$181M in Financing Secured for New Trophy Office Building in DC
Connecticut & K Associates, LLC has secured a $181 million permanent loan for 1000 Connecticut Avenue, a newly-constructed 383,988 square foot trophy asset at the corner of Connecticut Avenue and K Street in downtown Washington, DC. The 20-year, fixed rate loan was provided by a life insurance company.
Philip Mudd, Christian Miles and Bradley Geiger of Cassidy Turley secured the financing on behalf of the owner. The loan was closed by Grossberg, Yochelson, Fox & Beyda, owner’s counsel.
The property is currently 86 percent leased and anchored by the law firm of Arent Fox LLP. It overlooks Farragut Square, Lafayette Square and the White House, and provides access to area amenities and transportation options, including Metro.
The LEED® Platinum certified building was designed by architectural firm Pei Cobb Freed, who also designed its sister property, 1700 K Street, located directly across K Street – a property also financed by Cassidy Turley.
The property’s development team consists of several local DC area families who have owned the site for generations.
“Positioning the property for the best possible long-term financing terms was a process that began not long after we closed the construction loan in 2008,” said Christian Miles. “And upon substantial completion of the construction, we worked closely with the owners to lock in a 20-year rate that would protect their investment over many real estate cycles in the future.”