Search
 

Carr Properties Closes on 1615 L St., NW

WASHINGTON, DC—As we reported at the time, the CBD property went under contract last year for $230 million.

By Erika Morphy | erikamorphy | | Updated on March 10, 2016
1615 L St., NW 1615 L St., NW
WASHINGTON, DC—Last July we reported that a source told us that Carr Properties was acquiring 1615 L St., NW , for $230 million or $551 per square foot. News about the deal then went dark, until now. The deal is complete and Carr Properties has indeed bought the CBD property with slight adjustments to the previously-reported pricing: the building, we are told, is trading for $229 million or $549 per square foot. Spitzer Enterprises is the seller, having acquired the 417,273-square foot building in March of 2009 for $180 million, or $430 per square foot. Bernard Spitzer, who has since passed away, paid for the building with cash, assuming a pre-existing $138 million mortgage. Later that year, Spitzer Enterprises secured a $134.3 million mortgage to refinance it—specifically, a 10-year CMBS loan featuring a fixed-rate of 4.61% and interest-only payments for the full term. For that time period, these were rare terms.

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.