ROSSLYN, VA-Wells Fargo is providing $53.5 million in senior debt financing to a building set to undergo a major renovation. The property, 1777 N. Kent St., is owned by a joint venture between Vornado Realty Trust and Gould Property Co. Wesley Boatwright, Mike Yavinsky and Jon Goldstein led the Jones Lang LaSalle team on this transaction.

The loan proceeds will be used for a full-scale renovation of the 14-story, 277,786-square foot office building. Late last year the Corporate Executive Board pre-leased 108,000 square feet in the building—a very welcome transaction that preceded by a few months the move out of the Department of Defense.

Prior to that, the owners had submitted plans to tear down the building as part of a larger project to develop a 2-million-square foot mixed-use project there. This particular building is located on the north parcel of that project.

The financing is floating rate, Boatwright tells GlobeSt.com. Other than the details around building's redevelopment, "this loan was straight down the fairway for Wells Fargo. They liked the property and the sponsorship." In fact, Boatwright says, "Wells Fargo was willing to lend on it when there wasn't a pre-lease in place but the ownership didn't want to borrow money until they had" at least some tenants lined up.

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Wells Fargo Provides $54M for Rosslyn Office

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