Two office properties that have been put on the market in Washington's East End are being marketed by the lenders who want to sell them as assets that perfectly suited for an office-to-residential conversion.
A Prudential Financial unit is offering to trade a $155M CMBS loan backed by a 500K SF building at 450 Fifth Street NW in a deal being marketed by Newmark.
According to greenstreet's latest alert, the loan on the Fifth St. building is scheduled to mature in December and the property's sole tenant plans to vacate the building in 2025. The loan is expected to trade at a discount to its face value, with a buyer likely moving to take over the property from its unidentified owner, the report said.
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