Douglas Development Lands $53M for DC Office Building
- Jul 02, 2018
Douglas Development Corp. has secured a $52.8 million floating rate loan to refinance and lease 1000 F St. NW, a newly constructed office property in Washington, D.C.’s East End submarket. Natixis originated the loan on behalf of the owner.
The building offers 93,465 square feet of space, including 7,282 square feet of ground-level retail and two levels of below-grade parking. The loan was used to refinance the existing construction loan and provide capital for tenant improvements, allowing the owner to continue leasing the asset. Standing 11 stories, the property incorporates a two-story designated historic structure, in which the facades were restored and the interior was completely renovated and integrated with the contemporary design of the building. Currently 30 percent leased, the asset is LEED Gold certified.
DC portfolio growth
Douglas Development Corp. is based in Washington, D.C., and currently has a portfolio of 300 properties totaling more than 10 million square feet of leasable space in the metro area. Last August, the company purchased a $2.3 million office and retail building in Annapolis, Md., from PNC Bank.
Prior to that, in May of last year, the firm acquired nine land parcels for $66 million in Washington, D.C., located at 1801 New York Ave. NE, from the Schaeffer family. The site is part of 15 acres that the company purchased to develop NewCityDC, a 1.5 million-square-foot mixed-use project.
Image courtesy of Yardi Matrix