On the Market

Hidrock Hopes to Net $75 M for Office Building at 240 West 35th Street

240West 35th Street (Credit: Costar)

Hidrock Realty is selling an office building at 240 West 35th Street and expects to pull in upwards of $75 million for the 162,044-square-foot property with the help of a team at Jones Lang LaSalle, The Commercial Observer has learned.

City records show that Hidrock paid $58 million for the property in 2008, a 200 foot, 18-story building constructed in 1925.  The firm infused $6 million into a capital improvement program that included renovations to the lobby, new elevators and updated HVAC systems.  An affiliate of Meritage Properties reportedly provided $14 million in joint venture equity at the time of the purchase. Read More

Mortgage Beat

GSA-Heavy Bethesda Building Receives $47 Million in Financing

10401 Fernwood Road.

Cushman & Wakefield Equity, Debt & Structured Finance has arranged $47 million in financing for the Atrium at Rock Spring Park, a 237,000-square-foot office building located at 10401 Fernwood Road in Bethesda, Maryland.

Meritage Properties owns the building in a joint venture with GTIS Partners. The two bought it from Hines in 2006 for $57 million, according to data from Real Capital Analytics. Previous financing on the building included a $20.5 million first mortgage from Variable Annuity Life Insurance Co. Read More