Trammell Crow Co. announced this month that Sentinel Square in Washington, DC received $181 million in financing provided by Landesbank Hessen-Thüringen Girozentrale and Norddeutsche Landesbank Girozentrale. The funding was arranged in two parts: one in permanent financing for Sentinel Square I at 90 K Street, the other to fund construction at 1050 First Street, NE, to build Sentinel Square II. CBRE Capital Markets arranged the loan on behalf of Trammell Crow and its joint venture partners, Crow Holdings Realty Partners IV, L.P. and Cottonwood Partners.
Sentinel Square I, a 12-story, 412,661 square foot office building, was delivered in June 2010. The property is currently 85% leased to multiple government agencies, including US Customs & Border Protection, US Department of Veterans Affairs, and the US Parole Commission. Sentinel Square II will be a 278,817-square-foot Class A office building designed to the same exacting standards as Sentinel Square I, including meeting Level IV security protocols and pursuing LEED Gold certification by the U.S. Green Building Council (USGBC) under its the Leadership in Energy and Environmental Design (LEED) Core & Shell program.
"We have experienced tremendous success over the past two years with the delivery and near lease-up of Phase I at 90K Street and believe that the market dynamics are prime for the delivery of additional highly secure, environmentally sensitive and affordable office space … in 2013," Thomas Finan, a managing director in Trammell Crow Co.'s mid-Atlantic office, said in a statement reported by Virginia Business. "The financings, arranged by the CBRE Capital Markets … will allow the partnership to retire its original construction debt, monetize the value created through phase I's success and start phase II immediately."
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