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171K-SF Chevy Chase Office Building Returned to Lender
An affiliate of the lender has assumed ownership of 5301 Wisconsin Ave. NW, also known as Chevy Chase Plaza, through a special warranty deed in lieu of foreclosure, Washington Business Journal reported. The property, spanning 171,000 square feet, includes direct underground access to the Friendship Heights Metro station.
Originally secured by Cornerstone Real Estate Advisors, the $35 million mortgage dates back to 2006. The previous owner, 5301 Wisconsin Avenue Associates, affiliated with Barings LLC, transferred ownership to Chevy Chase Plaza Owner LLC, associated with KKR & Co. Inc.
KKR plans to invest capital to enhance the property’s appeal to tenants. The property, constructed in 1988, offers amenities such as parking, a fitness center, and conference facilities, with roughly 72% of the space available for lease.
- ◦Development
- ◦Financing
