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| Miyeon Lee |
WASHINGTON, DC – JLL Capital Markets announced it has arranged the recapitalization of Midtown Center, a 868,834-square-foot, trophy office property in the heart of Washington, D.C. Midtown Center is the headquarters location for Fannie Mae.
JLL worked on behalf of the
developer and owner, Carr Properties, to source equity through a consortium of
Korean investors led by IGIS Asset Management. The Korean consortium will own a
minority interest in the REIT that owns the property.
 |
| Jim Meisel |
Midtown Center has a prominent location at 1100 15th St. NW in the heart of Washington, D.C.’s central business district.
Boasting a Walk Score® of 98, the property is just three blocks from the White
House and is surrounded by more than 3,500 hotel rooms, numerous cultural
attractions and high-end restaurants and retail offerings.
Additionally, Midtown Center
offers tenants access to multiple transportation nodes for regional and
national connectivity, including Reagan National Airport, Union Station, Metro
access and bikes lines on L, M and 15th St.
Recently completed in 2018,
Midtown Center is a LEED Gold-certified, trophy office property comprising two
14-story towers that are interconnected through three skybridges.
Midtown Center, a 868,834-square-foot,
trophy office property in the heart
of Washington, D.C.is the
headquarters location
for Fannie Mae.
The property was built with today’s tenants in mind, offering flexible floorplates, sustainable design and state-of-the-art building systems.
In addition, Midtown Center
offers best-in-class tenant amenities, including an 8,000-square-foot, spa-like
fitness center; a 5,000-square-foot rooftop terrace; 1,000 square feet of
shared rooftop conference space;
Also: a 1,300-square-foot bike room; a landscaped, European-style
public plaza and ground floor retail, including Shoto Akedo, Philotimo,
Dauphines, Grazie Grazie and Blue Bottle Coffee.
Andrew Weir
Midtown Center is fully leased
to two tenants and serves as Fannie Mae’s new Washington, D.C. headquarters.
JLL’s Capital Markets team
representing Carr Properties was led by Senior Managing Directors Jim Meisel
and Andrew Weir, Managing Director Matt Nicholson and Director Dave
Baker.
Executive Managing Director Riaz
Cassum and Managing Director Miyeon Lee were also involved from
JLL’s International Capital team.
“JLL is quite pleased to be
able to source a long-term partner for Carr Properties in the midst of the
pandemic,” Meisel said.
“The iconic nature of the asset
and the stellar tenancy was very appealing to investors and we believe the
transaction provides a great boost to the investment sales market in
Washington, D.C. overall.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
Matt Nicholson
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales advisory, debt
placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
About Carr Properties
Carr
Properties is a privately held real estate investment trust that owns, manages,
acquires, and develops high-quality properties in Washington, D.C. and Boston,
Massachusetts.
 |
| Dave Baker |
The company currently owns a portfolio of 13 commercial office properties totaling approximately 4.2 million square feet and maintains a pipeline of three development projects that will add a further 2 million square feet of trophy-quality office space to the company’s portfolio.
Carr
Properties continues to expand through strategic investments in the Washington,
D.C. and Boston, Massachusetts areas.
About IGIS Asset Management
Headquartered
in Seoul, Korea, IGIS Asset Management is an independent global real estate
investment company with more than $33.5 billion of assets under management as
of year end 2020.
 |
| Riaz Cassum |
JLL
(NYSE: JLL) is a leading professional services firm that specializes in real
estate and investment management.
JLL
shapes the future of real estate for a better world by using the most advanced
technology to create rewarding opportunities, amazing spaces and sustainable
real estate solutions for our clients, our people and our communities.
JLL
is a Fortune 500 company with annual revenue of $16.6 billion, operations in
over 80 countries and a global workforce of more than 91,000 as of December 31,
2020.
JLL
is the brand name, and a registered trademark, of Jones Lang LaSalle
Incorporated.
CONTACT:
Kristen
Murphy
Senior
Manager
Public
Relations
Investor Services
JLL
One
Post Office Square, Suite 3500
Boston,
MA 02109
T
+1 617 848 1572
M
+1 617 543 4873
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