Douglas Lands $53M ReFi For East End Office Building
Douglas Development has just secured a refinancing deal for a new, 11-story East End office building.
Natixis, the international arm of French banking giant Group BPCE, originated a $52.8M floating rate loan to Douglas for the refinancing and lease-up of 1000 F St. NW.
The developer completed the 93K SF spec office building with 7K SF of retail in 2016. CBRE's Randy Harrell is leasing the office space. The Class-A building is roughly 30% leased, and it has 59K SF of space listed on LoopNet with rental rates between $55 and $59 per SF.
The building incorporates a two-story historic facade on the lower levels, where Douglas signed retail tenants Sephora and GRK Fresh Greek. It also includes two levels of below-grade parking with 45 spaces. Shalom Baranes Associates designed the project.
The East End is one of Douglas' busiest submarkets. The developer owns over 30 properties in the area, including large rows of mixed-use buildings on the buzzing Seventh Street corridor and multiple development sites in Mount Vernon Triangle. Last year, Douglas bought a historic auction house at 909 E St. NW where it is spending $6M to refurbish the 107-year-old property, add a sixth floor and lease up the building.
