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SunTrust Banks, Inc. provided the floating rate loan for CalSTRS
WASHINGTON, D.C., JUNE 3, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $112 million in non-recourse financing for Lincoln Place, a 503,776 square foot, Class A office complex that is 100 percent leased to the U.S. Drug Enforcement Agency (DEA). The property is located at 600 & 700 Army Navy Drive, just outside of Washington, D.C., in the Pentagon City submarket of Arlington, Virginia. SunTrust Banks, Inc. provided the 10-year, floating rate loan to the California State Teachers’ Retirement System (“CalSTRS”).
Managing Director Wes Boatwright, along with Executive Vice Presidents Mike Yavinksy and Jon Goldstein, led the JLL team on this transaction. David L. Bonuccelli & Associates, Inc., Independent Fiduciary and Debt Advisor to CalSTRS, stated, “The JLL Team managed the entire process from start to finish in a very professional manor and was able to secure the financing on very attractive terms.”
Lincoln Place is a 12-story, two building office complex which is fully leased to the DEA through September of 2018. Located on Army Navy drive, just feet from the Pentagon and adjacent to the Pentagon City Metrorail station (Blue and Yellow lines), the property enjoys unparalleled access to the region’s critical transportation network, including its major roadways and Ronald Reagan Washington National Airport. The tremendous amenity base that surrounds the property provides a dynamic, 24/7 mixed-use environment that includes a wide variety of residential options, restaurants, hotels, entertainment venues and shopping, including the acclaimed Fashion Centre at Pentagon City.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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