(Read more on the debt and equitymarkets.)
ALEXANDRIA, VA-A $196-million package of debt financing has beenarranged for Spaulding & Slye Investments' and Prudential RealEstate Investors' Victory Center, a 1.3-million-sf master plannedoffice development here that is being built on spec. Managingdirector Martin Kamm, VP Jim Gladden, VP Stephanie Lynch, andassociate Brandon Flickinger in Jones Lang LaSalle's DC-based RealEstate Investment Banking team arranged the financing throughWachovia Bank & Trust.
Located at 5001 Eisenhower Ave., the project's development isalready underway for phase 1--the renovation of the existing606,114-sf Eisenhower Building. This part of the project calls forthe 35-year-old 11-story building to be redeveloped into a class A,LEED-certified office facility. The building is expected to befinished in October 2008. Phase II will include the development oftwo additional class A buildings totaling 641,000 sf of space ontwo adjacent land parcels.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
