WASHINGTON, DC – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has secured financing for the Air Rights Center in Bethesda, MD.
Cassidy Turley’s John Campanella, Executive Managing Director, and Paul Spellman, Vice President, represented the owner, a joint venture between MRP Realty and Rockpoint Group, L.L.C., in securing the $150 million loan, which was provided by a commercial bank.
The Air Rights Center office development includes three buildings totaling 688,717 square feet in the North, East and West Towers. The property is located at the intersection of Wisconsin Avenue and Montgomery Avenue one block from the Bethesda Metro (Red Line) station entrance. Air Rights Center is currently 93% leased to a high-quality and diverse tenant base with staggered lease rollover.
“In the DC region, we continue to see aggressive bank pricing for quality, well-located assets with strong sponsorship,” Mr. Campanella said. “This portion of Bethesda has emerged as a truly urban, 24/7 live-work-play environment with numerous upscale amenities – all features that are highly attractive to lenders, investor, tenants and area residents.”
About Rockpoint Group, L.L.C
Rockpoint Group, L.L.C. is a real estate private equity investment management firm employing 42 professionals headquartered in Boston with additional primary offices in Dallas, San Francisco and London. Since its inception in 2003, Rockpoint has sponsored six private investment funds and three co-investment vehicles with capital commitments of more than $7 billion. Rockpoint employs a fundamental, value-oriented approach to investing and proactively targets specific asset classes and geographic regions given current market conditions, with particular focus on value creation opportunities, distressed/restructuring opportunities and complex situations.
About MRP Realty
Founded in 2005, MidAtlantic Realty Partners, LLC (“MRP Realty”) is a real estate operating company focused on the Washington DC metropolitan area. MRP provides a full array of real estate services including acquisition/disposition, development/construction management, property management and asset management services. MRP Realty’s senior leadership team has worked together in Washington, D.C. and its surrounding market area for approximately 25 yearsand has wide ranging experience across a multitude of product types in both urban and suburban settings. MRP Realty’s managing members have been involved in over 20 million square feetof investment with a total capitalization in excess of $4 billionin the Washington, D.C. metropolitan area.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 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 $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 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.