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.