Skip Ribbon Commands
Skip to main content

News release

WASHINGTON, D.C.

JLL Secures $32 Million in Permanent Financing for 1750 H Street, NW

State Farm Life Insurance Company provided the fixed-rate loan to First Potomac Realty Trust and AEW Capital Management


WASHINGTON, July 21, 2014 — JLL’s Capital Markets experts today announced the firm has secured $32 million in permanent financing for a 10-story, 113,235-square-foot, Class A office building located in the heart of Washington DC’s CBD.  State Farm Life Insurance Company provided the 10-year, $32 million fixed-rate interest only loan to FP CPT 1750 H Street, LLC, a joint venture between First Potomac Realty Trust and AEW Capital Management.

1750 H Street was constructed in 2002 and boasts a modern, efficient design, private terraces, underground parking, a fitness center, on-site management and 24-hour security. Bordered by K Street and Pennsylvania Avenue, the property enjoys immediate access to major transit thoroughfares and is just two blocks from the Farragut West (Orange/Blue/Silver lines) and Farragut North (Red line) Metro stations. The property is located within DC’s prestigious Golden Triangle, which further affords its tenants access to an extensive amenity base with hundreds of restaurants, retailers and popular entertainment venues. 

“The property’s unbeatable downtown location, combined with its excellent institutional sponsorship and high-credit tenant base generated substantial lender interest, ultimately resulting in exceptional terms for First Potomac and AEW,” commented Jon Goldstein, Executive Vice President at JLL.

Jon Goldstein, along with Managing Director Wesley Boatwright and Executive Vice President Mike Yavinsky led the JLL team on this transaction.

About First Potomac Realty Trust
First Potomac Realty Trust is a self-administered, self-managed real estate investment trust that focuses on owning, operating, developing and redeveloping office and business park properties in the greater Washington, D.C. region.  As of March 31, 2014, the Company's consolidated portfolio totaled 8.7 million square feet.  Based on annualized cash basis rent, the Company’s portfolio consists of 54% office properties and 46% business park and industrial properties.  A key element of First Potomac's overarching strategy is its dedication to sustainability.  Over one million square feet of First Potomac property is LEED Certified, with the potential for another 700,000 square feet in future development projects.  Approximately half of the portfolio's multi-story office square footage is LEED or Energy Star Certified.  FPO common shares (NYSE: FPO) and preferred shares (NYSE: FPO-PA) are publicly traded on the New York Stock Exchange.

About AEW Capital Management
Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage over $39 billion of capital invested in $53.5 billion of property and securities in North America, Europe and Asia (as of  March 31, 2014).   Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum.  AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Hong Kong and Singapore, as well as additional offices in eight European cities.  For more information please visit www.aew.com

About JLL Capital Markets
JLL 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 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

About JLL
JLL (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 fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com. ​