CIM Lends $148M on Tysons Corner Office Campus
By Cathy Cunningham December 28, 2021 4:33 pm
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Westbrook Partners and American Real Estate Partners (AREP) have landed a $148 million refinance from CIM Group for Highline at Greensboro District, a 460,851-square-foot, Class A office campus in Tysons Corner, Va., Commercial Observer has learned.
Dustin Stolly and Jordan Roeschlaub, vice chairmen and co-heads of Newmark (NMRK)’s debt and structured finance team, arranged the loan along with team members Nick Scribani, Chris Kramer and Ben Kroll. Joe Donato and Kevin Ridgeway of Newmark’s Mid-Atlantic debt capital markets team also assisted in the debt placement.
Westbrook and AREP purchased the two-building Highline complex — at 8401 and 8405 Greensboro Drive in McLean, Va. — in 2017 for $132 million, and have invested a further $31 million to renovate and reposition it since. Situated on 7.55 acres, the multi-tenanted property is comprised of two 10-story office buildings, separated by a landscaped plaza and courtyard, plus a 1,333-space parking garage. Tenant amenities include a 5,536-square-foot health club, a lounge and a conference center.
“Westbrook and AREP have done an exceptional job revitalizing and elevating Highline to meet the needs of the market, which is evidenced by the 250,000 square feet of leasing since acquisition,” Stolly said. “We were able to leverage the property’s momentum into a favorable debt execution.”
The Highline is both WELL Health Safety-certified and 09oo-verified, with health and wellness being paramount for office tenants in a post-COVID world. Indeed, in May, Paul Schulman, AREP’s principal and COO, told CO that the McLean, Va.-based firm had undertaken a rapid response to have its entire portfolio, which amasses more than 10 million square feet, verified for indoor health and wellness standards.
“This financing highlights lenders’ increasing appetite for high-growth submarkets combined with institutional equity,” Roeschlaub added. “The deal profile and attractive loan basis created a lot of interest from the lender community, and led to an efficient execution.”
The property is also in good company, sitting directly adjacent to The Boro Tysons, The Meridian Group’s 3.5 million-square-foot mixed-use, metro-oriented development.
CIM officials weren’t immediately available for comment. Officials at Westbrook and AREP didn’t immediately respond to requests for comment.
Cathy Cunningham can be reached at: ccunningham@commercialobserver.com.
