Bostonia Partners LLC has worked with the National Oceanic and Atmospheric Administration and General Services Administration to close two leases totaling $258 million for NOAA to remain at its headquarters in Silver Spring, Md.
NOAA resides in two buildings at the Silver Spring Metro Center and each lease is for a 15-year term with both set to expire in 2028, Bostonia said Jan. 3.
Close to 4,200 NOAA employees work in 1.15 million square feet of space across the 519,484-square foot SSMC III and 293,446-square foot SSMC IV.
“The Silver Spring Metro Center is a marquis development in the Washington, D.C. area and we are grateful to have contributed to the continued economic development of Silver Spring and the presence of GSA and NOAA in the neighborhood,” said Anita Molino, managing partner and president of Bostonia Partners.
Bostonia says the SSMC III financing, valued at $175 million, is not cross-defaulted or cross-collateralized with the SSMC IV financing, valued at $83 million.
Both transactions are structured as credit tenant lease financing and issued lease-backed secured notes from the borrower to institutional investors in the private placement market.
SSMC, located along East-West Highway, contains a blend of office, retail and residential development.