Carr’s D.C. Office Building Gets $104M Funding
- Feb 07, 2008
The speculative office development at 901 K Street (pictured), in Washington, D.C.’s CBD, has gotten a $104 million construction loan, according Holliday Fenoglio Fowler L.P., which arranged the financing. The structure, under development by Carr Properties, will have a total of 261,000 square feet of space. HFF’s Bill Asbill, Bob Donhauser Cary Abod worked exclusively on behalf of Carr Properties to secure the 36-month loan with a consortium of banks. The facility is co-led by Wells Fargo Bank National Association as administrative agent and PNC Bank National Association as syndication agent. The bank group also includes US Bank National Association and Chevy Chase Bank, F.S.B. The development is slated for completion in the third quarter of 2009. It will have 12 stories of Class A office space with floorplates from 15,000 to 23,000 square feet. Upper floors will have floor-to-ceiling windows with 360-degree views and the entire building will be designed to achieve LEED Gold Certification. The property has frontage along 10th and K Streets and Massachusetts Ave. in the East End submarket of Washington, D.C. The Washington metropolitan area, with office space totaling 278 million square feet, continues to be one of the most attractive commercial real estate markets in the country. It has enjoued continued job growth, with a recent increase of 47,000 new jobs across the region. Rent rates in the region continue to climb. The current market wide average asking rate is $46.78 per square foot, according to local sources. Class A average asking rates are $52.37 per rentable square foot, a 7 percent increase from $48.93 a year ago.