WASHINGTON, DC—Republic Properties is movingforward with plans to build a 200,000-square foot specoffice in Capitol Hill afterCBRE's Capital Markets team helped it secure$65 million in construction finance.SunTrust is the lender in the deal and CBRE'sDavid Webb and Jamie Butler ledthe financing effort on behalf of Republic.


Securing spec financing is still very challenging, Webb says. Inthis case, several lenders were interested in the deal because ofthe sponsorship, location-the building will be located at 660 NorthCapital St.-and the design of the asset, he says.


For instance, the project's 24,500-square foot floor plates willbe well-suited for the lobbying firms and associations that demandspace in close proximity to the Capitol. Another aspect lendersliked was the supply/demand dynamics when the building delivers in2016. Finally, Republic has been successful in leasing neighboring25 Massachusetts Ave.


The Leo A Daly-designed building will have a rooftop terrace, alarge private courtyard, and fitness center. Its modern design willserve as a counterpoint to the classically-styled neighboringbuildings.

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