Washington, DC/Richmond, VA Sept. 2, 2002 --- Richmond-based John B. Levy & Company, Inc., is pleased to announce the financing of a new office building occupied by Computer Sciences Corporation (NYSE: CSC) in New Carrollton, Maryland. The transaction was a permanent mortgage for $43,000,000 that has a 10-year term and a fixed rate. CSC, a large investment grade tenant, is leasing the building exclusively for ten years.
One of the largest private sector office buildings in Prince George’s County, the new 12-story structure at 7900 Harkins Road is 325,000 sf. The site is extremely well located adjacent to the New Carrollton metro station and convenient to several key transportation routes including the Capital Beltway, Route 50 and Route 450.
“CSC does not face the issues that several other large investment grade, technology related tenants have encountered over the past two years,” commented John B. Levy, president of John B. Levy & Company. “Consequently we avoided the "collateral damage" we've seen other single tenant (telecom/technology) deals suffer. Additionally, although we negotiated the forward transaction in the late summer of 2001, we were able to navigate through the concerns and challenges resulting since Sept. 11, including its location across from the IRS building, which might now be perceived as a "target" risk, ” noted Levy.
John B. Levy & Company, Inc. is a real estate investment-banking firm founded in 1995 and headquartered in Richmond, Virginia. The firm raises equity or debt for developers and owners of commercial and multi-family projects nationwide. The firm has structured over $1 billion in financing over the past few years. Despite a tumultuous economic environment over the past 90 days, the firm has successfully closed a number of transactions, each with its own property specific challenges. Representative transactions include: $120 million in re-financing for a cluster of office buildings in the Mid-Atlantic region; a $7.4 million acquisition/ rehab loan for a multifamily project in Durham, North Carolina (closed in 20 days) and an office building in Orlando, Florida, a market that has faced significant vacancies over the past 18 months.
Contact: Catherine Timko, The Riddle Company: 202-333-6856/202-917-4381 pgr