1000 Vermont Ave. Draws in $17M Financing Package

WASHINGTON, DC-Acquisition financing to the tune of $17 million has been put in place for the 80,000-sf office building at 1000 Vermont Ave. Guardian Realty has Phillips Realty Capital to thank for the loan, which covers the majority of the $21 million purchase price to be paid to seller, the Bernstein Cos.' Consortium Capital Fund. The property, overlooking McPherson Square, has a 2004 assessed value of approximately $16 million.

"While the current low interest rates are creating a high-priced competitive market for office buildings in Washington, DC, strategically-located Class B product like 1000 Vermont Ave. remains a solid investment," Phillips Realty president and CEO Stephen Shaw explains. "The building's below-market rental rates provide potential income growth for the new ownership." The Bernstein Cos.' Consortium paid $16 million for the building in 2001. Tenants at 1000 Vermont include Americans for the Arts, the Association of Equipment Manufacturers and the Food and Drug Law Institute.

Source: GlobeSt
Author: Barbra Murray