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Saturday, January 22, 2011
DARPA to Get a New $100 Million Headquarters in Arlington, Virginia Courtesy of Holliday Fenoglio Fowler Financing
HFF Arranges $100 Million Permanent Financing for DARPA's Future Headquarters in Arlington, Virginia
WASHINGTON, Jan 10, 2011 (BUSINESS WIRE) --
The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged a $100 million permanent loan for the 355,000-square-foot future headquarters of the Defense Advanced Research Projects Agency (DARPA) in Arlington, Virginia. This project is the first phase of the 1.2 million-square-foot Founders Square mixed-use development.
HFF senior managing directors Bill Asbill and Bob Donhauser and director Dan McIntyre worked exclusively on behalf of the borrower, Ashton Park Associates I, LLC, to secure an 18-month forward commitment from Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, for a 15-year, fixed-rate loan. In 2009, HFF arranged the $98 million construction loan for the project with Landesbank Hessen-Thuringen, also known as Heleba.
The Shooshan Company is handling the development of the property, which was designed by RTKL. Clark Construction Group is the general contractor. The 13-story, trophy quality office building is due for completion in the first quarter of 2012. The property will meet the Department of Defense's Level IV security standards and is designed to be certified LEED-Gold. Situated at 675 North Randolph Street, the property is across from the Ballston Common Mall in the heart of Washington, D.C.'s Rosslyn-Ballston Corridor (R-B Corridor).
Formed in 1986, The Shooshan Company has planned, developed, managed and/or leased approximately two million square feet in the Rosslyn-Ballston Corridor. Projects include One and Two Liberty Center, The Residences at Liberty Center, Liberty Tower, Arlington Square, One Virginia Square and Quincy Street Station.
Holliday Fenoglio Fowler, LP ("HFF") and HFF Securities LP ("HFFS") are owned by HFF, Inc. (NYSE: HF). HFF operates out of 17 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. www.hfflp.com.