delivered

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Transwestern's Mark Richardson, senior vice president, andJackie Raff, vice president, will market the project's officecomponent. Transwestern senior vice president and director ofretail services, Bill Miller, will market the retail component.

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MBA wrapped up financing for this building earlier this yearwith the assistance of HFF. It secured a $75 million loanstructured as a variable-rate, 30-year taxable bond sale that wasenhanced by a Letter of Credit facility. The acquisition financingprovided MBA with enough proceeds to fund the remaining tenantimprovements and leasing costs for the 60% or so of the buildingthat will be leased.

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With vacancy levels still relatively quite low in the East End,demand for this space should be robust. According to GVA Advantisstatistics, there is some 2.8 million sf of vacant space, or a 6.4%vacancy rate, in this submarket. Asking rates for class A space inthe East End is $49.31. For class B it is $43.82. The building at1331 L St. is Silver LEED certified. Transwestern did not return acall in time for deadline.

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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.