JLL Capital Markets today announced that it has arranged $38.5 million in acquisition financing for 805 King Farm Boulevard, a 240,000 square foot office building known as District IV and located in the district of King Farm in Rockville, MD.
JLL worked on behalf of the borrower, BLT Green Hollow, a partnership between Building and Land Technology and Green Hollow Capital Partners, as well as Banyan Street Capital, a leading owner and operator of commercial real estate. Led by Senior Managing Director Michael Gigliotti and Directors Robert Tonnessen and Brian Buglione, the JLL team secured $38.5 million in funding through Ladder Capital.
District IV is part of the recently renamed King Farm District, which comprises four assets totaling over 750,000 square feet of office and retail space. Banyan Street Capital previously acquired an interest in 700, 702 and 800 King Farm Boulevard (Districts I, II and III) in the summer of 2020.
Banyan Street and BLT Green Hollow acquired 805 King Farm Boulevard. in October 2021 through a deed-in-lieu procedure following a repurchase of the then existing loan from BBVA Compass. This acquisition marks the first transaction completed in the new BLT Green Hollow Fund.
The partnership will invest to reposition the asset through comprehensive lobby improvements and upgrades to amenities and catering offerings. The partnership plans an extensive renovation throughout the King Farm district, which will include additional interior and exterior amenities, building and lobby upgrades, and enhanced programming.
The King Farm District is located along King Farm Boulevard in the 430-acre, master-planned King Farm Park, located near the Shady Grove subway station, ICC, and the I-270 technology corridor. The project is surrounded by many shopping and dining destinations, such as Shady Grove Center, Rio at Washingtonian, and Downtown Crown.
“It was an amazing opportunity in a great location with top-notch property,” Tonnessen said. “BLT Green Hollow & Banyan Street Capital are uniquely positioned to reinvigorate the property to meet the changing needs of tenants in today’s market.”
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s deep knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is sales and investment advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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