WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it arranged $40.1 million in financing for 1828 L Street, a 12-story, 309,000 square foot office building situated at the southeast corner of 19th and L Streets, in Washington DC’s Central Business District. The loan was provided by The Prudential Insurance Company of America. Philip Mudd, Christian Miles and Bradley Geiger secured the financing on behalf of an affiliate of The Tower Companies.
1828 L Street is a LEED® Gold certified office building with a recently renovated lobby, common areas, HVAC systems, elevators and state-of-the-art fitness center. The asset is currently 95 percent leased to a diverse tenant base of law firms, associations and personal services. The ground level retail contains Pret A Manger, Corner Bakery and Fitness First, which contribute to the location’s prominence and visibility on 19th Street – a major retail corridor in the Golden Triangle. Additionally, it is just two blocks from both the Farragut West and Farragut North Metro stations.
“When you work with sponsors of the caliber of The Tower Companies, lenders respond,” commented Phil Mudd. “Lenders were particularly impressed that the building was built by Albert “Sonny” Abramson and it is still owned by the Abramson Family over 40 years later.”
“The Tower Companies takes exceptional care of their properties because of their long term ownership perspective,” commented Christian Miles. “The newly constructed office suites have top quality finishes which blend handsomely with their elevator lobbies. This translates into quick re-leasing, which is something lenders appreciate,” Miles added.
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 of 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.