District of Columbia

Meridian Group, WeWork Acquire Office Building in D.C. for $136.5M

by Alex Tostado December 4, 2018

WASHINGTON, D.C. — Meridian Group and affiliates of WeWork Property Advisors, an investment fund established by coworking firm WeWork, have created a joint venture to buy 1333 New Hampshire Ave. N.W., a 350,000-square-foot office building in Washington, D.C. Washington Business Journal reported the sales price was $136.5 million. Affiliates of WeWork Property Advisors are contributing 50 percent of the equity, and WeWork Cos. Inc. will lease more than 100,000 square feet of the building. Meridian plans to renovate the building, which is 84 percent leased to Akin Gump Strauss Hauer & Field, a law firm that has been in the space for 25 years. The firm is set to leave by August. Renovations are slated to begin next year and be completed in summer 2020. Collins Ege at Eastdil Secured represented the seller, Boston Properties, in this transaction, and Nicholas Seidenberg at Eastdil Secured represented the Meridian Group in its acquisition financing.

December 4, 2018

Acquisitions District of Columbia Hospitality Southeast

Xenia Hotels Sells Hilton Garden Inn in Downtown D.C. for $128M

by Alex Tostado November 30, 2018

WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.

November 30, 2018

District of Columbia Loans Mixed-Use Southeast

Eastern Union Funding Arranges Loan for 117-Unit Mixed-Use Project in D.C.

by Alex Tostado November 29, 2018

WASHINGTON, D.C. — Eastern Union Funding has arranged a construction loan for the development of The Rushmore, a 117-unit, luxury mixed-use development in Washington, D.C.’s Capitol Hill District. Marc Tropp of Eastern Union Funding arranged the loan through a local regional bank on behalf of developers SGA Cos. and Evergreen Private Finance. The development is located at the former Frager’s Garden Center at 1220 Pennsylvania Ave. S.E., and also includes the historic Shotgun House, located at 1229 East St. S.E., which will be turned into a duplex. Amenities for The Rushmore are set to include a residents’ lounge, fitness center, rooftop deck, concierge service, catering kitchen and private dining at the penthouse level, as well as 2,500 square feet of street-level retail space. Bethesda, Md.-based SGA Cos. and Washington, D.C.-based Evergreen Private Finance signed a 100-year ground lease with Capitol Hill investor Larry Quillian to develop at the two locations. The Rushmore is expected to be complete by the fourth quarter of 2019.

November 29, 2018

Development District of Columbia Mixed-Use Southeast

Former Fannie Mae Headquarters to Get New Life with $640M Mixed-Use Redevelopment

by Alex Tostado November 27, 2018

WASHINGTON, D.C. — Roadside Development and North America Sekisui House LLC (NASH) have announced that the redevelopment of Fannie Mae’s former headquarters in Washington, D.C. will be named City Ridge. The name originates from the site’s location on Wisconsin Avenue, a geological ridgeline that separates the two stream valleys of Rock Creek Park to the east and Foundry Branch to the west. The $640 million, 1.1 million-square-foot project will break ground Dec. 1. The site sits on 10 acres and is set to include 687 residential units and 100,000 square feet of office space in the historic building, plus 62,000 square feet of new office space, 153,000 square feet of retail space and more than 750 parking spaces. Grocery store chain Wegmans Food Markets will anchor City Ridge.

November 27, 2018

Acquisitions District of Columbia Office Southeast

PRP, GMF Capital Acquire 334,000 SF Office Building on Pennsylvania Avenue in D.C.

by Amy Works November 12, 2018

WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.

November 12, 2018

Acquisitions Company News District of Columbia Multifamily Office Southeast Virginia

DivcoWest Opens D.C. Office, Acquires 392-Unit Apartment Community in Northern Virginia

by Amy Works November 9, 2018

WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.

November 9, 2018

Acquisitions District of Columbia Office Southeast Top Stories

JBG Smith Sells 154,384 SF Office Building in Washington, D.C. for $65M

by Taylor Williams October 29, 2018

WASHINGTON, D.C. — Maryland-based REIT JBG Smith Properties (NYSE: JBGS) has sold the Lion Building, a 154,384-square-foot office property in Washington, D.C., for $65 million. The Lion Building, which is located at 1233 20th St. near Dupont Circle, houses the embassies of Vietnam and South Sudan. The location puts the property within walking distance of three different Metrorail stations, 500 retail stores and restaurants and eight hotels. Jim Meisel, Andrew Weir, Matt Nicholson and David Baker of HFF represented JBG Smith in the sale. This quartet of investment advisory professionals also procured the buyer, a joint venture between private investment manager GreenOak Real Estate and Mid-Atlantic investment firm MRP Realty. Cary Abod, Dan McIntyre and Robert Carey of HFF arranged $47.6 million in acquisition financing for the transaction. The lender and loan terms were not disclosed. JBG Smith’s stock price closed at $37.10 per share on Friday, October 26, up from $31.26 per share a year ago. The company, which is listed on Standard & Poor’s MidCap 400 Index, owns and operates assets in infill markets around the Washington, D.C. area. — Taylor Williams

October 29, 2018

Development District of Columbia Multifamily Southeast Top Stories

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan October 23, 2018

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

October 23, 2018

Acquisitions District of Columbia Hospitality Southeast Top Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams October 22, 2018

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

October 22, 2018

Company News District of Columbia Midwest Minnesota Northeast Office Southeast Texas Western

SIOR Foundation Selects Aaron Barnard as New President

by Amy Works October 18, 2018

WASHINGTON, D.C. — SIOR Foundation has announced Aaron Barnard as its new president for the 2018-2019 term. The transition from current president Bill Ginder to Barnard occurred last week at the Society of Industrial & Office Realtors (SIOR) Fall World Conference in Denver. Barnard is a veteran broker in Minneapolis with Cushman & Wakefield and specializes in investment analysis, tenant and landlord representation. Additional 2018-2019 SIOR Foundation officers are President-Elect Chris Curtis (Nugent Curtis Real Estate), Vice President Albert McNeel (Endura Advisory Group) and Treasurer Stan Kleweno (Transpacific Investments). New SIOR Foundation Trustees who began three-year terms at the latest conference include Nancy Morse (Newmark Knight Frank), Jack O’Donoghue (Grant Street Associates/Cushman & Wakefield Alliance), Adrian Arriaga (AAA Real Estate & Investments), Robert Horn Jr. (JLL), Jesse Laikin (Lee & Associates) and Peter Richardson (Primera Cos.). As the largest association of commercial real estate brokers, Washington, D.C.-based SIOR Foundation promotes and funds programs that advance the real estate profession through educational scholarships, research projects, publishing and development of real estate curricula for higher education.

October 18, 2018

Newer Posts

Older Posts