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News release

WASHINGTON, DC

JLL Arranges Acquisition Financing for North Bethesda Place I & II in North Bethesda, MD


WASHINGTON,  FEB. 22, 2016 – On behalf of Hines, JLL’s Capital Markets experts today announced the firm successfully arranged the acquisition financing for North Bethesda Place I & II, a two-building complex totalling 345,567 square feet. Hines is planning to renovate the buildings to accommodate accelerated demand for high quality, transit-oriented office product in the close-in suburban markets of Washington, DC. 

Santander provided the loan of $48.9 million which includes future funding for tenant improvements and leasing commissions.

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

“The project generated significant interest from lenders due to its exceptional sponsorship and prime location in the amenity-rich North Bethesda submarket. The area is experiencing rapid redevelopment and transit-oriented growth, which is leading to increased tenant demand,” said Goldstein. 

North Bethesda Place I & II are ideally located within the heart of the Pike District, an area which is transforming into a thriving and diverse mixed-use urban center. With an increased emphasis on walkability and amenities, this location will capitalize on value-conscious tenants who are seeking high quality office space and convenient transit alternatives, but are priced out of the Washington, DC and downtown Bethesda markets. The properties’ tenants currently include the National Cancer Institute, JBS International and Whole Foods Market. Hines is embarking on a multi-year capital improvement program that will complement recently completed renovations aimed at capturing a wide variety of tenants.

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 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About Hines
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.

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. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.