$66.78 million acquisition financing for office building in Washington, D.C.’s Dupont Circle arranged by HFF
WASHINGTON, D.C. – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged a $66.78 million financing for 11 Dupont Circle, a 155,713-square-foot office building in Dupont Circle in Washington, D.C.
Working on behalf of the borrower, First Potomac Realty Trust, HFF placed the 15-year, fixed-rate loan with an insurance company separate account advised by an affiliate of Walton Street Real Estate Debt (WSRED) in conjunction with KeyBank who will retain servicing on the transaction. Loan proceeds were used to finance the prior acquisition of the property.
Located in the epicenter of Washington, D.C., Dupont Circle sits at the confluence of residential neighborhoods, the city’s commercial core, and cultural and entertainment hotspots. 11 Dupont Circle is situated at the nexus of Connecticut, Massachusetts and New Hampshire Avenues and is within walking distance of the Red Line metro station providing access to the entire metropolitan area. Renovated in 2004, the property is 96 percent leased to a diverse mix of tenants.
The HFF debt placement team representing the borrower was led by Sue Carras and Dan McIntyre.
About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties in the greater Washington, D.C. region. As of March 31, 2015, its consolidated portfolio totaled 8.0 million square feet. Based on annualized cash basis rent, its portfolio consists of 63 percent office properties and 37 percent business park and industrial properties. A key element of First Potomac's overarching strategy is its dedication to sustainability. More than one million square feet of First Potomac property is LEED Certified, with the potential for another 700,000 square feet in future development projects. Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified. FPO common shares (NYSE: FPO) and preferred shares (NYSE: FPO-PA) are publicly traded on the New York Stock Exchange.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.