Buchanan Obtains $13.6 Million Loan

December 15, 2004

Buchanan Obtains $13.6 Million Permanent Loan for Euclid Business Center in Manassas, VA

Manassas, Virginia, December 15, 2004 …. Buchanan Partners of Gaithersburg, Maryland has obtained permanent financing for the recently completed 144,000 square foot Euclid Business Center in Manassas, Virginia. Wells Fargo placed a $13.6 million loan, replacing construction financing from Bank of America. Euclid Business Center is over 90 percent leased to a combination of technology, service, government, defense, and wholesale entities.

Buchanan developed Euclid Business Center over the last five years in partnership with the Kao family. The project consists of five single-story tilt-up concrete buildings with brick accents. The buildings feature 3,000 SF bays, some with four-foot loading docks and 18-foot clear ceilings. Hubert Construction of Gaithersburg, MD was the general contractor for both the base buildings and tenant interior build-outs.

“We are pleased that the financial markets have recognized the strength and stability of this market, and we feel fortunate to obtain long-term financing with very favorable terms,” said Brian Benninghoff, Principal, Buchanan Partners. “Euclid’s location, serving both the eastern and western ends of Prince William County, has been very attractive to office/flex users.”

An original sculpture by Rodney Carroll was installed at Euclid Business Park earlier this year. Prior to the installation, art students at nearby Osbourn Park High School hand-sanded and repainted the disassembled steel sculpture under the direction of the well-known artist.

The 20th most active commercial developer in the Washington, D.C. metropolitan area, according to the Washington Business Journal, Buchanan Partners has developed a portfolio of over 2.5 million square feet of commercial property in the six years since its founding. The portfolio includes office, industrial, flex and retail space projects that have been developed, acquired, approved, or under construction. Buchanan Partners also has acquired, planned or developed over 600 acres of commercial land.

News media contact: Leslie Braunstein,
703/787-7979 - lbraunstein@schum.com