(Washington, DC April 24) --- Richmond, VA-based John B. Levy & Company, Inc., a commercial real estate investment firm, has been asked to secure $42 million in construction and permanent financing for a new build-to-suit facility for Computer Sciences Corporation (CSC). The 12-story, "Class A" building for CSC will be constructed across from the Internal Revenue Services headquarters adjacent to the New Carrollton Metro Station.
Development of the Metroview/CSC building is the largest private sector real estate office investment in Prince George’s County history. CSC, in partnership with IBM, Lucent, SAIC, KPMG Peat Marwick, Logicon and UNISYS, recently won a long-term contract with the IRS to help modernize its computer systems.
The CSC facility will include 325,000 square feet of office space and the financing represents just under $130 per square foot. CSC and its partners will occupy the building under a 10-year lease. Construction is expected to start in late summer and be completed within 18 months. The developer is Berman Enterprises, a Maryland based firm with a long history of significant investment in Prince Georges County.
"Development in Prince George’s County continues, seemingly unaffected by the general downturn in the technology sector," said John B. Levy, president of John B. Levy & Company. "The building of the new CSC facility is a perfect example of what makes Washington metro area real estate strong – blue chip firms working with the federal government."
During the past year, John B. Levy & Company has raised over $150 million in equity and debt financing for businesses in the metropolitan area alone. Some of these transactions have included $120 million in re-financing for a group of six office buildings for BRIT Partnership, a $12 million data center financing for DataCentersNow and non-recourse construction financing for an affiliate of Goldman Sachs on a building in Columbia, MD.
John B. Levy & Company, Inc. (JBL) is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, Virginia. JBL raises equity or debt for developers and owners of commercial and multi-family projects. Over the past five years, the firm has arranged and structured more than $750 million in such investments.