District of Columbia

Akridge, Stars REI Deliver 102,000 SF Office Building Near White House

by Alex Tostado February 20, 2019

WASHINGTON, D.C. — Akridge and Stars REI have delivered a 102,000-square-foot office complex at the corner of 16th and L streets in Washington, D.C. The site at 1101 Sixteenth St. was formerly two obsolete office buildings that housed the American Association of University Women and the American Beverage Association. HOK was the architect on the project, Clark Construction Group was the general contractor and EagleBank provided construction financing. Amenities include a fitness facility, penthouse lounge and a rooftop terrace with White House views.

February 20, 2019

District of Columbia Leasing Activity Retail Southeast

CBRE Negotiates 46,016 SF Lease for Target at CityLine in Washington, D.C.

by Alex Tostado February 18, 2019

WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.

February 18, 2019

District of Columbia Loans Multifamily Southeast

Wells Fargo Bank Tops MBA’s 2018 Commercial, Multifamily Servicer Rankings

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.

February 13, 2019

Development District of Columbia Office Southeast

Akridge Delivers 104,000 SF Office Building in D.C. Fully Leased to WeWork

by Alex Tostado February 13, 2019

WASHINGTON, D.C. — Akridge has delivered 1701 Rhode Island, a seven-story, 104,000-square-foot building in Washington, D.C., that is fully leased to WeWork. Hickok Cole Architects designed the building, which features floor-to-ceiling windows, a landscaped entry plaza, two-story lobby, fitness center and a rooftop terrace. Whiting-Turner Contracting Co. was the general contractor. Zach Boroson, Andy O’Brien and Greg Lubar of JLL represented WeWork in the lease transaction.

February 13, 2019

District of Columbia Loans Multifamily Southeast

Commercial, Multifamily Loan Originations Up 14 Percent in Fourth-Quarter 2018, Says MBA

by Alex Tostado February 12, 2019

WASHINGTON, D.C. — Led by surges in financing for healthcare, multifamily and industrial transactions, commercial real estate loan originations increased by 14 percent year-over-year in the fourth quarter of 2018, according to the Mortgage Bankers Association (MBA). The Washington, D.C.-based firm released the preliminary findings in its Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations, which was showcased at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes tomorrow. The fourth quarter saw a 61 percent year-over-year increase in the dollar volume of loans for healthcare properties, 32 percent jump for multifamily properties, 28 percent hike for industrial properties and a slight increase (1 percent) for retail properties. Originations decreased for hotel property loans by 4 percent and office property loans by 3 percent. With the fourth-quarter estimates, the MBA predicts that origination volumes in 2018 were 3 percent higher than 2017. By property type, originations rose 22 percent for multifamily properties, 12 percent for industrial assets and 5 percent for hotels. Office property originations were down 7 percent, retail properties declined 13 percent and healthcare properties decreased by 16 percent. In late March, MBA will release its …

February 12, 2019

District of Columbia Multifamily Southeast

MBA Forecast: Commercial and Multifamily Originations to Hold Firm in 2019

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — The Mortgage Bankers Association’s (MBA) expects to see steady commercial real estate markets keep commercial and multifamily mortgage originations on par with the last two years. In its 2019 Commercial/Multifamily Real Estate Finance Forecast, MBA projects commercial and multifamily mortgage originations to total $530 billion in 2019, matching 2017’s total, and slightly up from 2018’s mark of $526 billion. MBA believes that multifamily mortgage originations will increase 1 percent to $264 billion, with total multifamily lending at $315 billion. The Washington, D.C.-based organization expects these originations totals to continue through 2020. Additionally, outstanding debt from multifamily and commercial mortgages are expected to finish 5 percent higher in 2019 than 2018. MBA released its 2019 forecast Sunday, Feb. 10 at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo in San Diego. The four-day conference will conclude Wednesday, Feb. 13.

February 11, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building Portfolio in Metro D.C. for $198.5M

by Alex Tostado February 11, 2019

WASHINGTON, D.C. — Office Properties Income Trust has sold a 34-building portfolio of office assets in metro Washington, D.C., to an undisclosed buyer for $198.5 million. The names and locations of the buildings were not disclosed. Office Properties is a newly named REIT, formed after Government Properties Income Trust and Select Income REIT merged Dec. 31, 2018. This portfolio sale completes Office Properties’ previously disclosed disposition plan with respect to its long-term financing of its acquisition of First Potomac Realty Trust (FPO) in 2017. Office Properties has sold $520.8 million worth of properties since it acquired FPO, including the 34-property portfolio sale.

February 11, 2019

District of Columbia Market Reports Southeast Southeast Market Reports

Nation’s No. 1 Data Center Market in Northern Virginia Isn’t Done with Boom Cycle

by Alex Tostado February 11, 2019

The Northern Virginia data center market continues to outpace the rest of the country’s leading data center markets by more than double. By the close of the first half of 2018, Northern Virginia had 317 megawatts (MW) under construction with Phoenix a distant second at 136.5 MW. (In real estate terms, industry standard is approximately 150 watts per square foot.) What drives Northern Virginia as the leader today is an unparalleled business ecosystem that has grown over the past 20 years from the original edge data center to today’s premier data center market. The market is a prototype for which subsequent data centers strive to achieve. Ideal Data Center Landscape Very few enterprises build their own on-premise data centers. Northern Virginia got its start as a leader in this space by going into colocation data centers. The companies that pioneered the movement, like Equinix, DFT and Exodus Communications, have brought Northern Virginia to where it is today. But, it’s more than that. It takes a confluence of legislative support, fiber, power, development, deployment of new IT technologies and other partnerships to allow the Northern Virginia market to flourish into the tech superpower it is today. Northern Virginia has also been …

February 11, 2019

District of Columbia Market Reports Multifamily Southeast Market Reports

D.C.’s Multifamily Market Sees Strong Demand for its Healthy Development Pipeline

by Alex Tostado February 4, 2019

Washington, D.C.’s multifamily market has enjoyed success in recent years, and 2018 has been no exception. The regional economy continues to function at an extremely healthy level, adding 77,100 new jobs in the trailing 12 months ending July 2018, much more than the annual average of 41,000 since 2010. The region has outgrown its previous dependence on the federal government, which contracted by 4,800 jobs over the same period, further highlighting the strength of the region’s private sector. This sustained economic upside is only further enhanced by the looming possibility of Amazon’s HQ2, Apple and other large tech contracts. The strong job growth has been matched by a steady increase in population, which has grown 10.44 percent since 2010, to roughly 6.25 million people. To accommodate such growth, the supply pipeline has been equally as robust, delivering nearly 13,000 units per year for the past five years. In addition to all the recent deliveries, absorption has remained steady and strong, with the market absorbing a net positive of 7,570 units over the trailing 12 months. Furthermore, Class A rents have still managed to grow 1.4 percent over the past year, while overall market rent growth has grown an even higher …

February 4, 2019

Acquisitions Civic District of Columbia Southeast

Freedom Forum Sells Newseum Building in D.C. to John Hopkins University for $372.5M

by Alex Tostado January 28, 2019

WASHINGTON, D.C. — Freedom Forum has sold 555 Pennsylvania Ave., the building that houses Newseum, to John Hopkins University for 372.5 million. The private research university plans to use the 475,000-square-foot property as a consolidated center for its D.C.-based graduate programs. Freedom Forum is the creator and primary funder of Newseum, and in August 2017 announced that it was open to multiple options to fund or sell the museum focused on increasing public understanding of the importance of a free press and the First Amendment. Newseum will remain open through the end of the year.

January 28, 2019

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