District of Columbia

Shorenstein Purchases 901 K Street Office Building in D.C.’s East End

by John Nelson June 24, 2025

WASHINGTON, D.C. — Shorenstein Investment Advisers has purchased 901 K Street, a 219,956-square-foot trophy office building in Washington, D.C.’s East End submarket. The seller and sales price were not disclosed, but multiple media outlets report that Carr Properties sold the office building for $84 million. Tenants at 901 K Street include Microsoft, Baker Donelson and ViaSat. Shorenstein has selected Eli Barnes, Jonathan Wellborn and Will Stern of Avison Young to lease 901 K Street. Shorenstein plans to enhance the office building’s amenity offerings with a new conference facility and tenant lounge. Other amenities include a rooftop terrace with a catering kitchen for events, fitness center and a 222-space parking garage.

June 24, 2025

District of Columbia Loans Multifamily Southeast Top Stories

Walker & Dunlop Arranges $106.3M Refinancing for Apartment Community in Washington, D.C.

by Hayden Spiess June 19, 2025

WASHINGTON, D.C. — Walker & Dunlop has arranged $106.3 million loan for the refinancing of Agora, an apartment community located in Washington, D.C. The borrower is locally based owner-operator WC Smith. Completed in 2018, Agora totals 334 units across 11 stories. The community marks the second phase of the larger development known as The Collective, which totals 1,138 apartments in the Capitol Riverfront neighborhood. The Collective also includes Park Chelsea, a 429-unit community, and The Garrett, which features 373 apartments and 5,000 square feet of coworking space. Amenities at The Collective include a Whole Foods Market, fitness center, spa rooms and an indoor golf simulator. The development is located within walking distance of Nationals Park, Audi Field and the Navy Yard. “Agora is a standout asset within their exceptional portfolio, and the swift rate lock, secured within 24 hours of the signed application, demonstrates our dedication to providing timely, customized solutions that ensure the best possible outcomes for our clients, says Connor Locke, managing director of multifamily finance at Walker & Dunlop. Walker & Dunlop also arranged financing for the other two phases of The Collective. In 2024, the firm originated more than $30 billion in debt financing. — Hayden Spiess

June 19, 2025

District of Columbia Leasing Activity Office Southeast

ADEA to Relocate D.C. Headquarters to District Center

by Abby Cox June 16, 2025

WASHINGTON, D.C. — The American Dental Education Association (ADEA) has signed a lease to relocate to the District Center at 555 12th St. NW in Washington, D.C. ADEA will occupy approximately 30,000 square feet, which is half of the fourth floor, beginning in the first quarter of 2026. ADEA’s headquarters is currently located at the Association of American Medical Colleges (AAMC) at 655 K St. NW in D.C. Andy Eichberg, Matt Pacinelli and John Klinke of Stream Realty Partners represented the landlord in the lease transaction. Susan Thomas and Thomas Brown of CBRE represented ADEA. District Center, owned by a joint venture between MetLife Investment Management and Norges Bank Investment Management, offers 850,000 square feet of office space and is 95 percent leased, with up to 6,500 square feet still available for lease. Amenities at the property include an atrium lounge, fitness center with group and personal training options, lockers, showers, ample bicycle storage and a rooftop sky lounge that spans 3,391 square feet with outdoor terraces. Retail and restaurant tenants at the center include Ristorante TOSCA, Celadon Spa & Salon, Saks OFF Fifth, Nordstrom Rack and Potbelly Sandwich Shop.

June 16, 2025

Development District of Columbia Multifamily Office Southeast

Henderson Park, Lowe Commence Office-to-Residential Conversion Project in D.C.

by Abby Cox June 13, 2025

WASHINGTON D.C. — A joint venture between Henderson Park and Lowe has broken ground on an office-to-residential conversion project at 1250 Maryland Ave. in Washington, D.C. The project team includes architect Beyer Blinder Beller, interior designer KTGY, general contractor Balfour Beatty and landscape architect Oehme, van Sweden | OvS. Deutsche Bank provided a $180 million construction loan for the project. Built in 1992, the former Portals I development is an eight-story, 536,000-square-foot office building that will be transformed into an 11-story, 658,000-square-foot apartment complex. The additional three floors will be integrated into the building design to create large patios on the ninth and 11th floors. The 428-unit complex will also include 53,000 square feet of supporting retail and commercial space, as well as 428 parking spaces. Amenities at the development will include a rooftop resort-style terrace and swimming pool, resident lounge and coworking spaces, a two-story fitness center and dining and personal services offered on the ground floor. The redeveloped building has also been designed to meet LEED Gold specifications.

June 13, 2025

Development District of Columbia Loans Mixed-Use Multifamily Southeast

Pearlmark Provides $58M Mezzanine Loan for Multifamily Development in D.C.

by John Nelson June 6, 2025

WASHINGTON, D.C. — Pearlmark has provided a $58 million mezzanine loan for the development of Portals IV, a 356-unit multifamily project underway in the Southwest Waterfront neighborhood of Washington, D.C. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP. David Webb and John Rehberger of CBRE arranged financing for the development, along with Mark Witt of Pearlmark. Kennedy Wilson provided the senior loan. The borrower and developer is Republic Properties, a subsidiary of the Republic Family of Cos. Portals IV is situated within walking distance of two Metro stations and will be the final addition to the Portals complex, a 3 million-square-foot mixed-use development that comprises three office buildings, one luxury apartment building and a hotel. Amenities at Portals IV will include a rooftop swimming pool and walkway, resident package locker room with dry cleaning pickup, fireplace lounge, fitness center and spin room, library, golf simulator, game room, coworking spaces, concierge services and a rooftop amenity lounge on the 13th floor. Outdoor grilling stations, private dining rooms, commercial laundry facilities and a coffee bar will also be available for resident use.

June 6, 2025

District of Columbia Southeast

U.S. Economy Adds 139,000 Jobs in May, Federal Government Continues to Cut Staff

by John Nelson June 6, 2025

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 139,000 jobs in May, slightly ahead of the 125,000 jobs that Dow Jones economists predicted, according to CNBC. The figure is also in line with the average monthly gain of 149,000 over the previous 12 months. The U.S. unemployment rate remained unchanged from April at 4.2 percent. The federal government lost 22,000 jobs in May, according to the BLS. Employment for the U.S. government has dwindled by 59,000 since January. The Trump administration, aided by its newly established Department of Government Efficiency (DOGE), has cut federal government jobs in an effort to improve efficiency and reduce government spending. The healthcare sector led all categories at 62,000 jobs added in May, with jobs gains occurring in in hospitals (+30,000), ambulatory health care services (+29,000) and skilled nursing care facilities (+6,000). The average monthly job gain in the healthcare sector over the previous 12 months is 44,000. Other sectors that saw job growth in May include leisure and hospitality (+48,000), local government (+21,000) and social assistance (+16,000). Employment showed little change in industries including mining, quarrying, and oil-and-gas extraction; construction; manufacturing; wholesale trade; retail trade; …

June 6, 2025

District of Columbia Florida Multifamily Southeast

Census: Miami’s Population Surges More Than 10 Percent Since 2020

by John Nelson May 19, 2025

WASHINGTON, D.C. — Between 2020 and July 1, 2024, Miami experienced a significant population surge, according to the latest estimates from the U.S. Census Bureau. The South Florida city’s population was 487,014 residents in 2024, which is a 10.1 percent increase from 2020 Census figures. In the same time frame, Atlanta saw a 4.3 percent rise in population, while Raleigh experienced an uptick of 6.8 percent. Washington, D.C. saw a 1.8 percent increase since 2020, and Nashville saw a 2.3 percent gain in residents. All of the above except Raleigh ranked in the top 10 nationally for new downtown apartments developed between 2020 and 2024, according to a report from RentCafe. Leading the pack was Washington, D.C., which has added nearly 23,000 apartments to the downtown supply since the pandemic. To calculate population growth within a city or town, the Census Bureau uses updated county-level data on housing units, as well as average household sizes in the surrounding county, to estimate the population of each city and town within that county. The estimate for people living in group quarters (such as dorms or nursing homes) is then included to the household population estimate to obtain the total resident population.

May 19, 2025

District of Columbia Leasing Activity Office Southeast

Marx Realty Signs 16,000 SF of Leases at The Herald Office Building in D.C.

by John Nelson May 13, 2025

WASHINGTON, D.C. — Marx Realty has signed 16,000 square feet of new and expanded leases at The Herald, a 114,000-square-foot office building located at 1307 New York Ave. in Washington, D.C. The deals include two new leases: a 5,000-square-foot, eight-year lease with Auburn University’s non-partisan think tank McCrary Institute and a 3,200-square-foot, six-year deal with public policy strategy firm August Strategy Group. Additionally, an undisclosed government affairs agency has nearly doubled its footprint at The Herald, expanding by 7,800 square feet. The office building’s amenities include a rental 2023 Tesla Y car, 40-seat boardroom, café, lounge and a fitness center with boxing facilities, private workout rooms, Pelotons, Hydro rowers and a mirror fitness system.

May 13, 2025

Affordable Housing District of Columbia Loans Multifamily Southeast

Colliers Mortgage Arranges $5.7M HUD-Insured Loan for Refinancing of Stanton Park Apartments in D.C.

by John Nelson May 5, 2025

WASHINGTON, D.C. — Colliers Mortgage has arranged a $5.7 million HUD-insured loan to refinance Stanton Park Apartments, a 62-unit affordable housing community located in Washington, D.C. As part of the refinance, the Non-Profit Community Development Corp. of Washington, D.C. (NPCDC) has obtained an extension for its use restriction to preserve its affordable housing options while operating under the Low-Income Housing Tax Credit (LIHTC) program. The HUD loan features a 35-year term and amortization schedule. Stanton Park Apartments comprises three one-bedroom units, 42 two-bedroom units and 17 three-bedroom units. Laundry facilities are located in each building, while disabled-accessible units contain an in-unit washer/dryer. Additional amenities at the property include barbecue and picnic areas and onsite parking.

May 5, 2025

District of Columbia Southeast

U.S. Economy Adds 177,000 Jobs in April, Beating Economists’ Expectations

by John Nelson May 5, 2025

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 177,000 jobs in April, which is above the estimated 133,000 figure projected by Dow Jones economists, according to CNBC. The media outlet reports that economists were predicting fewer domestic jobs to be created due to the Trump administration’s tariffs against U.S. trade partners including China. Additionally, the BLS found that the unemployment rate for April has remained unchanged at 4.2 percent. The BLS made some hefty downward revisions for the employment gains in February and March. The change in total nonfarm payroll employment for February was revised down by 15,000 (rom 117,000 to 102,000) and March was revised down by 43,000 (from 228,000 to 185,000). With these revisions, employment in February and March combined is 58,000 lower than previously reported. The healthcare sector led the way in job creation in April with 51,000 jobs, including gains in hospitals (+22,000) and ambulatory healthcare services (+21,000). Transportation and warehousing added 29,000 jobs, with gains in warehousing and storage (+10,000), couriers and messengers (+8,000) and air transportation (+3,000). The financial sector contributed 14,000 jobs last month. The industry has added 103,000 jobs overall since its trough …

May 5, 2025

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