Washington, DC – Cassidy Turley announced today that it arranged $23 million in debt financing for 1600 K Street NW, an 86,606 square foot corner office building located in downtown, Washington, DC. Cassidy Turley’s John Campanella secured the five-year, fixed rate loan from a life insurance company on behalf of the owner, a joint venture between The JBG Companies and ICG Properties.
1600 K Street is prominently located at the intersection of 16th and K Streets, just two blocks from the White House and one block from the Farragut North Metro Station. Currently 87 percent leased, the newest addition to this boutique asset is PJ Clarke’s, a high-profile restaurant which opened in Fall 2010.
JBG acquired its majority interest in the 1600 K property earlier this month as part of ICG’s recapitalization, which was also brokered by Cassidy Turley. JBG also acquired a 100 percent interest in Georgetown Center, which consists of two buildings located at 2115 and 2121 Wisconsin Avenue in northwest Washington, DC.
About The JBG Companies
Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development. JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area. Founded in 1960, in 2010 The JBG Companies marked half a century of business success and charitable involvement in the greater Washington community. More information can be found by visiting the company's Web site: http://www.jbg.com/ or by calling 240.333.3600.
About ICG Properties
Founded in 1995 and headquartered in Washington, DC, ICG Properties’ portfolio of investment and development initiatives includes the redevelopment of the historic Gallup Building at 901 F Street, NW, the Third Church of Christ, Scientist site at 16th & Eye Streets, and Penn Branch Center. The firm is also active in the hotel and residential sector internationally through its overseas affiliate, Elwan Group Limited, whose current projects include the Votanas Bay luxury residential development in Corfu, Greece, and a 287-key resort on the Indian Ocean in the United Arab Emirates. More information can be found at http://www.icgproperties.com/.
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.