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Middle-Market Digest

Middle Market Digest: The Mid-Atlantic

Phillips Realty Capital secured a $200 million permanent loan for an office tower in Tysons, while in Richmond, the Dori Foods Building has traded for $7.7 million.

1775 Tysons Blvd

DEAL TRACKER

TYSONS, VA–Phillips Realty Capital secured a $200 million permanent loan for Lerner Enterprises’ 1775 Tysons Blvd, a 17-story office tower. The loan was provided by TH Real Estate, the real estate investment management arm of TIAA and the financing was structured by John Sieber, Jr., a principal at Phillips Realty Capital, which has a correspondent lender relationship with TIAA-CREF.

RICHMOND, VA–Phillips also secured $36.5 million on behalf of Reynolds Development for the Altria Building at Reynolds Crossing, which is located at 6603 W. Broad St. Phillips Realty Capital Managing Director Charles DuBose arranged the financing. The 222,057-square foot, Class B building was built in 1968 and renovated in 2007. It is fully leased to a single credit tenant, Philip Morris USA, a wholly-owned subsidiary of Altria. The building serves as the headquarters for Phillip Morris USA.

RICHMOND, VA–The Dori Foods Building, located at 3410 Norfolk St., has traded for $7.7 million, or $89 per square feet. Eric Robison of Cushman & Wakefield

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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