HFF has arranged a $118 million refinancing for Century Center I and II, a two-building office complex with ground floor retail totaling 626,004 sq. ft. in Crystal City, Va. The deal was completed in July, but details of the transaction were disclosed Monday.
HFF worked exclusively on behalf of Lowe Enterprises to secure the five-year, adjustable-rate loan through Wells Fargo Bank. The loan proceeds were used to refinance an existing loan and fund future leasing and capital expenditures.
Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager.
Located at 2450 Crystal Drive and 2461 S. Clark St., Century Center I and II is situated two blocks from the Crystal City Metro Station, providing convenient access to the shops and restaurants of Crystal City, as well as downtown Washington, D.C., the Pentagon and Reagan National Airport.
Lowe recently completed a $30 million renovation of Century Center I and II that improved building systems and curb appeal and repositioned the retail space to increase visibility along the heavily trafficked Crystal Drive.
Century Center I and II has 560,207 sq. ft. of office space, 65,797 sq. ft. of retail space and a three-level, 1,494-space underground parking garage.
The property features major credit-grade tenants including Raytheon, GSA, and Northrop Grumman with new ground floor retail tenants such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica.
“Century Center’s renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe’s commitment to the property and the Crystal City submarket,” says Cary Abod, managing director with HFF.
The repositioning “has been well received by the market as evidenced by new retail tenants continuing to sign leases, positioning the property for long-term success,” adds Abod.
Los Angeles-based Lowe established its Washington, D.C. area office in 1980 and has been an active investor and developer of commercial real estate throughout the region.
Lowe recently completed development of the $220 million CityVista mixed-use project at 5th and K St., NW and oversaw the $150 million restoration of the famed Washington Hilton Hotel in Washington, D.C.
Lowe currently is overseeing the $70 million renovation of 1400 Crystal Drive in Crystal City on behalf of an investment client.
HFF operates out of 19 offices nationwide and is a provider of capital markets services to the U.S. commercial real estate industry.
HFF, together with its affiliate HFFS, offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.