Thursday, August 18, 2011

HFF and Lowe Enterprises complete $118 million refinancing for Century Center I and II in Crystal City, VA

                                                           


WASHINGTON, D.C. – HFF announced that it has arranged a $118 million refinancing for Century Center I and II (top left photo), a two-building office complex with ground floor retail totaling 626,004 square feet in Crystal City, Virginia.

HFF worked exclusively on behalf of Lowe Enterprises (“Lowe”) to secure the five-year, adjustable-rate loan through Wells Fargo Bank. 

Loan proceeds are refinancing an existing loan and funding future leasing and capital expenditures.  Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager.

Lowe recently completed a $30 million renovation of Century Center I and II that improved building systems and curb appeal as well as repositioning the retail space to increase visibility along the heavily trafficked Crystal Drive.

Century Center I and II has 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. 

The property boasts major credit-grade tenants including Raytheon, GSA, and Northrop Grumman with new ground floor retail tenants such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica. 

Located at 2450 Crystal Drive and 2461 South Clark Street, Century Center I and II is situated two blocks from the Crystal City Metro Station, providing easy access to the shops and restaurants of Crystal City, as well as downtown Washington, D.C., the Pentagon and Reagan National Airport.

The HFF team representing Lowe included managing director Cary Abod (middle right photo) and senior managing directors Bill Asbill (middle left photo) and Bob Donhauser (lower right photo).

“Century Center’s renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe’s commitment to the property and the Crystal City submarket, and has been well received by the market as evidenced by new retail tenants continuing to sign leases; positioning the property for long-term success,” said Abod.

Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm.  Over the past 39 years, it has developed, acquired or managed more than $16 billion of real estate assets nationwide.  

Lowe is currently responsible for more than $5 billion of commercial, hospitality and residential assets.   In addition to its Los Angeles headquarters, Lowe Enterprises maintains regional offices in Washington, D.C., Denver, Southern California and Northern California.

For further information on Lowe’s activities, please visit: http://www.loweenterprises.com/

Contacts:  
Cary P. Abod, HFF Managing Director, (202) 533-2500, cabod@hfflp.com                                                                                   
Kristen M. Murhy, HFF Associate Director, Marketing, (713) 852-3500                                       
             

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