Dealmaker: Grosvenor Completes $82M Washington, D.C. Office Building Refinance

Grosvenor, London, refinanced 1500 K Street NW in Washington, D.C. with an $82.1 million first mortgage provided by Helaba, Frankfurt, Germany.

1500 K Street NW, Washington, D.C.

An Eastdil Secured team led by Managing Director Nick Seidenberg arranged the financing.

Constructed in 1928, 1500 K Street NW is a 262,190-square-foot office and retail property overlooking McPherson Square near downtown Washington, D.C.’s central business district and East End submarkets. Located two blocks north of The White House, the property achieved a Walk Score of 98.

Grosvenor recently completed a $20 million renovation designed to bring modern features and amenities to the historic building. The modernization program focused on sustainability, wellness and amenities, including a new lobby with more open space and light, an HVAC system with MERV 13-plus filters for tenant comfort and lower energy consumption and a new roof and rooftop lounge.

Grosvenor has been active in the Washington area since 1986 and developed residential mixed-use projects including F1RST in Navy Yard, District Apartments in the U Street Corridor and Central in Silver Spring, Md. The firm is building a 240-unit residential development at 340 Morse Street in Union Market and a residential and school mixed-use redevelopment project in Georgetown. The firm acquired 237-unit multifamily property Grosvenor Tower in North Bethesda, Md. in July.