Earlier this year the building's owner, a venture led by EdwardKaplan, Albert Small, and Steven and Michael Gewirz, inked a lease tooccupy 255,000-square feet--or 66%--of the building, which wasdesigned by Pei Cobb Freed & Partners. It will apply for GoldLEED certification when complete.
Financing deals such as this 54-month loan are becomingincreasingly common, Mudd tells GlobeSt.com. "We are definitelyseeing more cluband syndication type structures." Still, though, he adds, itnever would have moved past the finish line if it didn't have astrong 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.
