasa-hq-lands-275m-in-financing\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/08\\\/Mesirow_Financial_Holdings_NASA_DC_HQ.jpg\",\"keywords\":[\"Cushman & Wakefield\",\"Hana Financial Group\",\"Mesirow Financial\",\"NASA\",\"Ocean West Capital Partners\"],\"articleSection\":[\"Featured\",\"Finance\",\"Mid-Atlantic\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nasa-hq-lands-275m-in-financing\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nasa-hq-lands-275m-in-financing\\\/\",\"name\":\"NASA HQ Lands $275M in Financing - 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