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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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DevelopmentDistrict of ColumbiaLoansMultifamilySoutheast

J.P. Morgan Chase Provides $75.6M Construction Loan for D.C. Apartment Project

by John Nelson

WASHINGTON, D.C. — J.P. Morgan Chase has provided a $75.6 million construction loan to Urban Atlantic and Triden Development Group for The Reynard, a 344-unit apartment development in Washington, D.C. The property will be part of The Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in northwest D.C. The project represents the eighth ground-up project at the mixed-use campus. Urban Atlantic and Triden, in partnership with an opportunity zone investment from CrossHarbor Capital Partners, will build the apartment building on a 2.3-acre site adjacent to the Whole Foods Market-anchored Parks Marketplace. Amenities at The Reynard will include coworking space, a fitness center, resort-style pool and a maker space with podcast studios. Unit types range from studios to three -bedrooms, including 11 live-work units with storefronts along Georgia Avenue and 26 income-restricted apartments reserved for households earning 80 percent or less of the area median income. Bozzuto will manage The Reynard upon completion, which is expected to be roughly 24 months following the ground breaking.

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AcquisitionsDistrict of ColumbiaHospitalitySoutheast

Berkadia Negotiates $21M Sale of Normandy Hotel in D.C.

by John Nelson

WASHINGTON, D.C. — Berkadia has negotiated the $21 million sale of The Normandy Hotel, a boutique hotel located at 2118 Wyoming Ave. NW in Washington, D.C.’s Kalorama neighborhood. The hotel features 75 guest rooms and 900 square feet of meeting space, as well as immediate access to several upscale restaurants, stores and museums. Dan Hawkins and Kyle Stevenson of Berkadia represented the seller, California-based Blu Hotel Investors, in the transaction. The buyer was an entity doing business as SONO International Co. Ltd.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

JBG Smith Sells 269,000 SF Office Building in Washington, D.C. to Commerz Real AG

by Amy Works

WASHINGTON, D.C. — JBG Smith has completed the disposition of an office property located at 1900 N St. in Washington, D.C. German-based Commerz Real AG purchased the 269,000-square-foot asset for an undisclosed price. Designed by KPF architects, 1900 N features a triple-height lobby, superior window line and world-class amenity space. At the time of sale, the property was 82 percent leased to a mix of tenants, including Goodwin Proctor and Beverage & Diamond law firms, as well as CBRE’s Washington, D.C., office. Tommy Cleaver, Stuart Kenny and Dan Grimes of CBRE represented the seller in the transaction.

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Universal-North-South-Washington-DC
AcquisitionsDistrict of ColumbiaOfficeSoutheast

Newmark Arranges $228M Sale of Two-Building Office Complex in Washington, D.C.

by Amy Works

WASHINGTON, D.C. — Newmark has arranged the sale of Universal North and South, two Class B office buildings encompassing an entire city block near Dupont Circle in downtown Washington, D.C. Bethesda, Md.-based JBG Smith sold the assets to Philadelphia-based Post Brothers for $228 million. Totaling 659,459 square feet, the two-building office complex is located at 1825 and 1875 Connecticut Ave. NW. Universal North is a 12-story, 368,071-square-foot, value-add property, which was 40 percent leased at the time. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98 percent leased at the time of sale. The project can accommodate an additional 73,428 square feet. Jud Ryan and James Cassidy of Newmark represented the seller in the deal.

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