Vornado Realty Trust, the New York-based equity real estate investment trust, announced that it has completed a $273 million refinancing of The Warner Building in Washington, DC. The seven year loan provided by TIAA-CREF has a fixed rate of 3.65%, a step away from the previous 6.26%/$293 million mortgage on the office building that was set to mature on May 12. Washington Business Journal reported in April that Vornado faced the prospect of defaulting on its previous loan, which had been transferred to special servicer LNR Partners Inc., according to debt monitoring firms Fitch Ratings and Trepp LLC. The building is owned by a joint venture between Vornado Realty Trust, controlling 55%, while Canada Pension Plan Investment Board controls the remaining 45%.
Located at 1299 Pennsylvania Avenue, the 621,000 square foot office building was built in 1993, renovated in 2012, and sits just three blocks from the White House and overlooks Freedom Plaza. Designed by Pei Cobb Freed & Partners, The Warner Building features a dramatic sky-lit interior atria, a rooftop terrace, fitness center and 24 hour on-site security. The property is currently 88% leased, with major tenants including General Electric, Facebook, Hewlett Packard and APCO Worldwide, with ground floor retail tenants including Au Bon Pain and the Warner Theatre.
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