HFF arranges $23M redevelopment loan for Olney, MD retail property

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $23 million redevelopment loan for Olney Town Center (top left photo) , a 98,848-square-foot retail property in Olney, Maryland.

HFF managing director Mark Remington worked exclusively on behalf of the borrower, an affiliate of Carl M. Freeman Companies to secure the three-year adjustable-rate loan with RBS Citizens Bank.

Originally built in 1987, Olney Town Center will undergo a combination of new construction and renovations and upon completion in second quarter 2011, will increase from 98,848 square feet to 110,941 square feet with Harris Teeter as the new anchor tenant.

Other tenants in the center will include PNC Bank, Chevy Chase Bank, Subway and Green Turtle Restaurant. The property is located near the major intersection of Georgia Avenue and Sandy Spring Road in Olney, approximately 10 miles north of the Washington Beltway.

“In a challenging credit environment, this represents a very successful combination of high quality real estate, sponsor and lender,” said Remington.

Contacts:

Mark T. Remington, HFF Managing Director, (202) 533-2500, mremington@hfflp.com 
Kristen M. Murphy,  HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

$98M construction loan arranged by HFF for future headquarters of DARPA in Arlington, VA

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

HFF closes sale of Princeton, NJ office building

WASHINGTON, D.C. – The Washington, D.C. and New York offices of HFF (Holliday Fenoglio Fowler, L.P.) have closed the sale of 1100 Campus Road, a 166,991-square-foot trophy office building in Princeton, New Jersey.

HFF executive managing director Stephen Conley, (top right photo)  senior managing director Andrew Scandalios, (top left photo)  managing director Andrew Weir  (bottom right photo) and directors Jeffrey Julien and Elizabeth Taylor led the investment sales team exclusively on behalf of the seller, Patrinely Group and USAA Real Estate Company.

 Dividend Capital Total Realty Trust Inc. purchased the property.

Completed in 2006, 1100 Campus Road is fully leased to Novo Nordisk, Inc. through May 2023. The five-story property has direct access to and visibility from Route 1 and is situated less than four miles from downtown Princeton in central New Jersey.

“The sale of 1100 Campus Road offered an investor the rare opportunity to acquire a trophy-quality asset that is 100% leased to an A-credit tenant for the long-term on a triple-net basis,” said Conley.

“Princeton is a core, institutional submarket that continues to attract corporate tenants and owners due to the proximity to New York and Philadelphia and its access to a highly educated labor pool,” added Scandalios.

Since 1983, Patrinely Group has emerged as a national leader in the development of large-scale real estate projects throughout the United States, in particular build-to-suit corporate headquarters and regional offices.

With more than $5 billion in assets, USAA Real Estate Company provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors.

 The USAA portfolio consists of office, industrial, retail, multi-family and hotel properties with annual volume transactions exceeding $3 billion. USAA Real Estate Company is a subsidiary of USAA, which has served military families since 1922 and has become one of America’s leading financial services companies.

Dividend Capital Total Realty Trust Inc., a Denver-based REIT, invests in a diversified portfolio of commercial real estate assets. As of June 30, 2009, the company owned 76 properties totaling approximately 12.5 million square feet in 26 geographic markets.

Contacts:

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425, ascandalios@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Sale of Metropolitan at Pentagon Row in DC closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Metropolitan at Pentagon Row,(top right photo)  a 326-unit, luxury multi-housing high-rise in Arlington, Virginia.

The HFF investment sales team was led by directors Dave Nachison (middle left photo)  and Alan Davis, (bottom right photo)  who marketed the property on behalf of a partnership between Cornerstone Real Estate Advisers, a national commercial real estate advisor with approximately $8 billion of assets under management, and their locally based partner, Kettler.

Equity Residential purchased the Class A high-rise for nearly $100 million free and clear of any existing financing.

“The sale of Metropolitan at Pentagon Row signifies that there is tremendous demand for best-of-class multi-family properties in metro Washington, D.C. Investors clearly hold Washington in the highest regard among very few recognized ‘core’ investment markets nationally and globally,” said Nachison.

“Investor interest was deep and from a broad mix of institutional and private equity players including prominent interest from off-shore investors,” added Davis.

Completed in 2004, Metropolitan at Pentagon Row offers studio, one- and two-bedroom units averaging 870 square feet each. Community amenities include a rooftop resident’s lounge with kitchen, cyber café, billiards room, rooftop swimming pool, business center, fitness center, massage room, and controlled access garage parking.

There is a virtual concierge 24 hours a day, seven days a week and a 24-hour front desk and call center. The 95% leased property is located at 1401 South Joyce Street in the Pentagon City/Crystal city neighborhood of Arlington, close to downtown Washington, D.C., the Pentagon, and Reagan National Airport.

“Adjacent to the Nordstrom and Macy-anchored Fashion Center at Pentagon City and leading lifestyle retail at Pentagon Row, the neighborhood amenity base is among the very best in the region,” added Nachison.

Cornerstone Real Estate Advisers was established in 1994 to provide private real estate equity investment management services for its parent, Massachusetts Mutual Life Insurance Company, and other institutional clients including public and corporate pension funds, endowments, foundations, and insurance companies.

Equity Residential (NYSE: EQR) is the largest publicly traded owner, operator and developer of multifamily housing in the United States with more than 501 properties in 23 states and the District of Columbia.

Contacts:

David R. Nachison, HFF Director, (202) 533-2536, dnachison@hfflp.com
Alan M. Davis, HFF Director HFF, (202) 533-2508, adavis@hfflp.com
Kristen M. Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Sale of Washington, D.C.’s Potomac Center North closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Potomac Center North, (centered photo below) a 497,196-square-foot, Class A office building in downtown Washington, D.C.

The HFF investment sales team was led by executive managing director Stephen Conley (middle right photo) and managing director Andrew Weir, (middle left photo) who represented the seller, investors advised by Prudential Real Estate Investors. Invesco Real Estate, working on behalf of a pension fund client, purchased the property free and clear of debt for an undisclosed amount.

Potomac Center North is fully leased to the United States Government through 2018 for the headquarters of Immigration and Customs Enforcement, a sub-agency of the Department of Homeland Security.

Redeveloped in 2005, the 11-story property is LEED-Silver certified and meets the Department of Justice Level IV security requirements for blast design.

Building amenities include a three-level, 350-space underground parking garage, a cafeteria, a conference/meeting facility and a fitness center. Potomac Center North is located at 500 12th Street, SW close to the L’Enfant Plaza Metro station, which provides access to four subway lines and the Virginia Railway Express commuter rail.

Established in 1993, Invesco Real Estate manages $23 billion of real estate investments in both direct property and real estate securities.

With 221 employees worldwide, the group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence.

The firm manages approximately $19.4 billion in direct real estate portfolios and $5.5 billion in real estate securities portfolios. Invesco Real Estate is an investment center of Invesco Institutional (N.A.), Inc., a subsidiary of Invesco Ltd. (IVZ) which is a publicly traded money management firm.

Contacts:

Stephen C. Conley, HFF Executive Managing Director, (202) 533-2500, sconley@hfflp.com

Andrew M. Weir, HFF Managing Director, (202) 533-2500, aweir@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

$57.5M sale of Fairfax, VA luxury multifamily community closed by HFF

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of Post Forest, (top right photo) a 364-unit multifamily community in Fairfax, Virginia.

HFF directors Dave Nachison (middle left photo) and Alan Davis (bottom right photo) led the marketing efforts on behalf of the seller, Post Properties, Inc.

Pantzer Properties purchased Post Forest for $57.5 million free and clear and placed a new mortgage through Freddie Mac.

Post Forest is located at 12101 Pine Forest Circle adjacent to the Fairfax County Government Center in the Washington, D.C. suburb of Fairfax.

The 97% leased property has studio, one- and two-bedroom units averaging 835 square feet each. Residents have access to a community room, fitness center, swimming pool, business center, two tennis courts, laundry facility, car wash facility and an exercise trail.

“Post Forest is a community that blends core quality and location with the value-add potential to enhance rents through minor renovations, further increasing performance margins and ensuring the property’s continued position at the top of the market,” said Nachison.

Post Properties, Inc., founded more than 38 years ago, is a developer and operator of upscale multifamily communities throughout the United States.

The company is headquartered in Atlanta, Georgia and has operations in nine markets across the country.

Headquartered in New York City and Saddle Brook, New Jersey, Pantzer Properties is a fully integrated owner/operator of investment properties in the east coast of the United States.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

$139M financing for four-property retail portfolio in Virginia arranged by HFF

WASHINGTON, D.C. – The Washington, D.C. and Boston offices of HFF (Holliday Fenoglio Fowler, L.P.) announced that they have arranged $139 million in financing for a four-property retail portfolio in Virginia.

HFF senior managing director Todd Stressenger, (top right photo) managing director Mark Remington (top left photo) and director Coleman Benedict (bottom right photo) worked exclusively on behalf of the borrower, Federal Realty Investment Trust.

Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc., provided the five-year, fixed-rate loan for the portfolio, which was previously unencumbered with debt. The transaction closed in early June.

“HFF obtained a $139 million loan from Prudential Mortgage Capital Company, a strong achievement in this challenging credit environment,” said Remington.

The portfolio totals 867,404 square feet. Individual property details are listed below:

Idylwood Plaza, 73,382 Square Feet, built 1991, Whole Foods,
Falls Church, VA

Leesburg Plaza , 235,528 Square Feet, 1967/2007, Giant,
Leesburg, VA

Loehmann’s Plaza , 261,894 Square Feet, 1971/2007, Giant, Falls Church, VA

Pentagon Row, 296,600 Square Feet, 2001-2002, Harris Teeter,
Arlington, VA

Federal Realty Investment Trust is a publicly-traded real estate investment trust that has a current portfolio of 83 retail assets totaling 18.1 million square feet.

Contacts:

Todd S. Stressenger, Senior Managing Director, (617) 338-0990, tstressenger@hfflp.com

Mark T. Remington, HFF Managing Director, (202) 533-2500, mremington@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of one of Arlington, Virginia’s most recent mixed-use projects

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Zoso, (top left rendering) a 114-unit multifamily community with 20,000 square feet of ground-level retail and office space in Arlington, Virginia.

The investment sales team was led by directors Dave Nachison (bottom right photo) and Alan Davis (bottom left photo) in HFF’s Washington, D.C. office who represented the seller, Ed Peete Company.

Simpson Housing, L.P. purchased Zoso upon lease-up.
Completed in 2008, Zoso has one- and two-bedroom units averaging 941 square feet each.

The property features a rooftop garden and terrace as well as a secured underground parking garage.

Located at 1025 Fillmore Street in the Clarendon neighborhood of Arlington, Zoso is convenient to the Clarendon Metro Station providing access to downtown Washington, D.C. as well as the shops, restaurants and services of Clarendon.

“Zoso’s fantastic location within walking distance of the best amenities in Arlington and its unmatched luxury has made Zoso the most highly regarded ‘boutique’ apartment building in the sought after Rosslyn/Ballston corridor, commanding the highest rents in the market,” said Nachison.

“Leasing of the commercial space is well underway at the property and will add terrific upscale amenities to complement the best-of-class building and neighborhood,” added Davis.

The Ed Peete Company is an Arlington, Virginia-based, high-end residential developer that has completed several Washington, D.C. area projects including Joule, Io Piazza and Zoso.

Headquartered in Denver, Colorado, Simpson Housing, L.P. is a fully-integrated real estate firm that is organized to deliver a comprehensive range of real estate services primarily focusing on multifamily property management and development.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF arranges $24.1M financing for Silver Spring, MD multifamily community

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $24.1 million in financing for Rollingwood Apartments, (above centered photo) a 283-unit multifamily community in Silver Spring, Maryland.

HFF director Cary Abod (top right photo) and senior managing directors Bob Donhauser (middle left photo) and Bill Asbill (bottom right photo) worked exclusively on behalf of the borrower, Federal Realty Investment Trust, to secure the 10-year, 5.72 percent fixed-rate loan with Wachovia Multifamily Capital, Inc. – FNMA.

“This was a very conservative deal in a strong rental market, which allowed the process to move smoothly and quickly, even in this environment,” said Abod.

Rollingwood Apartments is located at 2535 Ross Road approximately seven miles northwest of downtown Washington, D.C. The property has one-, two- and three-bedroom apartment and townhome units averaging 859 square feet each.

Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management and redevelopment of high quality retail assets.

Federal Realty's portfolio (excluding joint venture properties) contains approximately 18.1 million square feet. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962 and has increased its dividend rate for 41 consecutive years, the longest record in the REIT industry.

Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.

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. http://www.hfflp.com/.

Contacts:

Cary P. Abod, HFF Director, (202) 533-2500, cabod@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

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.

Contacts:

Robert F. Donhauser, HFF Senior Managing Director, (202) 533 2500, rdonhauser@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852 3500, krmurphy@hfflp.com

$100.5M financing secured by HFF for 1101 K Street NW in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has secured $100.5 million in financing for 1101 K Street NW, (top left photo) a 310,825-square-foot, Class A office property in Washington, D.C.

HFF senior managing directors Bob Donhauser (top right photo) and Bill Asbill (middle left photo) and director Cary Abod (bottom right photo) worked exclusively on behalf of the borrower, a joint venture between The JBG Companies and Rockwood Capital, LLC in arranging the three-year, adjustable-rate loan through Helaba (Landesbank Hessen-Thuringen Girozentrale).

The 65% loan-to-cost financing is replacing a construction loan through Bank of America and will provide funds until the asset is stabilized.

Completed in 2007, 1101 K Street NW is leased to tenants including FTI Consulting, Brunswick Capital, District of Columbia Bar Association, Information Technology Industry Council and Brasserie Back.

The property has 28,000-square-foot floor plates that feature 16 corner offices per floor and floor-to-ceiling windows with views of the New City Center, Washington Monument and Capital Dome.

Building amenities include a rooftop deck, high-end fitness center with locker rooms and a first-floor restaurant.

The property is located in Washington, D.C.’s east end submarket on the corners of K, 11th and 12th Streets with easy access to four metro stations as well as the Verizon Center, Gallery Place neighborhood and the New City Center, due for completion in 2011.

Headquartered in Chevy Chase, Maryland, The JBG Companies is an active developer, investor, owner and operator of office, residential, hotel and retail properties with more than $10 billion in assets under management and development.

Founded in 1960, JBG has established a reputation as one of the leading real estate companies in the Washington metropolitan area.

More information can be found by visiting the company’s Web site: http://www.jbg.com/.

Rockwood Capital, LLC is a real estate investment company, which provides equity capital for repositioning, recapitalization, development and redevelopment of commercial property types, including retail, hotel, residential, office and research and development space in key markets throughout the United States.

Contacts:

Robert F. Donhauser, Senior Managing Director, (202) 533-2500, rdonhauser@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

HFF secures $7.2M financing for southern Maryland Class A office buildings

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has secured $7.2 million in financing for Holly II and Holly III, Class A, multi-tenant, office buildings (top right photo) totaling 106,514 net rentable square feet in California, Maryland.

Working exclusively on behalf of Wildewood Development Corporation, HFF senior managing directors Bill Asbill (top left photo) and Bob Donhauser (middle right photo) and director Cary Abod placed a five-year, 4.69% fixed-rate loan with PNC Bank, which was used to refinance a securitized loan.

Located at 44427 and 44423 Airport Road respectively, Holly II and Holly III are within the Wildewood Professional and Technology Office Park less than five miles from the Patuxent River Naval Air Station (“NAS”) and the Naval Air Systems Command (“NAVAIR”) headquarters.

Holly II, which has 54,221 square feet of office space plus a 3,793-square-foot conference room facility, is 94% occupied by tenants including General Dynamics and Lockheed Martin. Holly III has 52,293 square feet of fully leased office space.

The major tenant at Holly III is ARINC.

“NAVAIR and NAS attract all of the major defense contractors to the California, Maryland area and provide stable tenant demand for the 1.9 million-square-foot office market,” said Asbill.

Since its inception in 1981, Wildewood Development Corporation has developed 15 buildings for a variety of tenants and users within St. Mary’s County, Maryland.

HFF (NYSE: HF) operates out of 18 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. http://www.hfflp.com/.

Contacts:

William S. Asbill, Senior Managing Director, (202) 533-2500, wasbill@hfflp.com

Cary P. Abod, HFF Director, (202) 533-2500, cabod@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

HFF named by First Centrum, LLC to secure joint venture equity for Daniel Island, SC Project

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has been named by First Centrum, LLC to secure a joint venture equity partner for the development of Verena at Daniel Island, (top right photo) a 110-unit, senior independent living apartment community on Daniel Island, an island town in Charleston, South Carolina.

HFF directors Dave Nachison (top left photo) and Alan Davis (middle right photo) are leading the effort to arrange the equity financing on behalf of the sponsor.

“First Centrum, LLC is confident in their ability to secure construction and mini-permanent financing for the project and is seeking a joint venture partner that will provide approximately $5.0 million in equity,” said Davis.

“The project generates a return on cost that clearly justifies and compensates for taking development risk even in this economic environment.”

Located in the center of Daniel Island’s urban village, Verena at Daniel Island residents are within walking distance of retail shops, restaurants and community amenities accessible via miles of dedicated pedestrian paths.

The one- and two-bedroom apartments will have “condo level” finishes and will range in size from 658 to 1,385 square feet.

Community amenities will include a community/dining room, coffee bistro, hair salon, exercise center, wellness and massage room, theater, art studio and game room. Each resident’s rent will also include daily breakfast and another served meal, all utilities except phone and cable, weekly maid service, a dedicated bus for transportation and access to a full time activities director.

First Centrum brings more than 30 years of multifamily and senior housing development experience to this project and applies a fully integrated approach with in-house architecture, general contracting, development and property management capabilities.

First Centrum's development efforts have included luxury rental, single family and multifamily for-sale communities restricted or targeted to residents 55 years of age and older.

Contacts:

David R. Nachison, HFF Director, (202) 533-2500, dnachison@hfflp.com

Alan M. Davis, HFF Director, (202) 533-2500, adavis@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, krmurphy@hfflp.com

HFF closes sale of Jefferson Building in Washington, D.C.

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of the Jefferson Building, (top right photo) a 72,756-square-foot, eight-story office building in Washington, D.C.

The HFF investment sales team was led by senior managing directors Dek Potts, (top left photo) Jim Meisel, (bottom right photo) and director Andy Pulliam who marketed the property on behalf of the seller, BlackRock Realty.

INVESCO Real Estate purchased the property for an undisclosed amount free and clear of debt.

Located at 1225 19th Street NW, the Jefferson Building is situated within the Golden Triangle Business Improvement District of Washington, D.C. with easy access to Connecticut and Massachusetts Avenues, K Street and Rock Creek Parkway as well as Dupont Circle Metro Station and Farragut North Metrorail Station.

The 93% leased property was most recently renovated in 2007 and has parking for 64 cars in a two-level underground parking garage.

“This boutique asset has enjoyed an excellent occupancy history due to its prominent corner location with windows on all four sides as well as 9,350-square-foot floor plates, which have attracted small law firms and associations.

"In addition, The Palm, the building’s landmark restaurant, recently expanded and renewed its lease,” said Potts.

BlackRock is one of the world’s largest publicly traded investment management firms.

As of September 30, 2008, BlackRock’s assets under management were $1.259 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. For additional information, please visit the firm's website at www.blackrock.com.

INVESCO is a leading independent global investment management company, dedicated to helping their clients build their financial security. INVESCO provides a comprehensive array of enduring investment solutions for retail, institutional and high-net-worth clients around the world.

Operating in 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at http://www.invesco.com/.

Contacts:
James A. Meisel, HFF Senior Managing Director, (202) 533-2500, jmeisel@hfflp.com
Stephen "Dek" Potts Jr., HFF Senior Managing Director, (202) 533-2500,
dpotts@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com