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TYSONS CORNER, VA-MetLife Real Estate Investments has placed a $105-million, 14-year, fixed-rate construction/permanent mortgage on Park Place II, an 11-story, 312,897-sf, class A building under construction here.
The building, located at 7930 Jones Branch Dr, is a signature development of the Washington, DC-based B.F. Saul Co., which has applied for LEED Silver certification for the building--the first in the Tysons Corner submarket. The project architect is Leo A. Daly, Inc., and the General Contractor is Clark Construction Group LLC. The building is expected to deliver in the second half of 2008.
The financing was arranged by Phil Mudd, Christian Miles, and Jon Goldstein of Cassidy & Pinkard in Washington. Linda Lyon, Steve Taylor, and Brian Casey in MetLife's local office led the transaction team.
The building is in a unique position in Tysons Corner, according to Brian McVay, an executive vice president of Cushman & Wakefield, who is leading the leasing effort along with colleagues Moe Hamilton and Craig Bernstein. It is the only speculative building to break ground in the submarket since 2003, he tells GlobeSt.com. Furthermore, no other building will deliver here before this one does.
Preleasing interest in this environment, needless to say, has been good, McVay adds. "We are receiving inquires from users as small as 20,000 sf to the larger end of the spectrum." With the building's delivery more than a year away, nothing has been signed yet, but that is not unusual in the Northern Virginia market, where there is traditionally little preleasing. "We are feeling very bullish about the situation," McVay says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
