Lowe Enterprises Secures $72M in Financing for Tysons Corner Assets
1951 Kidwell Dr, Courtesy of CoStar
Lowe Enterprises Investors, on behalf of a national commercial commingled investment fund, has secured $72 million in bridge financing for a portfolio of office buildings in Vienna, VA.
A company sponsored by NorthStar Realty Finance Corp. (NYSE: NRF) provided the financing for the two buildings, 1951 Kidwell Drive and 1953 Gallows Road, which total 428,973 square feet and at the time of closing were 72 percent leased.
Jones Lang LaSalle’s Capital Markets experts brokered the transaction. Managing Director Wesley Boatwright and Executive Vice Presidents Mike Yavinksy and Jon Goldstein led the team on the deal.
Built in 1981, 1951 Kidwell Drive is a 176,914-square-foot, nine-story building and has visibility from Route 7 and I-495.
1953 Gallows is an eight-story, 252,059-square-foot building that was built in 1983 and renovated in 2005.
Located in the Tysons submarket, both properties are near transportation, including Metro’s new Silver Line scheduled for completion this year, 500 stores, upscale and quick service dining options, a 16-screen theater and many hotels.