Currently 1110 Vermont is 78% leased to 24 tenants, including advertising giant WPP, Streamsage, a regional cable company, and Tompkins Construction. Retail tenants include Starbucks and two restaurants: Il Mulino and Mio Restaurant.
1110 Vermont is one of a few buildings in the DC area that has been successfully used to secure refinancing in the last several months – at least in a loan of this size. Earlier this year, HFF secured $100.5 million for 1101 K St., NW, a 310,825-square-foot office building in the East End. Financing for the building, owned by a joint venture between JBG Cos. and Rockwood Capital, replaced a construction loan with Bank of America with a three-year adjustable rate loan with Helaba--Landesbank Hessen-Thuringen Girozentrale. That particular loan was 65% loan-to-cost.
1110 Vermont underwent renovation in 2006, which this refinancing is in part replacing. At the time, GlobeSt.com reported that the 300,000-square foot building was owned by a joint venture including GMAC Institutional Advisors, Perseus Realty and Stillman Group. In 2005, GMAC acquired a majority interest from Sillman and Perseus, already a minority interest holder, increased its stake in the property for $82 million. Property developer Stillman was left with a minority interest. VP F. Lindsay Stroud did not return a call to GlobeSt.com in time for publication.
© Touchpoint Markets, 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 inforrmation visit Asset & Logo Licensing.
