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District of Columbia

AcquisitionsDistrict of ColumbiaOfficeSoutheastTop Stories

Boston Properties Sells 601 Massachusetts Avenue Office Building in D.C. for $531M

by John Nelson

WASHINGTON, D.C. — Boston Properties Inc. (NYSE: BXP) has sold 601 Massachusetts Avenue, an approximately 480,000-square-foot office building in Washington, D.C., for $531 million. The buyer was not disclosed, but the Washington Business Journal reports that it was an affiliate of Mori Trust Co., a real estate development and investment firm based in Tokyo. Boston Properties originally developed the 11-story property in 2015. The firm will continue to provide property management services at 601 Massachusetts, which was 98 percent leased at the time of sale. 601 Massachusetts Avenue is situated in Washington, D.C.’s Mount Vernon Triangle neighborhood. Nearby attractions include the White House, Capital One Arena, Metro stations and the Walter E. Washington Convention Center. According to online property listings, the property includes a nine-story glass atrium, onsite fitness center, roof terrace and retail space leased to RPM Italian, Soul Cycle and lunch restaurant Devon & Blakely. Boston Properties structured the disposition as part of a reverse like-kind exchange under Section 1031 of the Internal Revenue Code with its $730 million acquisition in May of Madison Centre, a 37-story office tower in Seattle. “This disposition demonstrates continued investor demand for premier, well-leased office properties,” says Owen Thomas, chairman and CEO …

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District of ColumbiaSoutheast

US Economy Adds 315,000 Jobs in August, Unemployment Rate Rises to 3.7 Percent

by John Nelson

WASHINGTON, D.C. — Total U.S. nonfarm payroll employment rose by 315,000 in August, and the unemployment rate ticked up to 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). While in line with Dow Jones economist estimates of 318,000 jobs, August represents the second-lowest monthly gain since April 2021, according to CNBC. Additionally, the 20-basis-point increase in the unemployment rate is the first monthly hike this year. The change in total nonfarm payroll employment for June was revised down by 105,000 jobs, from 398,000 to 293,000, and the change for July was revised down by 2,000, from 528,000 to 526,000, according to the BLS. Professional and business services led all employment sectors in hiring with 68,000 added jobs in August. Healthcare employment rose by 48,000, the retail sector added 44,000 jobs, manufacturing added 22,000 and financial activities added 17,000 jobs. Employment rose in the leisure and hospitality sector by 31,000, which is down significantly from its monthly average in 2022 of 90,000 jobs.

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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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