REBusinessOnline

Nuveen Sells Woodley Apartments in Northwest D.C. for $180.3M

WASHINGTON, D.C. — Nuveen, the asset management unit of TIAA, has sold The Woodley, a 212-unit apartment community in Northwest Washington, D.C., for $180.3 million, according to The Washington Business Journal and land records from the D.C. Recorder of Deeds. Boston-based GID Real Estate Investments purchased the property located at 2700 Woodley Road NW for nearly $15 million less than what TIAA-CREF paid for The Woodley in 2014. The apartment complex features studio through three-bedroom …

U.S. Economy Adds 145,000 Jobs in December, Falls Short of Consensus Forecast

WASHINGTON, D.C. — The U.S. economy added 145,000 jobs in December 2019, according to the Bureau of Labor Statistics (BLS), falling short of expectations. Economists surveyed by The Wall Street Journal had forecast an increase of 165,000 jobs. The unemployment rate remained unchanged at 3.5 percent. The BLS also revised both October and November job totals downward based on more complete data. The number of new jobs added in October was adjusted slightly downward to 152,000 from 156,000, …

Investment Demand Leveling off for D.C. Office Sector as Leasing Stays Lackluster

The office market in metropolitan Washington, D.C., is currently differentiated between a vigorous investment sales market and anemic leasing fundamentals. According to data from CoStar Group and Cushman & Wakefield, office investment sales have averaged $8.4 billion annually from 2014 to 2018 versus $5.5 billion annually from 2008 to 2013. Investment sales in the District have been dominated by Class A and trophy assets with little leasing risk, while demand is buoyed by foreign capital …

D.C. a Hotspot for Multifamily Investors, Lenders as Absorption Ticks Up

Driven by increasing high-paying jobs, billions of dollars in public and private investment and healthy population growth, the Washington, D.C., metro area boasts a dynamic multifamily market with rebounding rent growth and stabilizing occupancy rates. Washington, D.C., gained 20,500 jobs in June and another 13,000 jobs in July, according to the District of Columbia Department of Employment Services. Additionally, D.C.’s population topped 700,000 for the first time since 1975. The …

Skanska Sells Office Building in D.C. to Polinger Development for $163M

WASHINGTON, D.C. — The U.S. affiliate of Swedish construction and development company Skanska AB has sold the 99M office building in Washington, D.C., to Chevy Chase, Md.-based Polinger Development Co. for $163 million. The transfer of the property is expected to close in the first quarter of 2020. Located at 99 M St. SE in D.C.’s Navy Yard neighborhood, the 11-story office building spans 234,000 square feet and is LEED Gold-certified. Built in 2018, 99M is 87 percent leased to tenants …

WashREIT Completes $129.5M Sale of 1776 G Street Office Building in D.C. to World Bank

WASHINGTON, D.C. — Washington Real Estate Investment Trust (WashREIT) has sold 1776 G St. for $129.5 million to World Bank Group, an international financial institution that makes loans to developing nations. According to LoopNet Inc., the office building was built in 1979, spans 266,000 square feet and is located one block from the White House. World Bank’s headquarters is located at 1818 H St. NW, which is kitty-corner to 1776 G St. World Bank has operated out of 1776 G St. for over 30 …

Historic Level of Demand Meets Low Availability in Metro D.C. Industrial Market

As online shopping and a stack of newly delivered boxes by the door have become common in many American households, the behind-the-scenes institutional supports that make these habits possible have transformed the country’s real estate markets. The booming demand for data centers and last-mile staging for e-commerce is driving steady interest in industrial spaces, which shows no sign of waning. Since 2009, the industrial market has experienced 767 percent growth across the United States, …

Whole Foods Signs 40,000 SF Retail Lease for The Parks at Walter Reed in D.C.

WASHINGTON, D.C. — Whole Foods Market has signed a 40,000-square-foot retail lease to anchor the Hartley apartment building within The Parks at Walter Reed in northwest Washington, D.C. The Parks is a 3.1 million-square-foot mixed-use development from the partnership of Hines, Urban Atlantic and Triden Development. The Hartley will be the third new construction at the site, alongside two currently underway projects: The Brooks condominiums and the Vale apartments, featuring 18,000 square …

U.S. Economy Added 266,000 Jobs in November, Beating Expectations by a Wide Margin

WASHINGTON, D.C. — The U.S economy generated 266,000 jobs in November and the unemployment rate fell 10 basis points to 3.5 percent, matching a 50-year low, the Bureau of Labor Statistics (BLS) reported this morning. The latest figures breezed past expectations. Economists surveyed by The Wall Street Journal had forecast a gain of 187,000 new jobs in November and a 3.6 percent unemployment rate. What’s more, the change in total nonfarm payroll employment for September was revised upward …

Foulger-Pratt, USAA Break Ground on 25-Story Spec Office Project in Tysons, Virginia

TYSONS, VA. — A partnership between locally based developer Foulger-Pratt and USAA Real Estate has broken ground on Tysons Central, a 25-story speculative office project located within the Tysons Corner submarket of Northern Virginia. Tysons Central will span 383,628 square feet. Approximately 91 percent of the space will be dedicated to office use, with the remainder for retail and restaurant use. The building will feature 9-foot ceilings and column-free floors that support floor plates …

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