BETHESDA, MD-Carr Properties has secured a $57-million construction loan from Wells Fargo for the construction of 4500 East West Highway, a 220,000-square-foot spec office asset. Cassidy Turley’s David Webb, Jamie Butler and Phil Mudd secured the financing for Carr. Wells Fargo, which is very active in the greater DC area, also provided construction financing to develop 500 Madison, a mixed-use project in Old Town, Alexandria, VA.
4500 East West Highway, which will also include ground floor retail, will be the first trophy to deliver in this submarket in more than a decade. It is being built to LEED Platinum standards. CEO Oliver Carr told GlobeSt.com in an earlier interview that development costs for the building should pencil in at approximately $500 per square foot. Further out in the company’s development pipeline are two office properties in the Arlington submarket of Courthouse. Those will each be approximately 300,000 square feet.
However the most notable project Carr Properties, a private REIT owned by JP Morgan Asset Management, is a building that is already under construction. Earlier this year it broke ground on the 120,000-square-foot 1700 New York Ave., a CBD office that started out as spec but quickly became 72% preleased to two tenants. Scheduled for delivery in 2014, it has been designed to LEED standards, with floor plates of 15,000 to 17,000 square feet.
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