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News release

Washington D.C.

Cyber-Rich Government and Contactor Hub Drives D.C. Capital Markets Activity

JLL completes $60.5 million sale and $46.5 million financing of Independence Center I



On behalf of Carr Properties, JLL’s Capital Markets experts today announced the firm completed the sale of Independence Center I in the Washington, D.C. submarket of Chantilly, Virginia. Tritower Financial Group purchased the 274,203-square-foot Class A asset for $60.5 million, or $221-per-square-foot. JLL also represented Tritower Financial Group in the financing of the asset. Carr will continue to provide property and construction management services on behalf of Tritower for Independence Center I and II.

Senior Managing Director Bill Prutting and Executive Vice Presidents Marc Rampullaand James Molloy led the JLL team on the sales transaction while Managing DirectorsWes BoatwrightMike Yavinsky and Jon Goldstein and Vice President Trevor Campbell led financing efforts.

“The sale of Independence Center I represented a strategic disposition opportunity for Carr Properties,” said Prutting. “For Tritower, the acquisition and associated financing continues their strategic expansion in the infrastructure-rich, cyber-security and intelligence hub of Westfields in Northern Virginia.”

Carr Properties recently completed an asset repositioning and re-leasing of Independence Center I that includes new common area upgrades, a state-of-the-art conference facility and fitness center, tenant lounge, and a full-service café. The surrounding area continues to undergo ongoing commercial development, including the mixed-use development, The Preserve at Westfields and the 180,000 square foot Wegmans’-anchored retail center.

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.

 

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:http://bit.ly/18P2tkv.

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About Carr Properties

 

Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition and development of high-quality office properties in the greater Washington area.  The company currently owns a portfolio of 16 commercial office properties totaling approximately 4 million square feet as well as four major development properties that include: Midtown Center in Washington, D.C. (former headquarters of the Washington Post); 7272 Wisconsin Avenue in Bethesda, Maryland, 2311 Wilson Boulevard in Arlington, Virginia; and 2025 Clarendon Boulevard in Arlington, Virginia. Upon completion, these projects will add an additional 2.2 million SF of trophy-quality office space to the company’s portfolio.  The company is continuing to expand its portfolio through strategic investments in the Washington area.

 

 

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 280 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 $59.1 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.