Mesirow Provides $275M Refinancing for NASA Headquarters in Washington, D.C.

by John Nelson

WASHINGTON, D.C. — Mesirow, a financial services firm based in Chicago, has provided the $275 million refinancing for the National Aeronautics and Space Administration (NASA) headquarters offices in Washington, D.C. Located at 300 E St. SW, the nine-story office building spans more than 600,000 square feet and was built in 1991, according to LoopNet Inc.

The borrower is a partnership between Hana Alternative Asset Management and Ocean West Capital Partners. Proceeds from the financing provided the partnership with fixed-rate debt that is interest-only for the full term. The loan has a 2028 maturity date, which is coterminous with NASA’s lease.

NASA’s headquarters is located at 300 E. Street SW in Washington, D.C. Pictured is a rendering of a mission control room during a launch sequence. (Image courtesy of Mesirow)

With the funds, the Hana and Ocean West partnership is recapitalizing its equity interest at the property, which is subject to the sixth-largest lease by the General Services Administration (GSA), the federal government’s independent agency that oversees certain operations like office and research space. (The GSA is the leaseholder for NASA.)

Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield arranged the financing on behalf of the borrower and negotiated terms between the borrower and Mesirow.

Mesirow was founded in 1937 and offers credit tenant lease and structured debt products to borrowers. The company’s services include global investment management, capital markets, investment banking and advisory services. Mesirow currently has $215 billion in assets under supervision, according to its website.

Hana Alternative Asset Management is a global investment firm based in Seoul. The company’s assets under management currently total $7.5 billion, two-thirds of which are backed by commercial real estate, according to the company’s website.

Ocean West Capital Partners is a full-service real estate investment, operations and management company based in El Segundo, Calif. Since its founding in 2009, Ocean West has acquired and operated office, industrial, multifamily and student housing investments valued at over $3.5 billion, and has completed over $6.6 billion in real estate transactions.

— John Nelson

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