WASHINGTON, D.C. — UNIZO Holdings Co. Ltd. has acquired two Class A office buildings in Washington for $259 million. The buildings, 1325 and 1341 G St., total 440,419 square feet and are located two blocks from the White House. Built in 1969 and renovated in 2017, 1325 G. St. consists of 307,705 square feet. Originally built in 1903 and also known as The Colorado Building, 1341 G. St. consists of 132,714 square feet of office and retail space. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson of HFF arranged the sale on behalf of the sellers, Westbrook Partners LLC and TIER REIT Inc. HFF also procured the buyer. In June 2015, HFF arranged the joint venture between Westbrook and TIER REIT. The partners repositioned the properties with a lobby renovation. Westbrook is a real estate investment management company with more than $14 billion of equity in over $50 billion of real estate transactions. TIER REIT (NYSE: TIER) is a real estate investment trust based in Dallas with a focus on owning quality office properties. With this sale, TIER REIT has announced its exit from the Washington, D.C. market. UNIZO is a real estate company based in Tokyo. …
District of Columbia
Walker & Dunlop Originates $183.1M in Financing for Two Multifamily Properties in D.C.
by John Nelson
WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $183.1 million for Park Chelsea and 2M, two LEED-certified multifamily properties in Washington, D.C. Brendan Coleman, Keith Melton and David Strange led the Walker & Dunlop origination team, which arranged the transactions through Fannie Mae’s Green certification execution for Park Chelsea and the U.S. Department of Housing and Urban Development’s (HUD) refinance program for 2M on behalf of WC Smith, a developer and owner of affordable housing in the Mid-Atlantic region. Situated in Washington, D.C.’s NoMa district, 2M is a LEED Gold-certified property with 93 percent of its units reserved for low-income tenants, including renters using Section 8 vouchers. Community amenities include a rooftop pool, grilling area, indoor fitness center and basketball court and 24-hour concierge services. The property was 99 percent occupied at closing. WC Smith, which closed a HUD development loan for 2M two years ago, will use the $63.8 million loan to refinance existing debt. Park Chelsea is the first of three properties that will be known as The Collective, a rental community located in Washington, D.C.’s Capitol Riverfront. As a LEED Silver-certified building, the property qualified for Fannie Mae’s Green Building Certification financing, which totaled …
WASHINGTON, D.C. — Chicago-based Pearlmark Real Estate and Lincoln Property Co. are teaming up to develop an 11-story trophy office building at 699 14th St. N.W. in Washington, D.C.’s East End, less than two blocks from the White House. Situated at the corner of 14th and G streets, the development will connect to the existing historic banking hall, which was last occupied by the National Bank of Washington. Designed by Shalom Baranes Associates, the 160,000-square-foot property will feature 135,000 square feet of office space and 25,000 square feet of ground-floor retail space. The office space will feature 9-foot ceilings, floor-to-ceiling glass, multiple common rooms and private outdoor terraces. As part of the joint venture agreement, Lincoln Property Co. will develop, lease and manage the office building. Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark. Stephen Conley, Susan Carras and Andrew Weir of HFF arranged the joint venture between Pearlmark and Lincoln.
WASHINGTON, D.C. — Washington REIT has signed a contract to acquire Watergate 600, a 309,387-square-foot office building located at 600 New Hampshire Ave. N.W. in Washington, D.C. Katherine B. Bradley and David G. Bradley, owners of publishing firm Atlantic Media, have agreed to sell Watergate 600 to Washington REIT for $135 million. Atlantic Media occupies 140,000 square feet of space at the 12-story office building on a long-term lease. Built in 1972 along the Potomac River, Watergate 600 is part of the six-building Watergate complex and features direct access to Interstate 66 and the Metrorail’s Foggy Bottom rail station. The asset was 97 percent leased at the time of sale.
WASHINGTON, D.C. — The National Housing Partnership Foundation (NHPF) has purchased Takoma Place Apartments, a seven-building, 105-unit complex located at 6676 Georgia Ave. in Washington, D.C. The Department of Housing and Community Development committed $13.7 million to the $16 million transaction. Citibank and the undisclosed seller also provided bridge financing for the property.
GREENBELT, MD. — Eastern Equity Advisors has arranged $12 million in equity on behalf of Blue Ocean Realty, a Maryland-based management company, for the acquisition of The Hanover Apartments, with securities offered through Palladium Capital Advisors. Located at 7232 Hanover Parkway in Greenbelt, Md., a northeastern suburb of Washington, D.C., the garden-style property has 320 units. Marc Belsky of Eastern Equity arranged the equity. Meridian Capital sourced an undisclosed amount of financing from Capital One for the transaction. The purchase price was not disclosed.
COLUMBIA, MD. — Phillips Realty Capital has structured $26.5 million in permanent financing for The Evergreens at Columbia Town Center, a 156-unit apartment development in Columbia, roughly midway between Washington, D.C. and Baltimore. Adam Bieber of Phillips arranged the financing on behalf of RMJ Development Group, a firm based in McLean, Va. PGIM Real Estate Financing, a division of Prudential Financial Inc., provided the funds.
WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.
Skanska Completes Excavation Work at 99M Office Building in D.C.’s Capitol Riverfront Area
by John Nelson
WASHINGTON, D.C. — Skanska has completed the excavation and foundation work for 99M, an 11-story, 234,000-square-foot office building under construction in Washington, D.C.’s Capitol Riverfront neighborhood. The building will be situated at the corner of 1st and M streets within walking distance of Nationals Ballpark and Navy Yard-Ballpark Metrorail entrances and seven blocks from the U.S. Capitol. Set to open in 2018, the asset will feature about 11,000 square feet of retail and restaurant space, with two committed restaurants in place: CIRCA and Open Road. The property will also feature a green roof, rooftop terrace, fitness center, bicycle storage and four levels of underground parking. The excavation work began in November 2015. Skanska has five other development projects underway in the greater D.C. area: 2112 Pennsylvania Ave., RESA at Tyber Place, the First Street Tunnel, the headquarters facility for the District of Columbia Water and Sewer Authority and American University’s East Campus project.
WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.