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JLL secures $110 million in permanent financing for 1776 Eye Street NW
Taking advantage of a limited supply pipeline of office space in the nation's capital, Rockrose Development Corp. today announced it has secured $110 million in permanent financing for the 224,000-square-foot Class A office asset at 1776 Eye Street NW. JLL's Capital Markets experts secured the financing through Helaba Bank.
Managing Directors Wes Boatwright, Mike Yavinsky, Jon Goldstein and Vice President Trevor Campbell led the JLL team on this transaction.
Rockrose acquired the building in 2012 and engaged high-profile architecture firm Leo A. Daly to transform it into a differentiated high-end property. Today at 1776 Eye Street, a striking, two-story frameless glass entrance to the building opens into a dramatic new lobby featuring Pei Tan's signature glowing "glass Light fins" and 30-foot-high ceilings. Other trophy-level improvements included new restrooms and common areas, an expanded and re-formulated rooftop terrace, and Revolution Fitness, a fitness center with spa-like locker and shower facilities. Just steps away from the White House, the building is located directly across the street from the Farragut West Metro Station and one block from the World Bank.
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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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.