District of Columbia

Cushman & Wakefield Arranges $174M in Acquisition Financing for Multifamily Portfolio in Maryland, Virginia

by Camren Skelton June 29, 2018

WASHINGTON, D.C. — Cushman & Wakefield has arranged $174 million in financing for the acquisition of a 13-property multifamily portfolio located throughout Maryland and Virginia. Philip Mudd and Brad Geiger of Cushman & Wakefield’s Washington, D.C., office arranged 13 separate loans, each with 15-year terms, on behalf of the borrower, Kay Management. PGIM Real Estate Finance provided the fixed-rate loans through Fannie Mae. The portfolio totals 5,007 units and includes: Londonderry Apartments, Seneca Club, Wayne Manchester and White Oak Towers in Montgomery County, Md.; Deerfield Run, Gateway Square, Iverson Towers, Kenilworth Towers, Kirkwood Apartments, Lansdowne Village and Top of the Hill in Prince George’s County, Md.; Harbour Gates in Anne Arundel County, Md.; and London Park Tower in Alexandria, Va. The apartment mix includes mid-rise, high-rise, garden-style and townhomes.

June 29, 2018

Civic Development District of Columbia Office Southeast

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

by Camren Skelton June 20, 2018

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …

June 20, 2018

Acquisitions Civic District of Columbia Office Southeast Top Stories

Easterly Government Properties Agrees to Buy 1.5 MSF Government-Leased Office Portfolio for $430M

by John Nelson June 19, 2018

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …

June 19, 2018

Company News District of Columbia Southeast

Madison Marquette, PMRG Finalize Previously Announced Merger

by Camren Skelton June 14, 2018

WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have closed on their previously announced merger. News of merger discussions was originally announced at the end of May. “Our growth strategy is to be responsive to client demand for expanded investment and property services and for broader expertise in more markets. Merging operations with PMRG meets that demand,” says Amer Hammour, chairman of Madison Marquette. “Our combined capabilities also make us uniquely qualified to meet shifting market demand for mixed-use development, management and investment expertise.” Leadership of both firms will remain in place. While the operating platforms are in transition and until the combined company reveals its new name, the two companies will retain their individual brands. The combined company will be headquartered in Washington, D.C., with a major presence in Houston.

June 14, 2018

Company News District of Columbia Southeast

Gunnar Branson to Join AFIRE as Next CEO

by Camren Skelton June 5, 2018

WASHINGTON, D.C. — Gunnar Branson will join the Association of Foreign Investors in Real Estate (AFIRE) as CEO following the September retirement of the organization’s long-time head, James Fetgatter. Branson joins AFIRE following seven years as CEO of the National Association of Real Estate Managers (NAREIM). Previously, Branson held leadership positions at GE Capital Real Estate and Heller Financial, and has consulted with companies including JLL, Wells Fargo, Wrightwood Capital, CIBC and Fidelity Investments. “I am excited to begin work with AFIRE and to continue the high-level relationships fostered by Jim Fetgatter for so many years,” said Branson. “AFIRE is an essential forum for navigating the unique challenges of global institutional real estate investing, and I look forward to participating in that discussion.” Founded in 1988, Washington, D.C.-based AFIRE provides a platform for investors to communicate through global meetings in key cities around the world, including in the United States and Europe. Two former U.S. presidents, four former secretaries of state, four former secretaries of defense and former prime ministers from the UK, Ireland, Spain and Australia have addressed AFIRE conferences.

June 5, 2018

Company News District of Columbia Mixed-Use Multifamily Retail Southeast Texas Top Stories

Madison Marquette, PMRG Confirm Merger Discussions

by Kristin Harlow May 25, 2018

HOUSTON AND WASHINGTON, D.C. — Retail developer Madison Marquette and Houston-based developer PMRG have confirmed that they plan to combine operations. The terms of the merger were not disclosed, but PMRG will become part of the family of companies owned by Capital Guidance, a global investment firm that owns Washington, D.C.-based Madison Marquette. The leadership of both firms will remain intact, and the combined company will maintain its primary office locations in Houston and Washington, D.C. Closing is expected in the next 30 days. “We anticipate a highly complementary combination that significantly expands the capabilities of both firms,” says Amer Hammour, chairman of Madison Marquette. “Madison Marquette’s investment management as well as retail and mixed-use development, marketing and management expertise would join PMRG’s office, medical, industrial and multifamily capabilities to provide leadership across all asset classes to our clients and investment partners.” PMRG’s concentration in the Southern United States will balance well with Madison Marquette’s presence in primary gateway markets on both coasts, according to PMRG. The companies’ shared clients include several institutional owners and investors in the industry. PMRG is a privately held commercial real estate firm specializing in project leasing, property management, investment management and development services. The company’s 180 …

May 25, 2018

Acquisitions District of Columbia Office Retail Southeast

Calkain Arranges $14.9M Sale of Retail, Office Building in D.C.’s Palisades Neighborhood

by Camren Skelton May 8, 2018

WASHINGTON, D.C. — Calkain Cos. has arranged the $14.9 million sale of MacArthur Retail & Professional Center, a 45,543-square-foot mixed-use building located at 5185 MacArthur Blvd. N.W. in Washington D.C.’s Palisades neighborhood. Rick Fernandez and Andrew Fallon of Calkain Cos. arranged the transaction on behalf of the undisclosed seller. A group of New York-based private investors acquired the asset, which was 90 percent leased at the time of sale to tenants such as Starbucks Coffee and The UPS Store on the ground floor. The upper two floors of the building house office space.

May 8, 2018

Development District of Columbia Mixed-Use Retail Southeast

Forest City Unveils Vision for 3 MSF Second Phase of The Yards in D.C.

by Camren Skelton April 12, 2018

WASHINGTON, D.C. — Forest City Washington has unveiled plans for the second phase of The Yards, a master-planned mixed-use development in Washington, D.C. Phase II of the waterfront development will include an additional 3 million square feet on the western side of the property, between 1st Street S.E. and New Jersey Avenue. Planned elements include 1,200 residential units, 1.5 million square feet of Class A office space and 150,000 square feet of retail and dining space. Phase II will be organized around a pedestrian-friendly street with ground-level retail and dining, extended green spaces and public gathering areas. The six-block area will begin at the intersection of New Jersey Avenue and M Street S.E., and will extend to the Anacostia River at Diamond Teague Park. The second phase of the project is expected to break ground in 2019 and deliver in 2030. At full build-out, The Yards will span 48 acres and will feature 1.8 million square feet of office space, 400,000 square feet of retail and dining and up to 3,400 residential units. In addition, The Yards will be home to the 225-room Thompson D.C. hotel, slated to open in 2020.

April 12, 2018

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Funds $41M Refinancing for Apartment Community in D.C.

by Camren Skelton April 5, 2018

WASHINGTON, D.C. — Walker & Dunlop has provided a $41 million bridge loan for the refinancing of Zen Apollo, a 274-unit apartment community located between Washington, D.C.’s Logan Circle and City Center neighborhoods. The undisclosed borrower will use the 12-month loan to reposition the property, which was originally constructed in 1967 and renovated in 2007. Community amenities include a swimming pool, fitness center, clubhouse with billiards, movie theater and poker tables.

April 5, 2018

Development District of Columbia Multifamily Property Type Southeast

Skanska USA Tops Out Apartment Tower in D.C.’s NoMa Neighborhood

by John Nelson March 19, 2018

WASHINGTON, D.C. — Skanska USA has topped out RESA, a 12-story, 326-unit apartment community located at 22 M St. in Washington, D.C.’s NoMa neighborhood. Situated 1.5 blocks from the NoMa/Gallaudet U Metro station, the apartment tower is the multifamily portion of Tyber Place, a three-building mixed-use development that will also feature 585,000 square feet of office space, 30,000 square feet of retail and restaurants and an open-air courtyard. RESA’s amenity package will include a rooftop “plunge” pool and lounge; rooftop penthouse with a catering kitchen; second-floor courtyard with grills, TV, bar and outdoor fireplace; 24-hour concierge services; resident lounges; fitness center; pet spa; bike storage; and a three-level, underground parking garage. RESA is Skanska USA’s first multifamily development in Washington, D.C.

March 19, 2018

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