WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district.
Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not released.
The new property will also feature ground-floor retail space and below-grade parking, as well as proximity to nearby public transportation lines. The location also puts the building within walking distance of The White House and the U.S. Treasury Building.
Maryland-based EagleBank provided the loan, specific terms of which were not disclosed. Philip Mudd and Brad Geiger of Cushman & Wakefield placed the debt on behalf of The Lenkin Company, a full-service construction and management firm that developed the existing building.
“There were several lenders interested in financing this project,” says Mudd. “This was due to the quality, design, ownership and extraordinary location.”
— Taylor Williams