Cassidy Turley?s Philip Mudd and Bradley Geiger Represent Owner in Transaction ??
Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged long-term, fixed-rate financing totaling $118 million for 1700 K Street in Washington, DC.
Executive Managing Director Philip Mudd and Vice President Bradley Geiger of Cassidy Turley secured the financing on behalf of Connecticut & K Street Associates. The financing was provided by a life insurance company.
?The outstanding K Street location, combined with the quality of the asset and the excellent sponsorship, created serious competition amongst the lending institutions for this financing,? commented Mr. Mudd.
1700 K Street is a 12-story, trophy building with 385,251 square feet overlooking Farragut Square Park. The building has glass and stainless steel architecture with expansive window lines and floor-to-ceiling glass. With a prestigious tenant base, 1700 K Street is nearly 100% leased and is anchored by Winston & Strawn. First floor retail tenants include Kellari, Capital One, Dunkin Donuts and Mervis Diamonds. Building features include an on-site fitness center, a rooftop terrace and underground parking.
As part of the Golden Triangle Business Improvement District (BID), 1700 K Street sits in the heart of a 43-block grid that includes over 230 restaurants, 300 retail destinations and seven hotels. The building offers immediate access to Connecticut Avenue, L Street, Pennsylvania Avenue, Massachusetts Avenue, 14th Street, Interstates 66, 295, 395 and 495 and the George Washington Parkway in addition to Farragut West Metro Station (serving the blue and orange lines, Ronald Reagan National Airport, the Pentagon, Pentagon City and the King Street area in Alexandria, Virginia.
This loan was closed by Grossberg, Yochelson, Fox & Beyda, the owner?s counsel.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients?from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services?including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.