District of Columbia

NKF Arranges $209.1M Sale of McPherson Building in Downtown D.C.

by Alex Tostado November 12, 2019

WASHINGTON, D.C. — Newmark Knight Frank (NKF) has arranged the $209.1 million sale of the McPherson Building, a 12-story, 255,968-square-foot office building in downtown Washington, D.C. The property is located at 901 15th St. NW, one block from The White House and The Treasury Building. McPherson Building was 97 percent leased at the time of sale to tenants including Booz Allen Hamilton, New York Life Insurance Co. and law firm Davis Polk & Wardwell LLP. Forrester Construction recently completed a $30 million renovation to the building’s lobby, fitness center, elevators, common areas and restrooms. James Cassidy and Jud Ryan of NKF represented the undisclosed seller in the transaction. Northwestern Mutual acquired the building.

November 12, 2019

Development District of Columbia Multifamily Southeast

BedRock, Pacolet Milliken Reopen Ora Apartment Community in D.C. Following $20M Renovation

by Alex Tostado November 7, 2019

WASHINGTON, D.C. — BedRock Real Estate Partners LLC and Pacolet Milliken LLC have reopened Ora, a 113-unit multifamily property in Washington, D.C.’s Kalorama neighborhood, following a $20 million renovation. Forrest Perkins designed the unit interiors to feature European-inspired kitchens, quartz countertops, wood flooring, chrome fixtures and stainless-steel appliances. The property offers studio, one- and two-bedroom floor plans ranging from 525 to 800 square feet. Rents start at $2,615 and go up to $4,520 per month. Communal amenities include a rooftop deck, fitness center, pet spa and bicycle storage. Gables Residential is managing the community.

November 7, 2019

District of Columbia Southeast

Employers Add 128,000 Jobs in October, Surpassing Economists’ Expectations

by Alex Tostado November 1, 2019

WASHINGTON, D.C. — The U.S. economy added 128,000 jobs in October, according to the Bureau of Labor Statistics (BLS), beating expectations by a wide margin. Economists surveyed by The Wall Street Journal had forecast an increase of 75,000 jobs. The October jobs report was widely considered to be a surprise to the upside considering that it reflected the 40-day United Auto Workers strike against General Motors that began Sept. 16 and ended Oct. 26. Meanwhile, the unemployment rate nationwide rose 10 basis points to 3.6 percent in October. The employment gains were broad-based. Food services and drinking places added 48,000 jobs in October. The professional and business services sector gained 22,000 jobs and healthcare employment added 15,000 jobs. Over the last 12 months, the healthcare sector has added 402,000 jobs. Conversely, manufacturing employment decreased by 36,000 in October. Within manufacturing, employment in motor vehicles and parts declined by 42,000, reflecting strike activity. The change in total nonfarm payroll employment for August was revised upward by 51,000 from 168,000 to 219,000, and the change for September was revised upward by 44,000 from 136,000 to 180,000. With these revisions by the BLS, employment gains in August and September combined were 95,000 more …

November 1, 2019

District of Columbia Features Retail Southeast

Holiday Shoppers Plan to Spend 4 Percent More This Year, NRF Survey Shows

by Alex Tostado October 29, 2019

WASHINGTON, D.C. — American consumers plan to boost their holiday spending 4 percent this season on a year-over-year basis, according to the National Retail Federation (NRF) and Prosper Insight & Analytics. The projection is based on a survey of 7,782 adult consumers. Specifically, shoppers expect to spend an average of $1,047.83 this year, up 4 percent from last year’s total of $1,007.24, the survey findings show. Meanwhile, shoppers who are between the ages of 35 and 44 plan to spend an average of $1,158.63 this holiday season. Consumer spending is grouped into three separate categories: gifts for family, friends and co-workers, at an average $658.55; non-gift holiday items such as candy and food, decorations, greeting cards and flowers at $227.26; and other non-gift purchases that take advantage of the deals and promotions throughout the season at $162.02. “Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,” says Matthew Shay, president and CEO of Washington, D.C.-based NRF, the world’s largest retail trade association. Furthermore, 52 percent of shoppers between the ages of 25 and 34 plan to purchase gifts for co-workers, and 82 percent of …

October 29, 2019

Acquisitions District of Columbia Office Southeast

General Services Administration to Buy 1.9 MSF Office Building in D.C. for $760M

by Alex Tostado October 21, 2019

WASHINGTON, D.C. — The General Services Administration (GSA) exercised its purchase option to buy 1200 New Jersey Ave. SE in Washington D.C.’s Yards/Southeast Federal Center neighborhood for $760 million. The United States Department of Transportation (USDOT) fully occupies the 1.9 million-square-foot building. The sale is expected to close in March 2020, 19 months before USDOT’s lease expires, saving $99.8 million in rent costs. The USDOT employs 5,500 workers at the property. Amenities at the property include bike racks, access to the Walking Museum of Transportation, a loading dock and 13-foot ceilings. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate.

October 21, 2019

Development District of Columbia Mixed-Use Southeast

Community Three Breaks Ground on $45M Mixed-Use Redevelopment of Historic School in D.C.

by Alex Tostado October 18, 2019

WASHINGTON, D.C. — Community Three has broken ground on a $45 million redevelopment of the historic Grimke School in Washington, D.C., as part of the 9 1/2 Street initiative. Community Three plans for the 133,000-square-foot development to include office space, a new home for the African American Civil War Museum and residential units with ground-floor retail. The first phase, scheduled to deliver in fall 2020, includes renovating the 132-year-old Grimke School to include about 65,000 square feet of office and arts space that will house the 12,000-square-foot museum. Torti Gallas + Partners, the architect for the entire 9 1/2 Street Initiative effort, will move its international headquarters to the location. About 24,000 square feet of office space will be available for lease. The property is located on 9 1/2 Street near Vermont Avenue and U Street, a mile north of downtown D.C. Phase II, scheduled to break ground in 2021-22, will transform the Grimke School’s 1920s-era gymnasium into 40 residential units, 11 of which will be reserved for households earning less than 80 percent of median family income. The entire project is privately financed and Eagle Bank is the primary lender.

October 18, 2019

Company News District of Columbia Southeast

CoStar to Acquire STR for $450M

by Alex Tostado October 11, 2019

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.

October 11, 2019

Acquisitions District of Columbia Hospitality Southeast

Pebblebrook to Sell Kimpton Topaz Hotel in D.C. for $33M

by Alex Tostado October 9, 2019

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.

October 9, 2019

Acquisitions District of Columbia Industrial Southeast

MAC Realty Divests of Warehouse in D.C. for $13.3M

by Alex Tostado October 9, 2019

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.

October 9, 2019

Development District of Columbia Hospitality Southeast

Choice Hotels Begins Construction of 154-Room Development in D.C.

by Alex Tostado October 7, 2019

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.

October 7, 2019

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