Allianz provides another large DC office loan

Allianz Real Estate of America has provided a $135 million loan to refinance 700 11th Street NW, a 301,770 sq ft office building in the East End submarket of Washington, DC.

Allianz Real Estate of America has provided a $135 million loan to refinance 700 11th Street NW, a 301,770 sq ft office building in the East End submarket of Washington, DC.

The 10-year, fixed-rate loan was secured by a Hines Interests Limited Partnership affiliate and a pension fund advised by Sarofim Realty Advisors, and arranged by HFF.

The property, bounded by 11th, G and 12th Streets, is fully leased as global headquarters to law firm Williams & Connolly, and Cosi occupies the ground level retail. It has a two-story lobby and a five-level, 324-space underground parking garage.

imgresThere are also a number of historical landmarks as well as new developments near the property, adding to its appeal for real estate investors.

The lender, a subsidiary of Germany’s Allianz Real Estate Holding, in December provided a $237 million loan financing on another DC office building, Patriots Plaza. That loan was made to a joint venture between Multi-Employer Property Trust (MEPT) and Ärzteversorgung Westfalen-Lippe (ÄVWL).

Hines meanwhile has amassed a portfolio of nearly 20 properties in the DC area.

The 700 11th Street NW office building, one of DC’s tallest, even though just 13 stories high, is adjacent to Metro Center Metrorail station and one block from the CityCenterDC mixed-use development, a 10-acre development that will spawn a mix of apartments, condos, shops and restaurants, including restaurant Momofuku CCDC (the first US location outside of New York).

It is two blocks from the Walter E. Washington Convention Center and four blocks from the White House.

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