WASHINGTON, D.C. – June 6, 2011 – (RealEstateRama) — PCCP, LLC has announced that it has provided a $23.2 million senior loan commitment for the acquisition and re‐development financing of 2055 L Street, NW, a Class B+ office condominium located in the “Golden Triangle” of Washington D.C.’s CBD. The borrower/property owner is a joint venture between Monument Realty and Angelo Gordon & Co. which acquired the asset in December 2010. With this loan in place, the joint venture will now commence a six-month rehabilitation to the owned 102,000 square foot condominium office portion of the 237,000 square foot building.
The property was historically owned by Verizon and predecessor companies and used for general offices as well as a telephone switching center for downtown Washington, which remains in the building.
“The owner plans to renovate the property to position it as a quality Class A asset,” said John Randall, senior vice president at PCCP, LLC. “The overall competitive vacancy rate in the CBD is approximately 6.4 percent. Once the renovation is completed, its quality and key location will be desirable to high‐profile law firms, lobbyists, and non‐profit organizations and associations.”
Randall added that the renovation includes refurbishing the building’s entrance and lobby, refurbishing and enhancing the façade, providing a new HVAC system and other interior system upgrades. PCCP, LLC’s financing will provide additional advances as work is completed.
The building is seven stories and was built in two phases from 1963 and 1965. There are also two subterranean levels of garage consisting of over 110 spaces. The condominium unit purchased by the Monument Realty / Angelo Gordon joint venture consists of the top three floors, the ground level retail, and the entire parking area.
2055 L Street is located in the “Golden Triangle” business improvement district, traditionally the most sought after business and commercial district in the central business district. The site is one block north of K Street, and approximately four blocks from Dupont Circle ‐ a key crossroads for social and commercial activity in the District. Three different subways lines are located within three blocks of the property providing excellent area-wide access.
About PCCP, LLC: PCCP, LLC is a premier real estate private equity firm focused on commercial real estate debt and equity investments. PCCP has over $6 billion under management in multiple closed-end funds and joint ventures with institutional investors. With 33 investment professionals and 55 employees across four offices located in New York, San Francisco, Sacramento and Los Angeles, PCCP invests throughout the United States. Learn more about PCCP at www.pccpllc.com.