JLL arranges post-acquisition financing for 1120 G Street NW
A Credit Suisse Asset Management Fund purchased the asset in JLL-brokered transaction
WASHINGTON, D.C., November 18, 2019 – JLL announced today that it has arranged post-acquisition financing for 1120 G Street, a 134,964-square-foot, 10-story office building located in Washington, D.C.
JLL worked on behalf of the borrower, a fund managed by Credit Suisse Asset Management Global Real Estate, to secure the loan with Cigna Investment Management. JLL also handled the sale of the property to the fund last month.
1120 G Street is situated on a prominent corner lot adjacent to Metro Center in the heart of the East End submarket, which is presently, downtown Washington, D.C.’s largest and strongest performing submarket. This location is within three blocks of both the White House and all six Metrorail lines and within a short walk of the high-end retail, restaurants and entertainment options of CityCenterDC, Gallery Place, Chinatown and Penn Quarter. 1120 G Street offers 13,000-square-foot floorplates and is 75% leased to 13 tenants.
“We are very happy to acquire the first asset for our new global value-add fund located in the very heart of Washington D.C., only steps from the White House and Pennsylvania Avenue,” commented Martin Lamb, Head of Global Real Estate Americas & UK at Credit Suisse Asset Management. “Our business plan will upgrade the building and add amenities such as a coffee shop, gym, bicycle storage and a conference center. 1120 G will meet occupier requirements by offering centrally located, well-amenitized office space and direct access to multiple metro lines at competitive rental rates.”
The JLL Capital Markets team representing the borrower was led by Dan McIntyre, Jay Graham and Kevin Byrd.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.