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Vornado and Gould Property Company secured financing for Rosslyn property through Wells Fargo & Company
WASHINGTON, D.C., June 7, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has secured $53.5M in senior debt financing for 1777 N. Kent Street in suburban Washington, D.C. Wells Fargo & Company provided the loan for the 14-story, 277,786 square foot office building, owned by a joint venture comprised of Vornado and Gould Property Company. The property is situated at the easternmost end of Rosslyn, Virginia, one of the strongest office markets in the United States. Proceeds from the loan are expected to be utilized for a full-scale renovation and repositioning, including new lobby and common areas and upgrades to the building’s mechanical systems. The Corporate Executive Board has already pre-leased 108,000 square feet in the building.
Managing Director Wesley Boatwright and Executive Vice Presidents Mike Yavinsky and Jon Goldstein led the Jones Lang LaSalle team on this transaction. Situated in Rosslyn, Virginia, 1777 N. Kent Street offers an irreplaceable location including stunning, unobstructed and monumental views of the Washington, D.C. skyline. The submarket, one of the top performing in the DC metropolitan area offers an urban setting providing abundant amenities and direct access to Metrorail’s Blue and Orange lines, the area’s critical roadways and major international airports including Washington Reagan National Airport and Washington Dulles International Airport.
Vornado (NYSE: VNO)Vornado is a fully integrated equity real estate investment trust and is one of the largest owners and managers of commercial real estate in the United States, primarily in the New York and Washington, DC areas. Vornado is the largest owner/manager in the Washington, DC metropolitan area and the largest commercial property owner in Arlington, Virginia. For further information, please visit www.vno.com.
Gould Property CompanyGould Property Company is a private real estate investment group. It is owned and operated by the Gould Family. The company is an active real estate investor in the Baltimore and Washington region. Over the past sixty years, the company has developed a real estate portfolio that includes commercial office buildings, hotels, residential; development and industrial properties. For more information, please visit www.gouldproperty.com.
About Jones Lang LaSalle Capital MarketsJones 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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