1A — September 13 - 26, 2013 — Mid Atlantic Real Estate Journal


F inAnciAl d igest

AShingTOn, DC —Cassidy Turley, a commercial real es- Jamestown, acquired the property from Clarion Partners for $307. million Cassidy Turley secures $10m office financing for One metro Center in washington, D.C. W of $150 million. two blocks from CityCenter, and a short walk to the Veri- zon Center, the Washington Convention Center and the Gallery Place shops and res- taurants. n

constructed atop and adja- cent to Macy’s department store, thereby providing all upper-level, high-quality space. Delivered in October 2003, the building is 100% leased and features a six- story, 5,000-square-foot stone and glass atrium providing its tenants eight sides of glass. One Metro Center is di- rectly connected to the Metro Center Metrorail station with a shuttle elevator pro- viding direct access to the Red, Blue and Orange Lines. Additionally, the building is

“We continue to see the floating rate lenders being extremely aggressive for Class A office with top spon- sorship,” Mr. Campanella said. “The pricing on One Metro Center validated that lenders are extremely bullish on Washington, DC.” Located at 701 13th Street, NW, One Metro Center is a 421,235 s/f iconic; tro- phy building in the heart of Washington, DC’s East End and is just three blocks from the White House. One Metro Center is unique in that it is

tate services provider in the U.S., announced that it ar- ranged the financing for One Metro Center inWashington, DC on behalf of the buyer, Jamestown, who acquired the property from Clarion Partners for $307.5 mil- lion. Cassidy Turley’s John Campanella and Paul Spellman secured the acqui- sition financing for James- town with a bank lender that provided a floating-rate loan

CBRE secures $1m fixed rate loan

SADDLE BROOK,nJ — CBRE group inc., New Jersey’s largest commer- cial real estate brokerage firm, announced today that its Debt & Equity Finance Group recently completed the financing of 560 Sylvan Av- enue, a 170,351-square-foot office building in Englewood Cliffs, N.J. The CBRE team of James

objective evidence of the taxpayer’s intent to acquire property for use in a trade or business or to be held for investment. Other cases illustrate the importance of establishing the taxpayer’s intent to hold for investment at the time of the exchange and that the tax- payer bears the responsibility of proving it. See e.g., Bolker v. Commissioner, 81 T.C. 782, 804 (1983), affd. 760 F.2d 1039 (9th Cir. 1985), Click v. Commis- sioner, 78 T.C. 225, 231 (1982) and Moore v. Commissioner, T.C. Memo. 2007-134. Pamela michaels is an attorney and VP of Asset Preservation, inc. Scott Saunders is a senior VP of Asset Preservation, inc. n As a “Qualified Intermediary” as defined in the Section 1031 regulations, Asset Preservation, Inc. is not able to provide legal or tax advice. Accordingly, you should review the details of your specific transaction with your own legal or tax advisor. Copyright, 2013. continued from page 13A Substantiating intent in a § . . . Constructed in 1967 and ex- tensively renovated in 2005, the class B office building is leased to 110 tenants, many of whom have been in occu- pancy for more than 20 years. The owner has consistently retained a high level of oc- cupancy of not less than 85%, typically more. The building is located in the Palisades submarket and is ideal for commuters from New Jersey and New York. n gunning, Donna Falzara- no, and Evan Kleppe , se- cured a $15 million fixed rate loan to refinance existing debt with a regional commercial bank on behalf of Goodrich Executives, LLC. The fixed rate loan has a 10-year term with a 25-year amortization schedule. Goodrich is refinancing its existing debt with favorable terms from the regional com- mercial bank. The robust rent roll and high level of histori- cal occupancy were factors in providing Goodrich with a non-recourse, competitive 10- year fixed rate loan term.

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