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Wednesday, 13 September 2017

Appraised Value of Dulles, Va., Office Building Drops Sharply

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Commercial Real Estate Direct Staff Report

The appraised value of the Hallmark Building, a 305,347-square-foot office building in Dulles, Va., has been reduced to $37.8 million from $80 million in 2007, according to a report on TreppWire.

The five-story property, at 13873 Park Center Road, serves as collateral for a $64 million CMBS loan securitized through Banc of America Commercial Mortgage Inc., 2008-LS1. The loan transferred to special servicer LNR Partners last December because it was expected to default at its June maturity. It did, and the loan is now classified as being in foreclosure.

The building, which is 83 percent occupied, was constructed in 1985. Meanwhile, several large leases are set to expire within the next two years. Akima LLC's lease for 71,351 sf expires in July 2019, Federal Aviation Administration's lease for 24,106 sf expires this month and SRA International's lease for 15,444 sf expires in January.

Last year, the property generated $3.5 million of net cash flow, which was just shy of the amount needed to service the CMBS loan.

Comments? E-mail Jen Loukedis or call her at (267) 247-0112, Ext. 212.


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Additional Info

  • Syndicate to Realpoint: No
  • States: Virginia
  • Sector: Office
  • Subject: Commercial MBS (CMBS)
  • Deal Name: Banc of America Commercial Mortgage Inc., 2008-LS1
  • Private: No
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Data Digest







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




cppichart FP



CMBS 2.0 Spreads


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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