District of Columbia

Qatar-based Investor Receives $503M Refinancing for Hotel Portfolio in NYC, Miami, D.C.

by Kristin Harlow August 17, 2018

NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C. HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term. Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences. The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a …

August 17, 2018

Acquisitions District of Columbia Multifamily Southeast

Urban Investment Partners Acquires Apartment Building in D.C. for $42.5M

by Camren Skelton August 16, 2018

WASHINGTON, D.C. — A joint venture led by Urban Investment Partners (UIP) has acquired 3333 Wisconsin, a 100-unit apartment building located at 3333 Wisconsin Ave. N.W. in Washington, D.C.’s Cathedral Heights neighborhood. The sales price was not disclosed, but the Washington Business Journal reports the asset sold for $42.5 million. UIP did not name its joint venture partner. The community is situated across Wisconsin Avenue from Cathedral Commons, a mixed-use development that houses a Giant supermarket, CVS/pharmacy, restaurants, service retailers and fitness venues. The community includes a mix of studio to two-bedroom units and features a fitness center, clubroom with a bar and pool table and an onsite Zipcar station. UIP plans to upgrade the building’s common areas and make improvements to individual unit interiors starting in the first quarter of 2019. UIP Property Management is managing the property.

August 16, 2018

Acquisitions District of Columbia Multifamily Southeast

CIM Group Purchases Newly Constructed, 319-Unit Apartment Community in D.C.

by Camren Skelton August 8, 2018

WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot courtyard and pool deck with fireplaces and grill stations; fitness center with spin stations and a yoga studio; club and game room; test kitchen, coworking area; rooftop observation deck; and a pet spa. In addition, Trellis House includes 11,000 square feet of ground-floor retail space. The community is located adjacent to Howard University and is proximate to the Green Line subway that provides connections to the entire Metro network.

August 8, 2018

Acquisitions District of Columbia Southeast Top Stories

Paramount to Sell 208,776 SF Office Building in Washington D.C. for $220M

by David Cohen August 8, 2018

WASHINGTON, D.C. — New York-based real estate investment trust Paramount Group has agreed to sell 2099 Pennsylvania Ave., a 12-story, 208,776-square-foot office building in Washington, D.C. for $220 million. The buyer is undisclosed. Designed by architectural firm Pei Cobb Freed & Partners, the building is situated in the heart of the nation’s capital, within walking distance of the White House, U.S. Treasury and Executive Office Building. The floor-to-ceiling glass façade and outdoor terraces offer views of national monuments, the Potomac River, White House and the city skyline. The LEED Gold-certified property features 24-hour security, floor sizes ranging from 12,100 to 17,500 square feet, a two-story marble lobby, tenant-only fitness center and on-site parking. Paramount acquired the building in 2012 from Vico Capital for $155 million. At the time, the property had large blocks of vacancy. “We have been creating value at 2099 Pennsylvania Ave. by increasing leased occupancy to 98.5 percent from 31.6 percent. With this sale, we are harvesting that value,” says Albert Behler, CEO and president of Paramount. “Our strong leasing team converted an asset with large blocks of vacancy into one of the best Class A properties in the Washington, D.C. market, valued at over $1,050 per square …

August 8, 2018

Acquisitions District of Columbia Mixed-Use Southeast

HFF Brokers $415M Sale of Riverfront Mixed-Use Project in D.C.’s Georgetown District

by Camren Skelton August 1, 2018

WASHINGTON, D.C. — HFF has brokered the $415 million sale of Washington Harbour, a 562,105-square-foot mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket. Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker of HFF represented the seller, Principal Real Estate Investors (PREI), on behalf of a consortium of South Korean-based investors. Simone Investment and Hana Alternative Asset Management acted as the managing members of the consortium. Eyal Ofer’s Global Holdings Group, an international alliance of real estate asset management and investment advisory companies, purchased the asset. Designed by Arthur Cotton Moore, Washington Harbour comprises two freestanding, Class A towers. The property underwent a $50 million renovation in 2013 that delivered new retail and street-level experiences, including a fountain with programmable light and water shows in the spring and summer that transforms into a 12,000-square-foot ice skating rink in the fall and winter months. The project was 98 percent leased at the time of sale to 31 tenants including Foley & Lardner, Kelley Drye & Warren, advertising firm GMMB Inc., and retail tenants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.

August 1, 2018

District of Columbia Leasing Activity Mixed-Use Office Southeast

Madison Marquette Relocates 26,000 SF Headquarters to The Wharf Mixed-Use Project in D.C.

by Camren Skelton July 30, 2018

WASHINGTON, D.C. — The recently merged operation of Madison Marquette and PMRG has moved its headquarters to 1000 Maine, the trophy office building of The Wharf. Madison Marquette, which is co-developing the 2.2 million-square-foot, waterfront mixed-use project, merged operations with PMRG in June. The combined company will occupy 26,000 square feet at 1000 Maine, which features a soaring lobby and waterside atrium, fitness facility overlooking the water and a 10,000-square-foot rooftop conference center and patio space with views of the Potomac River. Capital Guidance, parent company of Madison Marquette and PMRG, will share the new space for its global headquarters. Additional tenants at 1000 Maine include the D.C. office of Fish & Richardson, Washington Gas and its parent energy company WGL, Socially Determined and the law offices of Michael Best & Friedrich LLP. The office building is part of The Wharf’s first phase of development, which includes a concert hall, three hotels, two multifamily and condominium buildings and 210,000 square feet of restaurants, retail and entertainment space. Phase I of The Wharf opened last October, and Phase II of the project is scheduled to open in 2022.

July 30, 2018

Company News District of Columbia Southeast

Fannie Mae Appoints New President, Chief Financial Officer

by Camren Skelton July 25, 2018

WASHINGTON, D.C. — Fannie Mae has appointed David Benson as president and promoted Celeste Brown to executive vice president and chief financial officer (CFO). Both appointments are effective August 6. In conjunction with the promotions, the agency also announced that its CEO, Timothy Mayopoulos, will step down by the end of the year. Benson joined Fannie Mae in 2002 and for the past five years served as executive vice president and CFO. As president, Benson will report to the CEO and manage the day-to-day business and operations of the agency. Prior to joining Fannie Mae, he held leadership positions at Merrill Lynch. “Dave is a natural choice for the president position,” said Egbert L.J. Perry, chairman of Fannie Mae’s board of directors. “He is an excellent leader who has held a variety of senior positions in his 16 years at Fannie Mae. He has deep expertise in the company’s business, the mortgage market and operations.” Brown joined Fannie Mae one year ago as senior vice president and deputy chief financial officer, following an 18-year career at Morgan Stanley. “I am pleased with the depth of our bench as demonstrated by Celeste Brown’s promotion,” said Perry. “Celeste has made great contributions to …

July 25, 2018

Acquisitions District of Columbia Industrial Maryland Southeast

FRP Development Sells 40-Property Warehouse Portfolio in Baltimore-D.C. Corridor to Blackstone for $347.2M

by Camren Skelton July 10, 2018

BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to David deVilliers Jr., the company’s president and COO. The developer is currently underway on RiverFront on the Anacostia, a four-phase, 1.1 million-square-foot mixed-use development located adjacent to Nationals Park in Washington, D.C. In partnership with St. John Properties, FRP is also developing a 330,000-square-foot office and retail project in Baltimore County. FRP is a wholly owned subsidiary of FRP Holdings Inc., a Florida-based company that also comprises Florida Rock Properties Inc.

July 10, 2018

District of Columbia Loans Office Southeast

Natixis Provides $52.8M Refinancing for Office Building in D.C.’s East End

by Camren Skelton July 2, 2018

WASHINGTON, D.C. — Natixis has provided a $52.8 million loan for the refinancing and lease-up of 1000 F Street N.W., a 93,465-square-foot office building in Washington, D.C.’s East End submarket. The loan was provided on behalf of the building developer and owner, Douglas Development Corp., which completed construction on the property in 2016. The D.C.-based developer will use the loan to refinance an existing construction loan and fund tenant improvements to continue leasing the property. The LEED Gold-certified building, which was approximately 30 percent leased at the close of financing, features 7,282 square feet of ground-floor retail space and two levels of below-grade parking.

July 2, 2018

District of Columbia Loans Office Southeast Top Stories

Cushman & Wakefield Arranges $95M Construction Loan for Office Building in D.C.

by Taylor Williams July 2, 2018

WASHINGTON, D.C. — Cushman & Wakefield has arranged a $95 million construction loan for 1050 17th Street, a 154,000-square-foot office building that will be located in Washington, D.C.’s central business district. Currently occupying the site is a 145,000-square-foot office building that was developed in the mid-1970s and will be demolished. The new property will be developed on a speculative basis, with construction slated to begin later this year. A timeline for completion was not released. The new property will also feature ground-floor retail space and below-grade parking, as well as proximity to nearby public transportation lines. The location also puts the building within walking distance of The White House and the U.S. Treasury Building. Maryland-based EagleBank provided the loan, specific terms of which were not disclosed. Philip Mudd and Brad Geiger of Cushman & Wakefield placed the debt on behalf of The Lenkin Company, a full-service construction and management firm that developed the existing building. “There were several lenders interested in financing this project,” says Mudd. “This was due to the quality, design, ownership and extraordinary location.” — Taylor Williams

July 2, 2018

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