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MBA Moves Into New 170,000-SF Home

WASHINGTON, DC-The newly delivered 1331 L St. will be one of the few buildings in DC with a Gold LEED certification for core and shell.

By Erika Morphy | Updated on June 12, 2008

WASHINGTON, DC-On Monday, MBA will have moved into its new home at 1331 L St., a 170,000-sf building that it agreed to purchase last January when it was under construction by the Manhattan-based Paramount Group Inc. and Washington, DC-based DRI Development Services LLC. MBA’s plans for its new headquarters is to occupy about 65,000-sf and rent out the remaining space. MBA is moving from its current location of 1919 Pennsylvania Ave., where it occupies about 5,000-sf, today.

The sale was secured by a $75 million loan structured as a variable-rate, 30-year taxable bond sale. This transaction was enhanced by a Letter of Credit facility provided by PNC Bank, in which Wells Fargo, Chevy Chase Bank and Virginia Commerce Bank also participated. PNC Capital Markets marketed the bonds. HFF senior managing directors Bill Asbill and Bob Donhauser and director Cary Abod represented MBA in the financing. HFF did not return calls in time for comment.

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