WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.
WASHINGTON, D.C. — Another 853,000 Americans filed for first-time unemployment insurance for the week ending Dec. 5, the U.S. Department of Labor reported Thursday. Economists surveyed by Dow Jones expected claims to total 730,000. The most recent figure is the highest weekly claim total since Sept. 19 and a 137,000-claim increase from the previous week’s revised number. The four-week moving average increased by 35,500 to 776,000. Continuing claims, for which data is a week behind, increased by 230,000 to just under 5.8 million. The figure represents the first increase since August.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has found that 75.4 percent of apartment households paid rent as of Dec. 6. NMHC surveyed its network of 11.4 million professionally managed units as part of its Rent Payment Tracker metric. The most recent figure is an 894,864-household decrease, or 7.8 percent, from Dec. 6, 2019. The December numbers are also a 500-basis point drop from Nov. 6, 2020, though the NMHC notes that Dec. 6, 2020, fell on a weekend, meaning the data might not be a true direct comparison. “While the initial rent collection figures for the first week of December are concerning, only a full month’s results will paint a complete picture,” says Doug Bibby, president of Washington, D.C.-based NMHC. “However, it should not come as a surprise that a rising number of households are struggling to make ends meet. As the nation enters a winter with increasing COVID-19 case levels and even greater economic distress — as indicated by last week’s disquieting employment report — it is only a matter of time before both renters and housing providers reach the end of their resources.” NMHC releases the survey in partnership with apartment management platforms RealPage, ResMan, Yardi, …
WASHINGTON, D.C. — The U.S. economy added 245,000 jobs in November, the U.S. Bureau of Labor Statistics (BLS) announced Friday. Economists surveyed by Dow Jones had expected the total jobs added to reach 469,000. The unemployment rate dipped 20 basis points from October to 6.7 percent. The most recent figure marks the seventh consecutive month of job growth following the onset of the coronavirus pandemic. According to the BLS, outside factors such as surging coronavirus cases, new restrictions in some states and an unapproved stimulus package slowed growth for the month. Job growth was also stunted in part due to the lack of retail hiring ahead of the holiday season. Employment in the retail sector fell by 35,000 jobs, led by decreases in general merchandise stores (-21,000); and sporting goods, hobby, book and music stores (-12,000). Notable job gains occurred in the transportation and warehousing sector, which added 145,000 jobs in November. The figure is still 123,000 jobs below its February level. Employment in professional and business services increased by 60,000 jobs. Employment in the sector is struggling to return to pre-pandemic norms as it is still 1.1 million jobs behind its February level. The healthcare industry added 46,000 jobs, …
WASHINGTON, D.C. — Another 712,000 Americans filed for weekly unemployment claims during the week ending Nov. 28, the U.S. Department of Labor reported. The most recent figure is a decrease of 75,000 claims from 787,000 the previous week. It is the lowest since the week ending Nov. 7 (709,000 claims), which is also the lowest amount recorded during the pandemic. Economists surveyed by Dow Jones expected the claims last week to reach 780,000. The four-week moving average fell by 11,250 claims to 739,500. Continuing claims, for which data lags a week, decreased by 569,000 from the prior week to 5.2 million claims.
WASHINGTON, D.C. — Marx Realty has broken ground on The Herald, a 114,000-square-foot office building in Washington, D.C. The New York-based developer is investing $41 million to redevelop the property into a hospitality-themed office building. The lobby will feature 22-foot ceilings, a doorman, European-style café, 8,800-square-foot lounge, a fitness center, historical art and several seating areas, similar to a hotel lobby. The asset was originally built in 1923 as the printing press and offices for the Washington Herald Examiner. Marx Realty will update the entrance to the lobby to include floor-to-ceiling copper and glass walls inspired by linotype printing machines. Marx Realty expects construction to be completed in the spring. David Burns of Studios Architecture designed the asset.
WASHINGTON, D.C. — Retail consumers have shown excitement for holiday shopping this year, says Matthew Shay, president and CEO of the National Retail Federation (NRF). Because of the challenges of this year, Shay and the NRF believe people will buy gifts that may “lift the spirits of family and friends.” The NRF has forecasted U.S. holiday sales to grow between 3.6 percent and 5.2 percent compared to 2019. The expected growth would mean a range between $755.3 billion and $766.7 billion in sales for the season, which NRF defines as November and December. NRF says the average year-over-year growth for the past five holiday seasons has been 3.5 percent. Online and non-store sales are expected to jump between 20 and 30 percent, according to the NRF, for a total of $202.5 billion to $218.4 billion. Holiday sales in 2019 totaled $168.7 billion. Due to pandemic-related reasons, large swaths of people have not been shopping in-person this year, a trend the NRF expects to see continue through December. “We know this holiday season will be unlike any other, and retailers have planned ahead by investing billions of dollars to ensure the health and safety of their employees and customers,” says Shay. …
WASHINGTON, D.C. — Initial jobless claims reached 778,000 for the week ending Nov. 21, an increase of 30,000 from the previous week. The U.S. Department of Labor released its findings a day earlier than usual due to the Thanksgiving holiday. Economists surveyed by Dow Jones expected the weekly total to be 733,000. The four-week moving average increased slightly to 748,500, up from the previous moving average of 743,500. Continuing claims, for which data lags a week, fell by 299,000 for the week ending Nov. 14. The total claims stood at nearly 6.1 million.
WASHINGTON, D.C. — CoStar Group has entered into an agreement to acquire Homesnap Inc. for $250 million. Homesnap is an online and mobile software platform designed for real estate agents. According to CoStar, more than 300,000 real estate agents use the app an average of 30 times per month. Andy Florance, founder and president of CoStar, says the Washington, D.C.-based data firm will expand Homesnap’s residential platform to commercial brokers. Homesnap, also based in D.C., employs about 150 people. The transaction is expected to close by the end of the year. CoStar expects the acquisition to quadruple the number of users on its platform from 100,000 to 400,000 members. The sale will also nearly double the number of property listings from 1.4 million to more than 2.6 million.
WASHINGTON, D.C. — The American Hotel & Lodging Association (AHLA) released a survey that found 71 percent of hotels won’t survive the next six months without government assistance. AHLA conducted the survey of hotel industry owners, operators and employees from Nov. 10 to 13, yielding more than 1,200 respondents. Thirty four percent of owners say they may have to close in the next three months due to low vacancy rates, and 77 percent of survey respondents said they would need to lay off more employees without financial relief. Due to a resurgence in coronavirus cases nationwide, public health officials from the Centers for Disease Control and Prevention (CDC) are urging Americans to not travel for the upcoming holiday season. According to a separate AHLA survey, 72 percent of respondents don’t plan to travel over Thanksgiving week. “With a significant drop in travel demand and seven in 10 Americans not expected to travel over the holidays, hotels will face a difficult winter,” says Chip Rogers, president and CEO of AHLA. “We need Congress to prioritize the industries and employees most affected by the crisis. A relief bill would be a critical lifeline for our industry to help us retain and rehire …