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A subsidiary of Quadrangle Development Corporation got a $ 230 million loan to refinance A place of freedom, a 286,400 square foot trophy office building in Washington, DC
CBRE organized the loan through institutional investors advised by JP Morgan Asset Management. The terms of the loan were not disclosed.
“Since the start of the COVID-19 pandemic, this property has gone completely against the trend of difficult office demand, as it has leased the remaining space with some of the highest rents in the area. city.” David webb, a vice president of CBRE, told Commercial Observer.
Located at 1301 Pennsylvania Avenue NW, close to both White House and United States Capitol, the LEED-Gold trophy office building has a tenant roster that includes legal, financial and professional service companies.
Completed in 2019, the 13-story building comprises a spacious two-story lobby; a large entertainment suite; and three outdoor terraces, including a 3,000 square foot roof terrace offering an extraordinary view of the Federal Triangle and National shopping center.
Joining Webb on CBRE Capital Markets’ Atlantic Debt and Structured Finance team as Executive Vice President Maxi Leachman, first vice-president Justin glasgow and associate vice-president Curtiss Telfer.
CommercialCafe lists the rents of the building on average $ 53 to $ 58 per square foot.
Keith Loria can be contacted at kloria@commercialobserver.com.
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