Dealmaker: Cushman & Wakefield Secures $129M for Offices

Cushman & Wakefield secured $129.4 million for two Washington, D.C.-area office properties. 

C&W Executive Managing Director John Campanella arranged $80.4 million for The Meridian Group, Bethesda, Md., to purchase 1735 North Lynn Street in Arlington, Va. A bank and debt fund served as the lenders.

International Place has 294,000 rentable square feet across the street from the Rosslyn Metro station with views of the Jefferson Memorial, Memorial Bridge and the Potomac River and the largest potential for balconies and outdoor space in the Rosslyn-Ballston Corridor. 

“We continue to see competitive floating-rate pricing for quality product with strong sponsors,” Campanella said.

Campanella also arranged $49 million for Hampden Square, 12-story, 146,000-square-foot office asset in Bethesda. C&W represented American Realty Advisors when it sold the asset to The Donohoe Cos., Washington, D.C., last month. A life insurance company provided the 10-year fixed-rate loan.

“This sale is just another validation of the strength of the downtown Bethesda office sales market,” said C&W Vice Chairman Bill Collins, who represented American Realty Advisors. “It’s clear to me that these opportunities to acquire such high-quality assets are becoming harder to come by, and, as such, the scarcity value only becomes greater in the future.” 

Located at the intersection of Montgomery Lane and Woodmont Avenue within one block of the Bethesda Metro station, Hampden Square is currently 85 percent leased to five full-floor tenants, Campanella said.