Search
 

Lowe Secures $116M Refinance Package

CRYSTAL CITY, VA-The refinancing will support the company's $28 million rehab of the 624,573-sf Century Center I and II.

By Erika Morphy | Updated on July 30, 2008

CRYSTAL CITY, VA-Lowe Enterprises has secured a $116.1 million refinancing package with GE Real Estate for its Century Center I and II office towers here. The three-year adjustable rate loan will be used to repay original loans on the 624,573-sf office complex–as well as support its ongoing $28 million renovation of the project.

Century Center I and II are 13-story buildings consisting of more than 560,000-sf of office space and 70,000-sf of retail. Upgrades will include refurbished lobby and public space, new entrances and extensive enhancements to the buildings’ facades. The renovation will be completed in summer 2008. Century One is located at 2450 Crystal Dr., totaling 389,732 sf with more than 900 parking spaces. Adjacent building Century Two is located at 2461 S. Clark St., totaling 238,091 sf with more than 600 parking spaces. The properties are joined by a retail promenade at the first floor street level, which is also connected to adjoining buildings and the Metro to the North.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.