Earlier this year the building's owner, a venture led by Edward Kaplan, Albert Small, and Steven and Michael Gewirz, inked a lease to occupy 255,000-square feet--or 66%--of the building, which was designed by Pei Cobb Freed & Partners. It will apply for Gold LEED certification when complete.
Financing deals such as this 54-month loan are becoming increasingly common, Mudd tells GlobeSt.com. "We are definitely seeing more club and syndication type structures." Still, though, he adds, it never would have moved past the finish line if it didn't have a strong location and strong sponsorship.
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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.
