Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 04 February 2014

210,897-SF Office Building in Washington, D.C., Fetches $95Mln

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A venture of Minshall Stewart Properties and Heitman has paid $95 million, or roughly $450/sf, for 1401 New York Ave. NW, a 210,897-square-foot office building in Washington, D.C.

Lone Star Funds sold the property in a deal brokered by Eastdil Secured. The seller had paid $71.7 million for the building last March.

The Minshall/Heitman venture funded its acquisition with a $65.5 million loan provided by Goldman Sachs. Cassidy Turley arranged the floating-rate debt.

The venture plans to renovate the property, which is roughly 40 percent occupied by tenants that include the Lawyers' Committee for Civil Rights Under Law, American Sustainable Business Council and the Maureen and Mike Mansfield Foundation.

The 12-story building, two blocks from the Metro Center rail station and the White House, was constructed in 1983. It includes an underground parking garage with 168 spaces.

Minshall, of Bethesda, Md., focuses on acquiring and repositioning underperforming properties in the Washington area. Heitman, of Chicago, manages about $29 billion of assets in North America, Europe and Asia.

Comments? E-mail Josh Mrozinski or call him at (267) 247-0112, Ext. 213.

 



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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Washington
  • States: District of Columbia
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: No
Read 1155 times Last modified on Thursday, 06 February 2014

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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