Penzance Refinances 1130 Connecticut Avenue, NW with $61M from UOB
Posted May 17, 2011
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Penzance has refinanced the debt on its downtown Washington, DC property located at 1130 Connecticut Avenue, NW. New debt in the amount of $61 million was provided by United Overseas Bank Limited (UOB).
Wes Boatwright and Jon Goldstein at Jones Lang LaSalle arranged the financing on behalf of Penzance.
1130 Connecticut Avenue, NW, originally built in 1986, is a 12-story office building situated just one block from the Farragut North metro station on Washington's "main street" in downtown Washington, DC. The building features a 6-story atrium lobby, tenant-only fitness center and below grade parking.
Located in the central business district and directly across the street from the Mayflower Hotel, the Class A, 218,571 square foot office building has been owned by a joint venture between Penzance and Greenstreet Real Estate Partners, LP, and managed by Penzance, since 2004.
"When we originally acquired this asset in 2004, although extremely well located, it was underperforming and we saw the opportunity to improve its competitive position," said Tom Ikeler, Penzance Managing Director of Capital Markets. "1130 Connecticut has now become a core property and a key asset in our portfolio, with continued strong growth prospects."
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