Victory Center Gets $196M for Development

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ALEXANDRIA, VA-A $196-million package of debt financing has been arranged for Spaulding & Slye Investments’ and Prudential Real Estate Investors’ Victory Center, a 1.3-million-sf master planned office development here that is being built on spec. Managing director Martin Kamm, VP Jim Gladden, VP Stephanie Lynch, and associate Brandon Flickinger in Jones Lang LaSalle’s DC-based Real Estate Investment Banking team arranged the financing through Wachovia Bank & Trust.

Located at 5001 Eisenhower Ave., the project’s development is already underway for phase 1–the renovation of the existing 606,114-sf Eisenhower Building. This part of the project calls for the 35-year-old 11-story building to be redeveloped into a class A, LEED-certified office facility. The building is expected to be finished in October 2008. Phase II will include the development of two additional class A buildings totaling 641,000 sf of space on two adjacent land parcels.