DC’s One Freedom Plaza Secures $230M Refinancing Loan
An affiliate of Quadrangle Development Corporation has secured a $230 million loan to refinance One Freedom Plaza, a 286,400-square-foot trophy office building in Washington, D.C.
CBRE arranged the loan through institutional investors advised by J.P. Morgan Asset Management. The loan terms were not disclosed.
“Since the start of the COVID-19 pandemic, this property went completely against the trend of struggling office demand, as it leased the remaining space with some of the highest rents in the city,” David Webb, a vice chairman with CBRE, told Commercial Observer.
That led to a favorable financing landscape, he said. “Domestic and foreign lenders seeking to have some balance in their portfolio with office building loans were extremely aggressive and competitive in terms of interest rate and other terms, being particularly drawn to the long average lease term in the building and the credit quality of the tenants.”
Located at 1301 Pennsylvania Avenue NW, near both the White House and U.S. Capitol, the LEED-Gold trophy office building has a tenant roster that includes legal, financial and professional services companies.
Completed in 2019, the 13-story building features an expansive two-story lobby; a large entertainment suite; and three outdoor terraces, including a 3,000-square-foot rooftop terrace offering extraordinary views over the Federal Triangle and National Mall.
Joining Webb on CBRE capital markets’ mid-Atlantic debt and structured finance team were Executive Vice President Maxi Leachman, Senior Vice President Justin Glasgow and Associate Vice President Curtiss Telfer.
CommercialCafe lists rents in the building averaging $53-$58 a square foot.
Keith Loria can be reached at email@example.com.