Los Angeles | March 12, 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated 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.
SOURCE: CBRE Group, Inc.