$118M Refi for Two-Building Complex Near D.C.
- Aug 17, 2011
August 17, 2011
By Nicholas Ziegler, News Editor
With the growth of the government’s footprint in Washington, D.C., the $118 million refinancing of Century Center I and II will likely prove a good investment. Holliday Fenoglio Fowler, L.P., announced the refi of the 626,004 square feet of office space in Crystal City, Va., a two-building complex with ground-floor retail.
Lowe Enterprises, which owns the property, received a sizable $118 million deal that includes the refinancing of an existing loan, as well as future leasing and capital expenditures, through Wells Fargo Bank.
“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 HFF managing director Cary Abod.
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.