LaSalle Investment Management Lands $50M Refi for Class A Office in D.C.
Demand for Class A office space drove as much as 80% of all leasing activity in D.C. by Q2, per Savills
By Nick Trombola December 5, 2025 4:45 pm
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Class A properties are keeping Washington, D.C.’s office leasing afloat, and a new financing package shows investor confidence in the District’s high-end workspace, too.
LaSalle Investment Management, the investment arm of real estate services giant JLL, has secured $50 million via two separate loans backing One Thomas Circle, a 12-story, 229,660-square-foot building named after its address. State Farm provided a $40 million refinancing deal with a 2030 maturity, and LaSalle’s in-house debt platform provided the other $10 million, with a 2035 maturity, according to CommercialSearch, which cited Yardi Matrix data.
LaSalle acquired the asset in 2016 for about $115 million, property records show. The 1982-built property is at 1 Thomas Circle NW, a few blocks northeast of the White House. The building was fully renovated in 2003 and lightly upgraded in 2014. Tenants include Industrious, GlobalGiving and Washington Media Group, per Yardi.
Representatives for LaSalle and State Farm did not immediately respond to requests for comment.
Although office availability within the District is still hovering above 20 percent, there are signs that D.C.’s post-pandemic office troubles are easing — or at least not getting worse. Availability has largely stayed flat since the end of 2024, according to a recent quarterly market report by Savills, and federal leasing activity has picked up despite the Trump administration’s downsizing disposition.
Class A properties dominate leasing activity in D.C., however, making up as much as 80 percent of all activity within the second quarter of this year occurring at high-quality buildings, per Savills.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
