WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $98 million construction loan for the development of the 352,740-square-foot future headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, Virginia.
This project is the first phase of the 1.1 million-square-foot Founders Square mixed-use development.
HFF senior managing directors
Bill Asbill, (top right photo) Bob Donhauser (top left photo) and John Duffy and director
Dan McIntyre worked exclusively on behalf of the owner, Ashton Park Associates I, LLC, to arrange the equity capital with local investors and the construction loan with Landesbank Hessen-Thuringen, also known as Heleba.
The Shooshan Company is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor.
“A truly collaborative effort between the State of Virginia, Arlington County, the GSA and the ownership has enabled this landmark project to commence construction despite the difficult capital markets environment,” said Asbill.
Due for completion in the first quarter of 2012, the 13-story, trophy quality office building will meet the Department of Defense’s Level IV security standards and is designed to be certified LEED-Gold. The property is situated at 675 North Randolph Street across from the Ballston Common Mall in the heart of Washington, D.C.’s Rosslyn-Ballston Corridor (R-B Corridor).
“The R-B Corridor is the primary ‘Inside the Beltway’ office submarket in Northern Virginia and is truly an extension of Washington, D.C.,” added McIntyre. “The Founders Square site is one of the last great development sites in this area and the DARPA headquarters building will serve as an important anchor for its continued development.”
“Especially in these difficult and challenging conditions, we are grateful to our existing and new clients who continue to show their confidence in our ability to create and execute viable solutions for them, as evidenced by nearly 30 separate capital markets transactions that our Washington, D.C. office has closed over the course of 2009,” added Duffy.
Formed in 1986, The Shooshan Company has planned, developed, managed and/or leased approximately 2.5 million square feet in the Rosslyn-Ballston Corridor. Projects include One and Two Liberty Center, The Residences at Liberty Center, Liberty Tower, Arlington Square, One Virginia Square and Quincy Street Station.
Contacts:
William S. Asbill, HFF Senior Managing Director, (202) 533-2500,
wasbill@hfflp.com
Daniel J. McIntyre, HFF Director, (202) 533-2500,
dmcintyre@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com
“Companies in a position to make long-term decisions can benefit from purchasing in today’s market,” said Cassell. “The extra space and land Jani-King acquired in this transaction presents cash flow and/or future expansion options.”
