Cushman & Wakefield completes lease at Franklin Square Professional Center
WASHINGTON, DC — Cushman & Wakefield has secured a construction loan for 1050 17th St. on behalf of The Lenkin Company. The loan will be used to construct a new building, with renovations slated to begin later this year. Philip Mudd and Brad Geiger, executive managing director and senior vice president at Cushman & Wakefield, respectively, represented the borrower in securing the loan from Eagle Bank. The team negotiated an agreement that will provide construction financing for the centrally located building. “There were several lenders interested in financing this project,” said Mudd. “This was due to the quality, design, ownership and extraordinary location.” 1050 17th St. is a 145,000 s/f office building in the Central Business District of Washington, DC. The existing building, which was constructed by Melvin Lenkin in the mid-1970s, will be demolished and a new, 154,000 s/f speculative office building will be constructed. The new property will also include ground-floor retail and below-grade parking. It will feature trophy quality suites and best-in-class amenities while retaining its proximity to public transportation.