WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged the financing for One Metro Center in Washington, DC on behalf of the buyer, Jamestown, who acquired the property from Clarion Partners for $307.5 million.
Cassidy Turley’s John Campanella and Paul Spellman secured the acquisition financing for Jamestown with a bank lender that provided a floating-rate loan of $150 million.
“We continue to see the floating rate lenders being extremely aggressive for Class A office with top sponsorship,” Mr. Campanella said. “The pricing on One Metro Center validated that lenders are extremely bullish on Washington, DC.”
Located at 701 13th Street, NW, One Metro Center is a 421,235-square-foot iconic; trophy building in the heart of Washington, DC’s East End and is just three blocks from the White House. One Metro Center is unique in that it is constructed atop and adjacent to Macy’s department store, thereby providing all upper-level, high-quality space. Delivered in October 2003, the building is 100% leased and features a six-story, 5,000-square-foot stone and glass atrium providing its tenants eight sides of glass.
One Metro Center is directly connected to the Metro Center Metrorail station with a shuttle elevator providing direct access to the Red, Blue and Orange Lines. Additionally, the building is two blocks from CityCenter, and a short walk to the Verizon Center, the Washington Convention Center and the Gallery Place shops and restaurants.
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 30 years, Jamestown has generated approximately $8 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,800 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 $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 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.