Grosvenor has refinanced an workplace constructing in Washington, D.C., with an $82.1 million first mortgage offered by Helaba. 1500 Ok Avenue NW underwent a $20 million renovation targeted on sustainability, wellness and fashionable options. An Eastdil Secured staff coordinated the financing on behalf of Grosvenor.
In-built 1928, 1500 Ok Avenue NW gives 262,190 sq. toes of workplace and retail house. The constructing’s current upgrades included the restoration of the foyer, in addition to a brand new roof, rooftop lounge and health middle. HVAC programs with sustainable filters had been put in to scale back vitality consumption. The asset attained LEED Gold, Vitality Star, Wired Gold and WELL Well being-Security certifications as soon as renovations had been full.
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Positioned two blocks south of the workplace house is The White Home. 1500 Ok Avenue NW is located in a central space surrounded by the CBD and East Finish submarkets and inside strolling distance to the McPherson Sq. Metrorail Station. Residential neighborhoods corresponding to Northwest D.C., Dupont Circle and 14th Avenue are simply accessible.
Based on CommercialEdge knowledge, the property’s workplace tenants embody CommonGrounds Office, Nationwide Park Basis, the Faegre Drinker legislation agency, Attorneys Committee for Civil Rights and ICM Audio system, whereas the restaurant house is leased to Joe & The Juice. There are three workplace areas at present listed.
A current CBRE report states that workplace market fundamentals in Washington, D.C., worsened within the second quarter, with the common emptiness price rising to 19.9 % quarter-over-quarter. In June, the nationwide workplace emptiness price was 15.2 %.
Grosvenor has been working within the Washington space since 1986, most just lately buying Grosvenor Tower, a multifamily neighborhood, in July.
