"We locked rate when the 10-year Treasury was almost at its complete bottom," Structured Finance Group senior managing director Clifford N. Mendelson explains to GlobeSt.com. "We got an incredible execution and could not come close to replacing that rate in today's market."
By all accounts, Quincy Tower is a lender's dream. Carrying the address of 2900 S. Quincy St., the eight-story class A office tower, which also features ground-level retail space, occupies an easily accessible spot off I-395 in the Arlington niche market of Shirlington. The property was developed in 2001, and today, is leased to maximum capacity to a bevy of vital tenants. The roster includes defense contractor ANSER Inc., which signed on for more than 100,000 sf prior to the structure's completion, and architecture and engineering services firm HNTB Corp., which leased 43,000 sf of space last year.
"Quincy Tower has very little rollover in the early years, a great location in the DC area, and very strong and well-respected tenants," Mendelson notes. "It is a very stable asset and, as a result, we had the pick of the litter in terms of lenders wanting to do the deal. There is not a permanent lender in this marketplace who wouldn't want to do it; it would have been heavily bid for but we kept it limited."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
