Washington, DC – Cassidy Turley today announced that it secured long term, fixed rate financing for 1828 L Street, NW, located in Washington, DC. The financing was provided by a life insurance company. Philip J. Mudd and Christian Miles of Cassidy Turley arranged the financing on behalf of The Tower Companies.
1828 L Street, NW is a freestanding office building with a prime corner location at 19th & L Streets. The 285,000 square foot building is 98 percent leased to a diverse tenant base with signature retail on the street level, Corner Bakery and Fitness First. The property has recently been renovated with new common areas, bathrooms, HVAC systems and elevator lobbies. It is also conveniently two blocks from the Farragut West Metrorail (Orange and Blue Lines) and the Farragut North Metro (Red Line).
“The insurance companies readily saw an attractive financing opportunity of a well-located property with a well-diversified mix of tenants and lease terms, and owned by an attentive Washington-based investor who makes substantial investments back into their properties,” said Mr. Mudd, Senior Managing Director.
“The renovation of the lobby and common areas and the new Pret A Manger out front give this property a lot of pizzazz and will continue to make this property a strong draw for mainline CBD tenants for the foreseeable future,” commented Mr. Miles, Senior Managing Director.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with over 2,800 professionals in 60 offices nationwide. The firm completed transactions valued over $13 billion in 2009, manages over 420 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, corporate services, project leasing, property management, project and development services, and tenant representation. Outside of North America, Cassidy Turley has served the international needs of its clients since 1985. In 2010, the firm enhanced its global service delivery through its partnership with GVA Grimley. The firm recently ranked in the Top 10 on the Lipsey Co.’s Commercial Real Estate Top Brands Survey, and was ranked #1 by Real Estate Alert for Office Sales in 3 of the Top 6 Markets. Please visit www.cassidyturley.com for more information about the company.
Maureen Wheeler 202.463.1138