Deka Bank provided a $165 million loan on behalf of Edge Fund Advisors and Brookfield Office Properties to refinance 1625 Eye Street NW, an award-winning 383,274-sq.-ft. office building in Washington, D.C.
The building, completed in 2003, is located two blocks from the White House and one block away from the Farragut West and Farragut North Metrorail stations. It is currently 95 percent leased, with the law firm O’Melveny & Meyers serving as the main tenant. The property carries a LEED Gold rating and BOMA’s “360 Performance Building” designation. It has received multiple BOMA awards.
Eastdil Secured’s Nick Seidenberg, Michael Zelin and Clent Frease arranged the transaction.
In an unrelated deal, SunTrust Banks Inc. provided a $112 million non-recourse loan to California State Teachers’ Retirement System for Lincoln Place, a 503,776-sq.-ft. class-A office complex in Arlington, Va. The loan features a 10-year term and a floating rate. Wes Boatwright, Mike Yavinsky and Jon Goldstein, of Jones Lang LaSalle’s capital markets group, secured this transaction.
Lincoln Place is a 12-story, two-building complex located adjacent to the Pentagon City Metrorail station. It is fully leased to the U.S. Drug Enforcement Agency (DEA). The agency’s lease term runs through September 2018.