CBRE Capitalarranged a $110.2 million loan on behalf of Clarion Partners for The Washington Building, a 213,896-sq.-ft. class-A office property at 1440 New York Avenue NW in Washington, D.C.
The loan, provided by SunTrust bank, features a long-term rate of approximately 3.5 percent and a seven-year term, with a three-year extension option.
The Washington Building is 94 percent leased. Tenants at theinclude, among others, the law firm Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates.
“The value of this incomparably located property was further enhanced when the owner secured a long-termrenewal with one of the world’s top law firms,” said Joe Donato, of CBRE’s Washington, D.C. capital markets team, in a statement. “The combination led to aggressive competition from life companies and banks and, despite recent market turmoil, CBRE was able to secure a favorable interest rate.”