Washington, DC – Cassidy Turley today announced that it secured a permanent loan for the McPherson Building, located at 901 15th Street, NW in Washington, DC. The $80 million non-recourse loan was provided by an offshore bank for the building which is approximately 50 percent leased. David Webb, John Campanella and Phil Mudd of Cassidy Turley arranged the financing on behalf of an affiliate of ING Real Estate.
The McPherson Building is a 12-story, 252,834 square foot trophy office building overlooking McPherson Square Park. The property was institutionally developed in 1988 and recently underwent a $25.1 million building renovation to upgrade the building from a Class A property to a trophy quality property. The renovations include a striking new exterior façade with glass curtain wall, cantilevered canopy and stone archway, a light-filled lobby featuring two-tone marble floors, and a state-of-the-art fitness center. The surrounding neighborhood offers a rich amenity base with convenient access to luxury hotels, fine dining and retail shopping, as well as direct access to the McPherson Square metrorail station located across the street from the property. The McPherson Building is leased to a mix of retail tenants, public and private companies and law firms.
About Cassidy Turley
Cassidy Turley is one of the largest commercial real estate services providers in the U.S., with 420 million square feet of managed space in 57 locations and $16 billion in completed transactions for 2008. The firms comprising Cassidy Turley include Cassidy & Pinkard Colliers in Washington, DC, Colliers Turley Martin Tucker in the Midwest, Colliers ABR in New York City and Colliers Pinkard in Baltimore, Charlotte and Raleigh, along with the addition of BT Commercial and CPS in Northern California (formerly affiliated with NAI and CORFAC, respectively), BRE Commercial in Southern California and Phoenix (both formerly affiliated with Grubb & Ellis) and Colliers Houston & Co. of New Jersey. Collectively, the Cassidy Turley firms have over 360 shareholders. Through its team of experienced service professionals, Cassidy Turley focuses on the needs of its clients, offering end-to-end services delivered across a full spectrum of commercial real estate including Capital Markets, Corporate Services (which supports more than 22,000 locations), Landlord and Tenant Representation and Property and Project Management. The firm also offers specialty services and industry focused practice groups as well as first class market research. In addition, Cassidy Turley is a leader in assisting clients to create more sustainable workplace environments. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138