X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The 250,000-sf office building at 1500 Eckington Place, which serves as the headquarters and operations center for broadcasting company XM Satellite Radio, has been financed for $33 million. CB Richard Ellis’s banking division LJ Melody & Co. facilitated the deal on behalf of building owner XM 1500 Eckington LLC, which acquired the property in 2001 for $34 million.

Merrill Lynch is providing the funds for the permanent financing deal. “The timing was right for XM to replace their floating rate debt with long-term financing,” says LJ Melody & Co.’s Maury Zanoff, who oversaw the transaction along with colleague Joe Donato. “Merrill Lynch gained a deep understanding and belief in XM’s business plan leading to Merrill Lynch’s strong interest in this project.”

A onetime printing site for National Geographic magazine, 1500 Eckington sits right at the intersection of Florida and New York avenues in the northeast section of the city. XM Satellite occupies about 155,000 sf of the property–which has a current assessed value of nearly $31 million–and leases out the remaining space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.