Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-A Denver-based REIT, Dividend Capital Total Realty Trust, tapped life insurance company funds to help it finance its acquisition of 1300 Connecticut last month, for $63.6 million. The company secured a seven-year, fixed rate loan of $36.5 million with a life insurer, which the company did not name. The 117,594-square-foot office property is close to 98% leased by such tenants as IAM National Pension Fund, VISA USA and PFC Energy. Dividend did not return a call to GlobeSt.com in time for publication.

The REIT recently made another acquisition in the DC area: 270 Center, a 232,700-square-foot retail shopping center in Gaithersburg that is fully occupied. According to a statement by the company, 1300 Connecticut is Dividend’s first office acquisition in the city.

Besides a validation that investment sales can close even in this environment, the deal also provides another anecdotal data point that life insurance companies are continuing to support commercial real estate transactions–despite their clear scale back of funding this year. HFF, which helped arrange the financing, did not return a call to GlobeSt.com.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.