Done Deals: HFF secures $32M financing for GSA-leased office building in North Rockville, MD

Thursday, May 21, 2009

HFF secures $32M financing for GSA-leased office building in North Rockville, MD

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has advised The JBG Companies and Buvermo Properties Inc. in securing $32 million in financing for One Choke Cherry,(top left photo) a Class A office building fully-leased to the Government Services Administration in North Rockville, Maryland.

HFF senior managing directors Bob Donhauser (middle right photo) and Bill Asbill (middle left photo) and director Cary Abod (bottom right photo) advised JBG and Buvermo on various financing options for the acquisition.

The JBG Companies are comprised of a group of related entities engaged in the acquisition and development of office, multifamily, hotel and mixed-use projects.

Since 1978, Buvermo Properties has invested in office buildings, apartments, condos, retail, hotel, industrial and mixed-use properties in metropolitan Washington, D.C.

One Choke Cherry was completed in 2004 as a “build-to-suit” headquarters for the Department of Health and Human Services’ Substance Abuse and Mental Health Services Administration through a lease with the Government Services Administration (GSA).

The 228,020-square-foot building has an on-site fitness and aerobics center, a video conferencing room and a 790-space parking garage. One Choke Cherry is located along the Interstate 270 Corridor, 12 miles northwest of downtown Washington, D.C. in Rockville, Maryland.

“One Choke Cherry benefits from its location in ‘DNA Alley’, which is known for its high concentration of contractors to the federal government and innovative biotechnology companies,” said Asbill.

HFF (NYSE: HF) operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.

HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. www.hfflp.com.