One Metro Center Gets $75M Financing

WASHINGTON, DC-Developers of One Metro Center–the 415,000-sf office building going up at the corner of G and 12th Streets in the former Hecht’s department store space–have received a finance loan of $75 million plus from three different banks. The loan comes with a pre-leasing incentive–if developer Tishman Speyer Properties of New York can lease the building to near full capacity, the available credit will balloon to $103.5 million. Fleet Bank of Boston, MA, Societe Generale of France and Westdeutsche Immobilien of Germany are the financiers behind the deal.

With an expected completion date of 2003, One Metro Center has been in the works since 2001, when Tishman acquired the air rights, a nearby vacant parcel and the Hecht’s property to erect the Class A structure. One Metro Center will offer 12 stories, with office space on the top six floors and a parking lot and two lobbies below. A sky lobby will connect the two separate, hovering office areas. There will also be a central atrium and a fitness center. Individual floors of office space will offer as little as 15,600 sf on the 6th floor, to as much as 67,000 sf on the 9th through 12th floors.