Financing Arranged by Cassidy Turley’s John Campanella and Paul Spellman
WASHINGTON, DC – May 13, 2013 – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced today that it has arranged $32.5 million in permanent financing for the Atrium Building, a 138,507 square foot, Class A office building located at 277 South Washington Street, in Northern Virginia’s Old Town Alexandria submarket.
John Campanella, Executive Managing Director, and Paul Spellman, Vice President, of Cassidy Turley arranged the financing on behalf of Carr Properties. The loan was provided by a commercial bank.
“Atrium set a new pricing record for suburban office in 2013” remarked John Campanella. ”But the Carr Properties’ sponsorship made the key difference in attracting all of the top lenders.”
The Atrium Building, a five-story, 94% leased office building, features an expansive lobby atrium with finishes that include patterned Italian marble floors, cherry paneling inserts and brass accents. It offers on-site amenities such as Society Fair, a full-service restaurant and market; a two-level underground parking garage with 232 parking spaces; and access to Old Town Alexandria’s central dining and shopping corridor, which includes approximately 1.5 million square feet of retail. Located one block south of King Street, only seven miles south of Washington, DC, tenants have immediate access to Ronald Reagan Washington National Airport, US Route 1 and other major thoroughfares such as the Capital Beltway (I-495) and Interstate 95.
In 1999, a building renovation was completed. The building has also achieved the ENERGY STAR Award from the US Environmental Protection Agency with a score of 98 out of 100.
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 owns approximately $1.5 billion of commercial office properties, including twenty-one existing office properties comprising over 4 million square feet and three major development properties – the Washington Post Site in Washington, DC; 2311 Wilson Boulevard in Arlington, Virginia; and 2025 Clarendon Boulevard in Arlington, Virginia. Upon completion, these projects will add an additional 1.5 million square feet 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.View All News