WASHINGTON, D.C. — Total commercial real estate lending is estimated to have totaled $429 billion in 2023, according to a year-end report from the Mortgage Bankers Association (MBA). This figure represents a 47 percent decline from 2022 when lending volume totaled $816 billion and a 52 percent decrease from the record $891 billion set in 2021. Jamie Woodwell, MBA’s head of commercial real estate research, attributes the drop-off in loan volume last year to a combination of higher interest rates and uncertainty with property values and operating fundamentals in some property sectors, namely office. “The declines were broad-based, covering every major property type and capital source,” says Woodwell. “Much of the drop in originations was driven by a decline in borrower demand stemming from slowdowns in sales transactions and refinances. If property owners had the ability to sit pat, they generally did.” According to MBA, depositories such as banks were the leading capital source of mortgage debt for commercial real estate loans, followed by life insurance companies and pension funds, government-sponsored enterprises (Fannie Mae and Freddie Mac), private label CMBS and investor-driven lenders. Among different property types, multifamily properties saw the highest volume last year, with an estimated $264 billion …
WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.
WASHINGTON, D.C. — Nonfarm employment in the United States rose by 303,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The March total eclipsed the expectation of 200,000 jobs set by Dow Jones economists, according to CNBC. The figure also exceeds the average monthly gain of 231,000 jobs over the past 12 months. The employment sectors that saw the biggest leap last month were in healthcare (72,000 jobs) and government (71,000 jobs). Within the healthcare industry, employment in ambulatory healthcare services rose by 28,000 jobs, followed by employment in hospitals (27,000) and nursing and residential care facilities (18,000). The healthcare industry’s average monthly gain is 60,000 over the past 12 months. Government employment in March surpassed the rolling 12-month average of 54,000 jobs. Over the month, employment increased in local government (49,000) and federal government (9,000). Other sectors that saw above-average increases in March included construction (39,000 jobs compared to its 12-month average of 19,000) and leisure and hospitality (49,000 jobs compared to an average of 37,000 over the prior 12 months). The BLS also reports that employment in leisure and hospitality has returned to its pre-pandemic level set in February 2020. The sector was the …
WASHINGTON, D.C. — JLL Capital Markets has brokered the $95 million sale of 1099 New York Avenue, an 11-story office building located in Washington, D.C. Situated four blocks away from the White House, the property totals 180,878 square feet. The building, which was 95 percent leased to eight tenants at the time of sale, features floor plates averaging 17,500 square feet. A joint venture between affiliates of Quadrangle Development Corp. and FarmView Ventures acquired the property with plans to add a fitness center and reposition the rooftop. Andrew Weir, Jim Meisel, Matt Nicholson, David Baker and Kevin Byrd of JLL represented the undisclosed seller in the transaction.
NORTH MIAMI, FLA. — Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will total 292 condominiums in one-, two- and three-bedroom layouts. Arquitectonica designed the 33-story building. Amenities at the property will include a beach club, fitness center, social deck, spas and concierge service. A construction timeline was not disclosed.
WASHINGTON, D.C. — Apple Hospitality REIT has acquired the AC Hotel by Marriott Washington D.C. Convention Center in Washington, D.C., for $116.8 million. Opened in 2020, the property features 234 rooms at 601 K Street NW. Amenities at the hotel include a 1,500-square-foot fitness center, rooftop bar and restaurant and ground-floor retail space. The seller was not disclosed.
WASHINGTON, D.C. — The National Retail Federation (NRF) has projected that U.S. retail sales will reach between $5.2 trillion and $5.3 trillion this year, which would mark an annual increase of 2.5 to 3.5 percent. The projection was announced today during the organization’s “State of Retail and the Consumer” webinar. The calculation excludes transactions at automobile dealers, gas stations and restaurants, focusing on core retail. Non-store and online sales are included in the figure and expected to account for roughly $1.5 trillion of spending. “The resiliency of consumers continues to power the American economy, and we are confident there will be moderate but steady growth through the end of the year,” says Matthew Shay, president and CEO of the NRF. Sales reached $5.1 trillion in 2023, marking an annual growth of 3.6 percent from 2022.
WASHINGTON, D.C. — The U.S. economy saw the addition of 275,000 nonfarm payroll jobs in February, according to the Bureau of Labor Statistics (BLS). This figure exceeds the expectations of Dow Jones economists, which CNBC reports was an increase of 198,000 jobs. The report follows chair of the Federal Reserve Jerome Powell describing the job market as “relatively tight” earlier this week. February’s employment figures are now marginally lower than those of December 2023, which were revised down by 43,000, from 333,000 to 290,000. The BLS also revised down January’s numbers by a more drastic 124,000 jobs, from 353,000 to 229,000. Of the 275,000 jobs added in February, 223,000 were in the private sector. Government employment rose by 52,000, roughly equivalent to the average monthly gain of 53,000 over the prior 12 months. Healthcare and food services and drinking places saw significant increases, with the addition of 67,000 and 42,000 jobs, respectively. The social assistance sector added 24,000 jobs in February, and transportation and warehousing employment rose by 20,000. In the retail trade, change was minimal overall. Merchandise, health and personal care and automotive retail contributed to the overall addition of 19,000 jobs, while losses occurred in the realm of …
WASHINGTON, D.C. — Donohoe Development, in partnership with Apartment Investment and Management Co. (Aimco), has opened the final phase of Upton Place on Wisconsin, a $300 million adaptive reuse project located at 4000 Wisconsin Ave. NW in Washington, D.C. The mixed-use development features 689 multifamily residences, 65 of which are income-restricted, as well as 100,000 square feet of retail space and an 800-space parking garage. AIR Communities is the property manager for the development’s two apartment communities — the 234-unit The Parc and 455-unit 4K Wisconsin. SK+I Architecture designed the residential buildings, which feature swimming pools, rooftop entertainment space, courtyards, commuter lobbies and social spaces. 4K Wisconsin will also host a 150-room pop-up hotel beginning this spring. Anchor tenants of the retail space include a 55,000-square-foot OneLife Fitness and 30,000-square-foot Lidl grocery store.
WASHINGTON, D.C. — Greysteel has arranged the $48.1 million sale of a portfolio spanning four multifamily properties in Washington, D.C. Greysteel represented the sellers, locally based real estate investors, in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act (TOPA). American Housing was the buyer. The properties include a 28-unit apartment building located at 3654 New Hampshire Ave. NW and a 43-unit apartment building located in Penn Quarter at 1126 11th St. NW, which sold for $6.6 and $8.5 million, respectively. The portfolio also includes Newton Towers, a 56-unit apartment building located in Columbia Heights at 1435 Newton St. NW and The Park Regent, a 96-unit apartment community situated at 1701 Park Road NW in Mount Pleasant. Newton Towers was sold for $13.1 million, and The Park Regent traded for $20 million.
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