District of Columbia

U.S. Economy Adds 136,000 Jobs in September, Slightly Missing Forecast Mark

by Alex Tostado October 4, 2019

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.

October 4, 2019

Acquisitions District of Columbia Office Southeast

Drawbridge Realty Purchases CoStar Group Headquarters Building in D.C. for $87M

by Alex Tostado October 2, 2019

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.

October 2, 2019

Acquisitions District of Columbia Office Southeast

JLL Negotiates $69.8M Sale of Office Building in D.C.

by Alex Tostado October 2, 2019

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.

October 2, 2019

Company News District of Columbia Loans Multifamily Southeast

MBA: Commercial, Multifamily Mortgage Debt Rises $51.9B in Second Quarter Amid Strong Lending Activity

by Alex Tostado October 1, 2019

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 …

October 1, 2019

Acquisitions District of Columbia Retail Southeast

Pebblebrook Sells Hotel Madera in D.C. for $23.3M

by Alex Tostado September 30, 2019

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.

September 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Paramount Sells Liberty Place Office Building in Washington D.C. for $154.5M

by Alex Patton September 27, 2019

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 …

September 27, 2019

District of Columbia Loans Office Southeast

JLL Arranges $181.5M Refinancing Loan for Office Building in Southwest D.C.

by Alex Tostado September 24, 2019

WASHNIGTON, D.C. — JLL has arranged a $181.5 million refinancing loan for Portals III, a 510,157-square-foot office building in southwest Washington, D.C. ACORE Capital provided the loan, which will be used to refinance existing debt, lease up the asset and fund capital improvements throughout the property. Portals III marks the third phase of the Portals mixed-use development, which comprises more than 1.5 million square feet of office space, more than 370 residential units, a 400-room Mandarin Oriental hotel and retail space. Andrew Weir, Cary Abod, Rob Carey, Drake Greer and Jay Graham of JLL represented the borrower, Washington, D.C-based Franklin L. Haney Co., in the loan transaction.

September 24, 2019

Acquisitions District of Columbia Office Southeast

Normandy Real Estate Partners Sells Office Building in D.C. for $104.6M

by Alex Tostado September 24, 2019

WASHINGTON, D.C. — Normandy Real Estate Partners has sold 950 L’Enfant Plaza, a 315,726-square-foot office building in Washington, D.C., for $104.6 million. The nine-story building was 86 percent leased at the time of sale. I.M. Pei designed the property, which is situated within the 2.5 million-square-foot L’Enfant Plaza mixed-use development. The asset overlooks the Southwest Waterfront and has access to the L’Enfant Metrorail Station and is two blocks from the Virginia Railway Express Station. Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the seller in the transaction. The buyer was not disclosed.

September 24, 2019

District of Columbia Southeast

U.S. Job Gains of 130,000 in August Fall Short of Wall Street’s Expectations

by Alex Tostado September 6, 2019

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 130,000 in August, and the unemployment rate held steady at 3.7 percent, the U.S. Bureau of Labor Statistics (BLS) reported Friday morning. The job gains fell short of Wall Street’s expectations of 150,000. A closer look at the data shows the private sector added 96,000 jobs, while government added 34,000 jobs, including 28,000 at the federal level and 6,000 at the state level. The growth in federal government jobs largely reflected the hiring of temporary workers for the 2020 U.S. Census. In the private sector, notable job gains occurred in professional and business services (+37,000), healthcare (+24,000) and financial activities (+15,000). Retail trade employment declined by 11,000 in August, while mining employment fell by 6,000. Employment gains in June and July were 20,000 fewer than previously reported as a result of revisions to the data, according to the BLS. In August, average hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July. Over the past 12 months, average hourly earnings have increased by 3.2 percent.

September 6, 2019

Acquisitions District of Columbia Retail Southeast

Calkain Arranges $15M Sale of Triple-Net-Leased CVS in D.C.

by Alex Tostado September 4, 2019

WASHINGTON, D.C. — Calkain Cos. has arranged the $15 million sale of a triple-net-leased CVS property in Washington, D.C. The 8,754-square-foot building is located at 3323, 3325-3329 Connecticut Ave. NW, three miles north of downtown Washington, D.C. The building first served as a pharmacy in the 1950s before being converted to a CVS in 1990. Jonathan Hipp and Rick Fernandez of Calkain represented the seller, an undisclosed family trust, in the transaction. The buyer was a private investor completing a 1031 tax-deferred exchange.

September 4, 2019

Newer Posts

Older Posts