CBRE ARRANGES $152 MILLION IN FINANCING FOR ONE DULLES TOWER IN NORTHERN VIRGINIA
12 Mar 2018
Los Angeles – March 12, 2018—CBRE has secured $152 million in financing for the acquisition of One Dulles Tower, a 403,622-square-foot, 13-story office building in Herndon, Virginia.
Shawn Rosenthal and Sunny Somaiya of CBRE Capital Markets’ Debt & Structured Finance team, based in the firm’s Midtown Manhattan office, secured the 10-year, interest only fixed-rate CMBS loan on behalf of Harbor Group International LLC. The acquisition financing was provided by Wells Fargo. As a result of locking the index in January, the buyer was strategically able to obtain a sub-4% interest rate for the loan term.
“The high-profile credit tenant under a new long-term lease, strength of sponsorship and prime location in the Dulles Technology Corridor led to a highly competitive bidding war for this loan,” said Mr. Rosenthal.
Known as “The Silicon Valley of the East”, the Dulles Technology Corridor is a cluster of technology and defense companies located in Northern Virginia near Washington Dulles International Airport. Specifically, the property is located in Woodland Park master-planned community, giving employees walkable access to 140,000 square feet of retail and restaurants, a hotel, and five-acre park.
The previous ownership, Federal Capital Partners, completed an $11 million renovation in 2017 that included a new building lobby/entryway, fitness center, conference center, elevator cabs, restrooms, and upgraded garage.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.