Transwestern's Mark Richardson, senior vice president, and Jackie Raff, vice president, will market the project's office component. Transwestern senior vice president and director of retail services, Bill Miller, will market the retail component.
MBA wrapped up financing for this building earlier this year with the assistance of HFF. It secured a $75 million loan structured as a variable-rate, 30-year taxable bond sale that was enhanced by a Letter of Credit facility. The acquisition financing provided MBA with enough proceeds to fund the remaining tenant improvements and leasing costs for the 60% or so of the building that will be leased.
With vacancy levels still relatively quite low in the East End, demand for this space should be robust. According to GVA Advantis statistics, there is some 2.8 million sf of vacant space, or a 6.4% vacancy rate, in this submarket. Asking rates for class A space in the East End is $49.31. For class B it is $43.82. The building at 1331 L St. is Silver LEED certified. Transwestern did not return a call in time for deadline.
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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.
