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WASHINGTON, DC-MBA is only occupying a portion of its new 170,000 sf office building that delivered in April 2008. The association moved into its new space in June, taking roughly 60,000 sf for itself. The remaining office and 11,000-sf of retail space–a total of 110,000 sf all together–has been handed over to Transwestern to lease.

Transwestern’s Mark Richardson, senior vice president, and Jackie Raff, vice president, will market the project’s office component. Transwestern senior vice president and director of retail services, Bill Miller, will market the retail component.

MBA wrapped up financing for this building earlier this year with the assistance of HFF. It secured a $75 million loan structured as a variable-rate, 30-year taxable bond sale that was enhanced by a Letter of Credit facility. The acquisition financing provided MBA with enough proceeds to fund the remaining tenant improvements and leasing costs for the 60% or so of the building that will be leased.

With vacancy levels still relatively quite low in the East End, demand for this space should be robust. According to GVA Advantis statistics, there is some 2.8 million sf of vacant space, or a 6.4% vacancy rate, in this submarket. Asking rates for class A space in the East End is $49.31. For class B it is $43.82. The building at 1331 L St. is Silver LEED certified. Transwestern did not return a call in time for deadline.

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