WASHINGTON, DC - Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has secured permanent financing for 1101 Connecticut Avenue NW, a 12-story, 187,879 square foot corner office building located in downtown Washington, DC. Cassidy Turley’s David Webb, Vice Chairman; Philip Mudd, Senior Managing Director; James Butler, Vice President; Christian Miles, Senior Managing Director; and Brad Geiger, Vice President, represented the owner, a joint venture between Federal Capital Partners and Penzance, in securing the $42 million bank loan.
“This was a highly sought after asset from the lenders’ perspective, and we had a number of attractive choices,” remarked Mr. Webb. “The combination of a premium core location and the FCP and Penzance sponsorship allowed for very aggressive loan terms and a highly flexible structure.”
1101 Connecticut is a Class A office property situated at the corner of Connecticut Avenue and L Street atop the Farragut North Metro station. The retail level was recently repositioned, and the top floors provide sought-after views of The White House and Washington Monument. The surrounding area includes an abundance of high-end amenities. In addition, it is located within the Golden Triangle BID’s $12 million Connecticut Avenue Median and Streetscape Enhancement project slated for completion in spring 2014. The property is currently 94% leased to a roster of law firms, associations and professional institutions.
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.