Carr Properties Closes on 1615 L St., NW

1615 L St., NW

WASHINGTON, DC—Last July we reported that a source told us that Carr Properties was acquiring 1615 L St., NW , for $230 million or $551 per square foot. News about the deal then went dark, until now. The deal is complete and Carr Properties has indeed bought the CBD property with slight adjustments to the previously-reported pricing: the building, we are told, is trading for $229 million or $549 per square foot. Spitzer Enterprises is the seller, having acquired the 417,273-square foot building in March of 2009 for $180 million, or $430 per square foot. Bernard Spitzer, who has since passed away, paid for the building with cash, assuming a pre-existing $138 million mortgage. Later that year, Spitzer Enterprises secured a $134.3 million mortgage to refinance it—specifically, a 10-year CMBS loan featuring a fixed-rate of 4.61% and interest-only payments for the full term. For that time period, these were rare terms.