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District of Columbia

District of ColumbiaLoansMixed-UseOfficeRetailSoutheast

Grosvenor Obtains $82.1M Refinancing Loan for Mixed-Use Building in D.C.

by John Nelson

WASHINGTON, D.C. — Grosvenor has obtained an $82.1 million loan to refinance 1500 K Street, a 262,190-square-foot mixed-use building in Washington, D.C. Eastdil Secured arranged the loan through Helaba on behalf of Grosvenor. Built in 1928, 1500 K Street comprises offices and retail space. The property is situated near the McPherson Square Metro station and the White House, as well as Washington, D.C.’s downtown and East End districts. Grosvenor recently invested $20 million to renovate the property, including updates to the lobby, fitness center, tenant lounge, HVAC system, roof and rooftop lounge.

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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialOfficeSoutheast

Avison Young to Acquire Trio of Business Lines from Madison Marquette

by John Nelson

TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …

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AcquisitionsDistrict of ColumbiaSelf-StorageSoutheast

Foulger-Pratt Sells 1,752-Unit Self-Storage Facility in D.C.

by John Nelson

WASHINGTON, D.C. — Potomac, Md.-based Foulger-Pratt has sold a 1,752-unit self-storage facility located at 72 Florida Ave. in Washington, D.C. A partnership between Invesco Real Estate and Baranof Holdings purchased the facility for an undisclosed price. Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager of JLL represented the seller in the transaction. Built in March 2020, the seven-story property operates under the Extra Space Storage brand and features a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The facility offers electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.

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CivicDistrict of ColumbiaLoansOfficeSoutheastTop Stories

Mesirow Provides $275M Refinancing for NASA Headquarters in Washington, D.C.

by John Nelson

WASHINGTON, D.C. — Mesirow, a financial services firm based in Chicago, has provided the $275 million refinancing for the National Aeronautics and Space Administration (NASA) headquarters offices in Washington, D.C. Located at 300 E St. SW, the nine-story office building spans more than 600,000 square feet and was built in 1991, according to LoopNet Inc. The borrower is a partnership between Hana Alternative Asset Management and Ocean West Capital Partners. Proceeds from the financing provided the partnership with fixed-rate debt that is interest-only for the full term. The loan has a 2028 maturity date, which is coterminous with NASA’s lease. With the funds, the Hana and Ocean West partnership is recapitalizing its equity interest at the property, which is subject to the sixth-largest lease by the General Services Administration (GSA), the federal government’s independent agency that oversees certain operations like office and research space. (The GSA is the leaseholder for NASA.) Mesirow served as placement agent and administrative agent on the financing. Cushman & Wakefield arranged the financing on behalf of the borrower and negotiated terms between the borrower and Mesirow. Mesirow was founded in 1937 and offers credit tenant lease and structured debt products to borrowers. The company’s services …

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District of ColumbiaSoutheast

US Economy Adds 528,000 Jobs in July, Doubles Forecast Made by Dow Jones Economists

by John Nelson

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 528,000 in July, while the employment rate ticked down to 3.5 percent, according to the U.S. Bureau of Labor Statistics (BLS). Employment gains more than doubled the prediction of Dow Jones economists, who forecast the U.S. economy would add 258,000 jobs and the unemployment rate would remain unchanged at 3.6 percent for the fifth consecutive month, according to CNBC. July represents the highest monthly employment total since February, which totaled 714,000 jobs. July job gains were led by leisure and hospitality (96,000), an employment sector that remains 1.2 million jobs below pre-pandemic levels in February 2020 (a 7.1 percent loss). Other sectors that saw notable additions last month include professional and business services (89,000), healthcare (70,000), government (57,000), construction (32,000) and manufacturing (30,000). Additionally, the BLS revised job gains in May and June by a combined +28,000 jobs. The change in total nonfarm payroll employment for May was revised up by 2,000 (from 384,000 to 386,000), and the change for June was revised up by 26,000 (from 372,000 to 398,000).

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District of Columbia

US Economy Adds 528,000 Jobs in July, Doubles Forecast Made by Dow Jones Economists

by John Nelson

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 528,000 in July, while the employment rate ticked down to 3.5 percent, according to the U.S. Bureau of Labor Statistics (BLS). Employment gains more than doubled the prediction of Dow Jones economists, who forecast the U.S. economy would add 258,000 jobs and the unemployment rate would remain unchanged at 3.6 percent for the fifth consecutive month, according to CNBC. July represents the highest monthly employment total since February, which totaled 714,000 jobs. July job gains were led by leisure and hospitality (96,000), an employment sector that remains 1.2 million jobs below pre-pandemic levels in February 2020 (a 7.1 percent loss). Other sectors that saw notable additions last month include professional and business services (89,000), healthcare (70,000), government (57,000), construction (32,000) and manufacturing (30,000). Additionally, the BLS revised job gains in May and June by a combined +28,000 jobs. The change in total nonfarm payroll employment for May was revised up by 2,000 (from 384,000 to 386,000), and the change for June was revised up by 26,000 (from 372,000 to 398,000).

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District of ColumbiaSoutheast

US Economy Adds 372,000 Jobs in June, April and May Revisions Total 74,000 Fewer Jobs

by John Nelson

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 372,000 in June, while the U.S. unemployment rate stayed steady at 3.6 percent for the fourth consecutive month, according to the U.S. Bureau of Labor Statistics (BLS). Employment gains outstripped the prediction of Dow Jones economists for 250,000 jobs in June, according to CNBC. The BLS also revised employment gains in April down from 436,000 to 368,000 and May from 390,000 to 384,000, a total of 74,000 fewer jobs in the two-month period. June’s employment gains are in line with the new three-month rolling average of 374,000 jobs. June job gains were led by professional and business services (74,000), leisure and hospitality (67,000), healthcare (57,000) and transportation and warehousing (36,000). Employment showed little change in construction, retail trade and government employment. The unemployment rate and number of unemployed persons (5.9 million) mirror February 2020 levels, which was the last month unaffected by the COVID-19 pandemic. Total employment is down 0.3 percent from pre-pandemic levels, with private employment ahead by 140,000 jobs and government employment behind by 664,000 jobs, according to the BLS.

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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

MRP Realty, Barings Obtain $69.4M Construction Loan for Multifamily Development in D.C.

by John Nelson

WASHINGTON, D.C. — A joint venture between MRP Realty and Barings has received a $69.4 million construction loan for Phase III of Washington Gateway, a mixed-use development in Washington, D.C.’s NoMa district. Eastdil Secured arranged the loan through Santander Bank. Located at 202 Florida Ave. NE, the third phase will comprise a 16-story high-rise called The 202 that features 254 apartment and 3,800 square feet of retail space. The property will include a mix of studio, one- and two-bedroom apartments with 10-foot ceilings, designer kitchens and high-end finishes. Amenities will include a rooftop clubroom, pet facilities, fitness center, shared workspaces and a direct connection to the Metropolitan Bike Trail. The previous phases of Washington Gateway included Elevation at Washington Gateway that delivered in 2014 and The Burton, which delivered in December 2021 and is currently in lease-up. MRP Realty and Barings plan to break ground on The 202 in August. Bozzuto Management will oversee the leasing and management of the property.

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AcquisitionsDevelopmentDistrict of ColumbiaHospitalitySoutheast

Electra America Hospitality Group Acquires Hotel from George Washington University in D.C., Plans $30M Renovation

by John Nelson

WASHINGTON, D.C. — Electra America Hospitality Group, a joint venture between investment firm Electra America and extended stay hotelier AKA, has purchased One Washington Circle, a 152-room hotel in Washington, D.C. George Washington University (GWU) sold the hotel to the buyer for an undisclosed price. Savills USA represented GWU in the transaction. The new ownership plans to undertake a $30 million renovation to the asset and reopen in June 2023 as an AKA-branded development that specializes in weekly and monthly stays. Built in 1964 and renovated in 2003, the nine-story hotel is situated in D.C.’s West End neighborhood near GWU’s main campus, George Washington University Hospital, Foggy Bottom Metro Station and major institutions including World Bank and IMF.

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AcquisitionsDistrict of ColumbiaRestaurantRetailSoutheast

SRS Brokers Sales of Two Retail Properties in D.C. Totaling $9.2M

by John Nelson

WASHINGTON, D.C. — SRS Real Estate Partners has brokered the sale of two urban retail properties in Washington, D.C., totaling $9.2 million. The properties include 2321 18th St. NW in the city’s Adams Morgan submarket and 1519 Wisconsin Ave. in the Georgetown district. Built in 1910 and renovated in 2020, the Adams Morgan property houses a single tenant (Ironworks Inc.) that operates three Asian fusion restaurants — Death Punch Bar, Shabu Plus and Shibuya — and has 10 years remaining on its lease. An unnamed private investor purchased the 4,500-square-foot property from a locally based developer for $3.5 million. Andrew Fallon and Rick Fernandez of SRS represented the seller in the transaction. The Georgetown property houses three retailers (a salon, nail parlor and mobile device repair shop) that are on triple-net leases. A local investor purchased the asset for $5.7 million in a 1031 exchange. Fallon and Fernandez represented the seller, a locally based, privately held investor and developer.

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