Lowe Enterprises, owner of Century Center I and II in Crystal City, VA just minutes over the bridge from Washington, DC, received a $118 million refinance loan on the properties arranged by Holliday Fenoglio Fowler (HFF) according to a Washington Business Journal article. HFF secured the five-year, adjustable-rate loan through Wells Fargo Bank, the proceeds of which were used to refinance an existing loan and fund future leasing and capital expenditures.
"Century Center's renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe's commitment to the property and the Crystal City submarket," said Cary Abod, managing director with HFF.
Century Center I and II covers 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. Lowe originally acquired the property on behalf of a pension fund client in 2004 and recently completed a $30 million renovation to improve building systems and curb appeal. Major tenants include Raytheon, GSA, and Northrop Grumman.
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