Mirae Asset Global Investments Closes $69M Refi
- Jun 18, 2020
Mirae Asset Global Investments has received a $68.5 million refinancing for 1750 K St., a fully leased, 165,604-square-foot office building in downtown Washington, D.C. JLL Capital Markets arranged the funding.
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The 12-story office building is in the Golden Triangle neighborhood in the city’s central business district. The location features walkable access to transit and many dining and shopping options. 1750 K St. is fully leased to five tenants.
JLL placed the floating-rate loan with Bridge Investment Group Holdings. Mirae Asset Global Investments will use the proceeds to repay the previous loan. JLL Capital Markets’ debt placement team representing the borrower was led by Managing Director Cary Abod, Senior Director Rob Carey and Senior Managing Director Andrew Weir.
Founded in South Korea, Mirae Asset Global Investments now operates worldwide across 12 markets. Last September, in what reportedly was the largest ever cross-border CRE investment by a South Korean firm, Mirae purchased from Chinese insurer Anbang a 15-hotel portfolio for more than $5.8 billion.
Early this year, the Washington, D.C., office market posted a vacancy jump of about 300,000 square feet, causing it to hit a record high overall vacancy of 14.5 percent, according to a first-quarter report from CBRE. The net negative absorption resulted in part from two deliveries totaling 849,000 square feet and from two sizable vacancies by federal agencies.
Office leasing by non-profits, however, remained strong, followed by tech and media tenants. About 1.4 million square feet of office space—29 percent preleased—is scheduled to deliver by the end of the year, but the report notes that delays could occur because of the pandemic. Despite concerns around soft occupancy, asking rents have continued to increase, especially for trophy-class product, CBRE noted.