Cassidy Turley secures financing for McPherson Building
Cassidy Turley has secured $80 million in permanent financing for 901 15th St. NW, also known as the McPherson Building.
The commercial real estate firm arranged a non-recourse loan with an offshore bank on behalf of the owner, an affiliate of ING Real Estate.
The name of the lender was not disclosed.
The 12-story, 252,834-square-foot office building overlooking McPherson Square Park was developed in 1988. It recently underwent a $25.1 million renovation that included a new exterior façade with a glass curtain wall and cantilevered canopy and stone archway. The renovation upgraded the building to a trophy-quality property.
The building is 50 percent leased to a mix of retail, public and private tenants. Last year, law firm Davis Polk & Wardwell signed a 20,407-square-foot, 11-year lease for the top floor.
David Webb, John Campanella and Phil Mudd of Cassidy Turley arranged the financing.
Filed under: marketing by Pascal