Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged acquisition financing totaling $65.5 million for 1401 New York Avenue in Washington, DC.
Executive Managing Director John Campanella and Vice President Paul Spellman of Cassidy Turley arranged the acquisition financing on behalf of a joint venture between Minshall Stewart Properties and an affiliate of Heitman, LLC. The lender provided a floating rate bank loan.
1401 New York Avenue is a world class asset in a trophy location,” said Mr. Campanella. “It attracted multiple lenders and extremely aggressive pricing.”
Comprised of 210,260 square feet, the office building is situated on a prominent corner with abundant parking just one block from the White House in Washington, DC. The building is 40% occupied and will undergo significant renovations, which include a new floor-to-ceiling glass façade, lobby and rooftop deck.
Heitman, founded in 1966 and headquartered in Chicago, manages approximately $29 billion in assets invested directly and indirectly in real estate in North America, Europe, and Asia-Pacific. The firm’s clients include institutions, pension plans, endowments and foundations, and individual investors.
About Minshall Stewart Properties
Minshall Stewart Properties is a full service, entrepreneurial investor and operator of commercial and multifamily assets in the Washington, DC metro area. The firm has a particular focus on difficult repositioning, rehabilitation, and change of use of large commercial assets in the Washington Central Business District. We combine entrepreneurial deal making with institutional liquidity to achieve above market returns for our partners and clients.
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.