GAITHERSBURG, MD-Cassidy Turley has secured a floating rate acquisition loan for One Washingtonian Center, a 315,929 square foot office building here that traded here last year for $90 million. CB Richard Ellis Investors acquired the 13-story multi-tenant office building from LaSalle Investment Management in May. The purchase was made on behalf of the CBRE Strategic Partners US Value 5 fund, a commingled private equity real estate fund raised from institutional investors in the United States, Europe and the Middle East.

Now the company has closed on permanent floating rate financing for the acquisition, provided by a domestic bank. Cassidy Turley’s John Campanella and Paul Spellman arranged the financing. 

“The borrower opted for floating rate financing over fixed because the transaction required a fair amount of structure as the building has some upcoming lease roll,” Campanella tells GlobeSt.com. “To be get the flexibility without a big prepayment penalty you have to go floating rate.”

One Washingtonian Center, located at 9801 Washingtonian Blvd., is a top-notch asset in the Gaithersburg submarket. It recently received LEED-EB Platinum certification, becoming one of 40 office buildings in the US and one of only four in the DC area with this distinction.  It has undergone $3.7 million in capital project upgrades over the past five years. It was 85% leased at the time of its sale, with the main tenant Sodexo occupying more than half of the building.