REBusinessOnline

NKF Arranges $209.1M Sale of McPherson Building in Downtown D.C.

WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently …

BedRock, Pacolet Milliken Reopen Ora Apartment Community in D.C. Following $20M Renovation

WASHINGTON, D.C. — BedRock Real Estate Partners LLC and Pacolet Milliken LLC have reopened Ora, a 113-unit multifamily property in Washington, D.C.’s Kalorama neighborhood, following a $20 million renovation. Forrest Perkins designed the unit interiors to feature European-inspired kitchens, quartz countertops, wood flooring, chrome fixtures and stainless-steel appliances. The property offers studio, one- and two-bedroom floor plans ranging from 525 to 800 square feet. Rents start at $2,615 …

Employers Add 128,000 Jobs in October, Surpassing Economists’ Expectations

WASHINGTON, D.C. — The U.S. economy added 128,000 jobs in October, according to the Bureau of Labor Statistics (BLS), beating expectations by a wide margin. Economists surveyed by The Wall Street Journal had forecast an increase of 75,000 jobs. The October jobs report was widely considered to be a surprise to the upside considering that it reflected the 40-day United Auto Workers strike against General Motors that began Sept. 16 and ended Oct. 26. Meanwhile, the unemployment rate nationwide …

Holiday Shoppers Plan to Spend 4 Percent More This Year, NRF Survey Shows

WASHINGTON, D.C. — American consumers plan to boost their holiday spending 4 percent this season on a year-over-year basis, according to the National Retail Federation (NRF) and Prosper Insight & Analytics. The projection is based on a survey of 7,782 adult consumers. Specifically, shoppers expect to spend an average of $1,047.83 this year, up 4 percent from last year’s total of $1,007.24, the survey findings show. Meanwhile, shoppers who are between the ages of 35 and 44 plan to …

General Services Administration to Buy 1.9 MSF Office Building in D.C. for $760M

WASHINGTON, D.C. — The General Services Administration (GSA) exercised its purchase option to buy 1200 New Jersey Ave. SE in Washington D.C.’s Yards/Southeast Federal Center neighborhood for $760 million. The United States Department of Transportation (USDOT) fully occupies the 1.9 million-square-foot building. The sale is expected to close in March 2020, 19 months before USDOT’s lease expires, saving $99.8 million in rent costs. The USDOT employs 5,500 workers at the property. Amenities …

Community Three Breaks Ground on $45M Mixed-Use Redevelopment of Historic School in D.C.

WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square …

CoStar to Acquire STR for $450M

WASHINGTON, D.C. — CoStar Group will acquire STR, which tracks hotel data, for $450 million in an all-cash deal. The sale is expected to close by the end of this year. STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Henderson, Tenn.-based STR aggregates data from more than 65,000 hotels worldwide. The company employs 370 people in 15 countries. Washington, D.C.-based CoStar plans to use STR to create new products that …

Pebblebrook to Sell Kimpton Topaz Hotel in D.C. for $33M

WASHINGTON, D.C. — Pebblebrook Hotel Trust has agreed to sell the 99-room Kimpton Topaz Hotel in Washington, D.C. for $33 million. The buyer was not disclosed. The hotel is located at 1733 N St. NW, less than a mile from The White House and two blocks from Dupont Circle. Hotel amenities include complimentary breakfast, a yoga mat in each room, electric car charging stations, 24-hour fitness center and twice-nightly wine

MAC Realty Divests of Warehouse in D.C. for $13.3M

WASHINGTON, D.C. — MAC Realty Advisors has sold 1901 4th St. NE, a 33,600-square-foot warehouse in Washington, D.C. The U.S. Postal Service and Fort Myer Construction are tenants at the property. A joint venture between GlenLine Investments and RSE Capital Partners, an affiliate of Fundrise, acquired the building, which is situated two miles east of downtown

Choice Hotels Begins Construction of 154-Room Development in D.C.

WASHINGTON, D.C. — Choice Hotels International Inc., along with general contractors Donohoe Development Co. and Kouchar Management, has started construction of Cambria Hotels Washington, D.C. Capitol Riverfront, a 154-room hotel. The project is scheduled for completion in early 2021. The property is located at 69 Q St. SW, three miles from the Capitol Building and walking distance to Nationals Park and Audi Field soccer stadium. Hotel amenities will include 2,500 square feet of meeting space, …

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