Mills Building Breaks Away with $10M Financing Package

WASHINGTON, DC-The Mills Building Associates, owners of the 150,000-sf structure at 1700 Pennsylvania Ave. known as the Mills Building, have secured permanent financing on the office property to the tune of $10 million with the assistance of Cassidy & Pinkard/iCap. Carr Real Estate Services Inc. also participated in facilitating the deal. The financing package, which comes from M&T Bank, consists of a 10-year floating rate loan. According to District records, the property has a 2004 assessed value of just over $49 million.

Situated in the Golden Triangle area of Foggy Bottom, the 10-story 1700 Pennsylvania Ave. locale has a solid tenant roster that includes law firms Ferris, Baker Watts Inc., Phillips & Barker, and King & Spalding, which renewed and expanded a lease on 42,000 sf in the class A building in the summer of 2002. Leasing rates for similar office properties on the block–such as 1730 and 1747 Pennsylvania Ave–range from $38 to $39.50 per sf, according to CarrAmerica records.