Dweck Closes Purchase of 2 D.C. Offices with $241M Loan
- May 28, 2008
Ownership of an historic office building and a new office project in Washington, D.C., has officially changed hands, with Dweck Properties’ acquisition of the two assets from The JBG Cos. A $241.1 million financing package paved the way for Dweck’s reported $375 million purchase of the properties, which will account for a total of approximately 461,000 square feet of premier office space. Holliday Fenoglio Fowler L.P. played a significant role in the trade. The real estate services firm orchestrated the disposition of JBG’s properties at 51 Louisiana Ave. and 300 New Jersey Ave. on Capitol Hill, and arranged for Dweck to secure funds for the purchase, as well. The financing came in the form of a three-year fixed-rate loan provided by Calyon, Bank of Ireland, PB Capital and Helaba. A five-story 205,600-square-foot District landmark, the 73-year-old building at 51 Louisiana Ave. (pictured) holds the distinction of having been designed by Shreve, Lamb and Hamon, the architectural firm behind the design of one of the most recognizable skyscrapers in the world–the Empire State Building. The 10-story tower that will sprout up at 300 New Jersey Ave. was designed by Sir Richard Rogers of Richard Rogers Partnership, and will feature 255,400 square feet of office space atop a six-level underground parking facility accommodating 450 vehicles. With JBG having commenced construction in 2006, the building, which will meet LEED certification standards, is on target to deliver in November. Additionally, a 10-story atrium will be built to link the two properties. Once all is said and done, law firm Jones Day, on the tenant roster at 51 Louisiana, will expand its occupancy by taking on space in 300 New Jersey under a lease that encompasses a total of 77 percent of the properties’ total square footage. Headquartered in Chevy Chase, Md., JBG engages in the acquisition and development of office, multi-family, hotel and mixed-use properties across the Washington Metropolitan region. Over the last five decades, the company has developed, owned or managed over 30 million square feet of office space, 5.5 million square feet of retail space, 15,000 residential units and 15 hotels encompassing an aggregate 4,500 guestrooms. Washington, D.C.-based Dweck is an investment group with substantial assets in the District.