Washington, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged bridge financing totaling $172 million for 25 Massachusetts Avenue, also known as Republic Square I – a 385,765 square foot trophy office building centrally located in the Capitol Hill submarket of Washington, DC. David Webb, John Campanella, and Jamie Butler of Cassidy Turley structured the two-tiered debt transaction on behalf of Republic Properties Corporation (Republic). The financing was comprised of a senior loan originated by a commercial bank and a mezzanine loan provided by a private equity fund.
Distinguished by its classical architectural design, expansive views, and close proximity to the U.S. Capitol and Union Station, 25 Massachusetts Avenue has consistently attracted some of the most prominent tenants in Washington, DC. Current tenants include the American Medical Association, American College of Physicians, National Cable and Telecommunications Association, General Motors, and the Department of Justice. The building is currently 60 percent leased and the bridge financing proceeds will serve to refinance the previous loan as well as fund future leasing costs. To further satisfy future demand, an additional 200,000 square feet of office space can be built on the adjacent parcel, known as Republic Square II, located at the corner of North Capitol and G Streets.
Republic is a Washington, DC based, privately owned, full-service real estate investment, management, and development company focused on institutional quality real estate. Republic’s senior management team has over 150 years of combined experience and has successfully developed and invested in real estate transactions valued in excess of $4 billion. In addition to 25 Massachusetts Avenue, Republic has a distinguished history of developing Washington, DC landmarks, including Market Square on Pennsylvania Avenue, Washington Harbour and Georgetown Park in Georgetown, and the Portals I, II, and III buildings overlooking the Tidal Basin in Southwest DC.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,000 professionals in 60 offices nationwide. 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 $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers 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. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.