Monday Properties, Goldman Obtain $200M Construction Loan for 1812 N. Moore St.
By Adrian Maties, Associate Editor
Monday Properties and Goldman Sachs’ Real Estate Principal Investment Area have closed a $200 million construction loan with Pacific Life Insurance Co. for 1812 N. Moore St. The 390-foot building will be the tallest and greenest office tower in the Washington, D.C., region.
Monday Properties started work on the $300 million project in October 2010, using its own cash. Goldman Sachs joined the effort after buying a 78.5 percent stake in Monday’s 3 million-square-foot Rosslyn portfolio from Lehman Brothers.
1812 N. Moore St. is a 35-story, 580,000-square-foot trophy tower, one of the few privately developed LEED Platinum-registered office buildings in the United States and the first in the commonwealth of Virginia. It is located in Arlington’s Rosslyn neighborhood, within two blocks of major restaurants, hotels, banks and shops. Amenities include a two-story through-block main lobby with double-height ceilings, as well as on-site access to the Rosslyn Metro Station and a 480-space, fully enclosed, above- and below-grade parking garage.
As reported last year on this page, Monday Properties has selected CBRE to serve as the exclusive co-brokerage leasing agent for the property. No tenant signings have yet been announced, but CBRE reports that the Washington, D.C., metro area ended 2012 with an office vacancy rate of 10.6 percent and an overall asking rent of $52.08 on a full-service basis.
To date, 33 of the 35 stories have been built. A topping-out ceremony was scheduled for March 15, 2013. Project completion is expected in the fourth quarter of this year.
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Photo credits: www.1812northmoore.com.
Charts courtesy of CBRE.
Tags: commercial real estate, construction, Developers, Development, economy, Finance/Investment, Financiers, Financing, Goldman Sachs, Green, Local, Monday Properties, National, Office, Regional, Washington D.C. Lead Story, Washington DC