WASHINGTON, D.C. – The Washington, D.C. and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged $36.5 million in financing for 1300 Connecticut Avenue, (above centered photo) a 125,885-square-foot, Class A office building in Washington, D.C. HFF directors Cary Abod (top right photo) in Washington, D.C. and Brian Carlton (bottom left photo) in Dallas worked exclusively on behalf of Dividend Capital Total Realty Trust Inc. to secure the seven-year, fixed-rate loan with a national life insurance company.
Loan proceeds were used to acquire the property, which had a purchase price of $63.6 million.
“Even in the midst of one of the most turbulent capital markets environments seen in decades, HFF was able to close this transaction within seven weeks at a favorable fixed-rate, a true testament to the quality of the sponsorship as well as the quality of the property itself,” said Abod.
1300 Connecticut Avenue, which was renovated in 1994, is 98% leased to 12 tenants including IAM National Pension Fund, VISA USA and PFC Energy.The property is located at the corner of Connecticut Avenue and N Street, one block from Dupont Circle in the central business district of Washington, D.C.
“The property’s diverse secure tenant mix, easy metro access and uniquely prominent architecture place it among the top-tier of real estate assets in Washington, D.C.,” added Abod.
Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of December 31, 2008, the company owned 73 properties in 24 geographic markets totaling approximately 12 million square feet.
CONTACTS:
Cary P. Abod, HFF Director, (202) 533-2500, cabod@hfflp.com
Kristen M. Murphy, HFF Associate DirectorMarketing, (713) 852-3500, krmurphy@hfflp.com
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