WASHINGTON, D.C. — CoStar Group will acquire STR, which tracks hotel data, for $450 million in an all-cash deal. The sale is expected to close by the end of this year. STR was founded in 1985 as Smith Travel Research to provide performance benchmarking and comparative analytics to hotels. Henderson, Tenn.-based STR aggregates data from more than 65,000 hotels worldwide. The company employs 370 people in 15 countries. Washington, D.C.-based CoStar plans to use STR to create new products that provide building data, income level and trend reports, sales comps and for sale information.
WASHINGTON, D.C. — Pebblebrook Hotel Trust has agreed to sell the 99-room Kimpton Topaz Hotel in Washington, D.C. for $33 million. The buyer was not disclosed. The hotel is located at 1733 N St. NW, less than a mile from The White House and two blocks from Dupont Circle. Hotel amenities include complimentary breakfast, a yoga mat in each room, electric car charging stations, 24-hour fitness center and twice-nightly wine hour.
WASHINGTON, D.C. — MAC Realty Advisors has sold 1901 4th St. NE, a 33,600-square-foot warehouse in Washington, D.C. The U.S. Postal Service and Fort Myer Construction are tenants at the property. A joint venture between GlenLine Investments and RSE Capital Partners, an affiliate of Fundrise, acquired the building, which is situated two miles east of downtown D.C.
WASHINGTON, D.C. — Choice Hotels International Inc., along with general contractors Donohoe Development Co. and Kouchar Management, has started construction of Cambria Hotels Washington, D.C. Capitol Riverfront, a 154-room hotel. The project is scheduled for completion in early 2021. The property is located at 69 Q St. SW, three miles from the Capitol Building and walking distance to Nationals Park and Audi Field soccer stadium. Hotel amenities will include 2,500 square feet of meeting space, a ground-level restaurant, 3,500-square-foot rooftop terrace and fitness center. BBGM Architects designed the hotel.
WASHINGTON, D.C. — The U.S. economy added 136,000 nonfarm payroll jobs in September, falling just shy of economists’ forecast of 145,000 jobs, according to the Bureau of Labor Statistics (BLS). In addition, the BLS revised job growth upward in July by 7,000 to 166,000, and by 38,000 in August to 168,000. The healthcare industry led the way in September, adding 39,000 jobs, which was in line with its average monthly gain over the prior 12 months. Meanwhile, the unemployment rate declined 20 basis points from August to 3.5 percent. In September, average hourly earnings for all employees on private, nonfarm payrolls was $28.09, which was down by 1 cent from August. Over the past 12 months, average hourly earnings have increased by 2.9 percent.
WASHINGTON, D.C. — Drawbridge Realty has acquired 1331 L St., a 169,430-square-foot, 10-story office building in Washington, D.C., for $87 million. The building serves as the corporate headquarters for CoStar Group Inc., with approximately 850 employees on site. The building features a 2,940-square-foot roof terrace with views of downtown, a conference center with seating for 76 people and a 3,000-square-foot fitness center with showers and locker rooms. A three-level, below-grade parking garage offers 102 spaces with 12 electric vehicle charging stations. Built in 2008, 1331 L St. is located five blocks from The White House and two blocks from the McPherson Square Metro Station. Nicholas Pappas and Tim McDonald of Eastdil Secured represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — JLL has negotiated the $69.8 million sale of 1120 G St., a 10-story, 134,964-square-foot office building located three blocks from The White House. The building was 75 percent leased at the time of sale to 13 tenants. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the undisclosed seller in the transaction. A fund sponsored by Global Real Estate of Credit Suisse Asset Management acquired the property.
WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …
WASHINGTON, D.C. — Pebblebrook Hotel Trust has sold Kimpton Hotel Madera, an 82-room hotel in Washington, D.C., for $23.3 million. The property is located at 1310 New Hampshire Ave NW, three blocks south of Dupont Circle and one mile north of The White House. Amenities include free Wi-Fi, complimentary coffee and tea service, electric car charging stations and a yoga mat in each room. The buyer was not disclosed.
WASHINGTON, D.C. — Paramount Group Inc. (NYSE: PGRE) has sold Liberty Place, a landmark office building in Washington D.C., to an undisclosed buyer for $154.5 million. The 172,000-square-foot office building is located at 325 7th St. NW in the East End submarket of Washington, D.C., less than a mile from Capitol Hill. The property comprises two incorporated buildings: the historic Fireman’s Fund Building built in 1882, and a 12-story glass and limestone office tower constructed in 1991. In 2014, Hickok Cole designed an interior repositioning of the office entrance and lobby. Paramount intends to use a portion of proceeds from the sale to partially fund its $722 million purchase of Market Center, a 753,000-square-foot Class A office building in San Francisco’s South Financial District. “We continue to execute on our capital recycling strategy by selling stabilized assets at attractive prices and redeploying that capital into higher-growth opportunities, such as Market Center,” says Albert Behler, president, CEO and chairman. Recent tenants at Liberty Place include electric service company PPL Corp., market consultant Sonecon, Canadian fertilizer company Nutrien and Teneo Hospitality Group. Paramount originally acquired Liberty Place from Beacon Capital Partners in June 2011. Though Paramount did not disclose the price, the …