Savills Studley, the leading commercial real estate services firm, announced today that it has secured $34 million in refinancing for the United Unions Building, a 192,000-square-foot Class A office building in Washington, DC.
Savills Studley’s Structured Finance group worked exclusively on behalf of the borrower, a joint ownership between the International Association of Bridge and Structural Iron Workers of America, the International Association of Fire Fighters and the Sheet Metal Workers’ International Association. Despite a high level of competition, the Savills Studley team successfully secured an extremely attractive fifteen-year, fixed-rate permanent loan.
The United Unions Building, located at 1750 New York Ave. NW, is one block west of the White House and has unobstructed views of the Washington Monument to the south end of the White House and the South Lawn to the east. The owner occupied building is currently 100 percent leased and was recently renovated with an updated lobby. A new fitness center has also been added.
Savills Studley’s Senior Managing Directors Stephanie Lynch, Lindsay Stroud and Patricia Earnest represented the borrower.
“Numerous long term capital providers were attracted by the highly desirable and prestigious location, dedicated hands-on ownership/management, and high level building quality,” said Lynch.