Crystal City’s Century Center complex gets $118 million in refinancing
- August 16, 2011
HFF has arranged $118 million in refinancing for Century Center I and II, a two-building, 626,004-square-foot office complex in Crystal City.
HFF said in a press release Tuesday that it worked on behalf of Lowe Enterprises to secure the five-year, adjustable-rate loan through Wells Fargo Bank. Lowe acquired the property on behalf of a pension fund client in 2004 and serves as property and development manager. It recently completed a $30 million renovation of Century Center I and II that improved building systems and repositioned the ground-floor retail to enhance its visibility along heavily trafficked Crystal Drive.
Century Center I and II has 560,207 square feet of office space, 65,797 square feet of retail space and a three-level, 1,494-space underground parking garage. Office tenants include Raytheon, GSA, and Northrop Grumman Corp. The ground-floor retail area has attracted several new restaurants, such as Buffalo Wild Wings, Seattle’s Best and Pizza Autentica. The complex, located at 2450 Crystal Drive and 2461 South Clark St., is two blocks from the Crystal City Metro Station. “Century Center’s renovation and repositioning, which included creating a retail promenade extending down Crystal Drive, demonstrates Lowe’s commitment to the property and the Crystal City submarket, and has been well received by the market as evidenced by new retail tenants continuing to sign leases … ‘’ Cary Abod, managing director for Lowe Enterprises, said in a statement. Based out of Los Angeles, Lowe is a national real estate investment, development and management firm with more than $16 billion of real estate assets nationwide.