District of Columbia

Roadside Development, North America Sekisui House Buy Fannie Mae Headquarters in D.C. for $90M

by John Nelson December 2, 2016

WASHINGTON, D.C. — A joint venture between Roadside Development and North America Sekisui House LLC (NASH) has purchased the famous Fannie Mae headquarters campus located at 3900 Wisconsin Ave. in Washington, D.C. The acquisition includes the 228,000-square-foot office building and 10 acres of land. The venture paid a little less than $90 million for the site, according to the Washington Business Journal. Roadside Development is a private adaptive reuse developer, and NASH is the American arm of Sekisui House Ltd., Japan’s largest homebuilder. The companies plan to reposition the campus once Fannie Mae moves its headquarters to its new office tower at 1100 15th St. N.W. in Washington, D.C., which is still under construction.

December 2, 2016

Affordable Housing District of Columbia Multifamily Southeast

Greysteel Brokers $6.6M Sale of Affordable Housing Community in D.C.

by John Nelson December 1, 2016

WASHINGTON, D.C. — Greysteel has arranged the $6.6 million sale of Brookland Place, an affordable multifamily community located at 617 Hamlin St. N.E. in Washington, D.C. Built in 1950, the 80-unit property is situated near Catholic University and within walking distance of two Metrorail stations in Washington, D.C.’s Brookland neighborhood. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel represented the seller, Jair Lynch Development Partners. The buyer, Wesley Housing Development Corp., will preserve the community’s affordability using financing from the DHCD and Enterprise Community Partners Inc.

December 1, 2016

District of Columbia Georgia Seniors Housing Southeast

Arcapita Acquires Three-Property Seniors Housing Portfolio in Atlanta, D.C. for $110M

by John Nelson November 23, 2016

ATLANTA AND WASHINGTON, D.C. — Arcapita, a global investment management firm based in Bahrain, has acquired a portfolio of three senior living communities near Atlanta and Washington, D.C., for $110 million. The Arbor Co. will operate the three communities following the sale. Although Arcapita did not disclose details on the properties, CBRE recently arranged Arcapita’s purchase of two Atlanta-area properties — Arbor Terrace Peachtree City and Arbor Terrace at East Cobb. Combined with an $87 million portfolio purchase in Colorado earlier this year, Arcapita has invested nearly $200 million in U.S. seniors housing in 2016, totaling six properties and 506 units of independent living, assisted living and memory care.

November 23, 2016

District of Columbia Office Southeast

Columbia Property Trust Leases Over 100,000 SF at 80 M Street in D.C., Plans $3M Renovation

by John Nelson November 21, 2016

WASHINGTON, D.C. — Atlanta-based Columbia Property Trust Inc. has executed more than 100,000 square feet of leases this year at 80 M Street, a 285,000-square-foot office building in Washington, D.C., that the company has owned since 2004. The Class A office building is located in the Capitol Riverfront submarket and is within walking distance of the Washington Nationals’ ballpark and the Navy Yard/Ballpark Metrorail station. The leases include a 15-year deal with WeWork, a shared office space provider, for 68,673 square feet; a 24,224-square-foot renewal with Gryphon Technologies, a military engineering company; and a new 14,990-square-foot lease with General Dynamics Information Technology, a defense services provider. Columbia Property Trust is also investing $3 million in renovations at the office building that will add a new entrance, collaborative main lobby, outdoor terrace and tenant lounge. The investment will also include renovations of the building’s elevators, fitness facility and restrooms. WeWork will occupy portions of the first, second and third floors and will feature a dedicated entrance within the main lobby. The company is expected to open its offices in the third quarter of 2017.

November 21, 2016

District of Columbia Mixed-Use Southeast Top Stories

National Law Firm, New Hilton Hotel to Anchor $2B Wharf Waterfront Development in D.C.

by John Nelson November 17, 2016

WASHINGTON, D.C. — Hoffman-Madison Waterfront (HMW), the developer of The Wharf, a $2 billion, mile-long neighborhood under construction along Washington, D.C.’s Southwest waterfront, has announced that the development will feature a new Hilton hotel and a new anchor office tenant, global law firm Fish & Richardson. HMW is a partnership between master developers PN Hoffman and Madison Marquette. Situated adjacent to 7th Street Park, Hilton Worldwide will open a 175-room Canopy by Hilton, the first North American hotel for the international brand. The Canopy will join a 238-room Hyatt House at The Wharf. When complete, The Wharf will feature more than 3 million square feet of new residential, office, hotel, retail, marina, and public uses, including waterfront parks, promenades, piers and docks. The development will encompass 24 acres of land and 50 acres of water on the Washington Channel. Phase I is slated to open in October 2017, and Phase II is expected to open between 2020 and 2021. “The Wharf is a truly ideal neighborhood for our Canopy by Hilton brand and we are thrilled to be a part of this amazing project,” says Gary Steffen, global head of Canopy by Hilton. Fish & Richardson, which specializes in global …

November 17, 2016

District of Columbia Loans Office Southeast

New York Life Originates Two Loans Totaling $90M for Office Buildings in D.C.

by John Nelson November 14, 2016

WASHINGTON, D.C. — New York Life Real Estate Investors has originated two 15-year loans totaling $90 million for a pair of office buildings in downtown Washington, D.C.’s central business district. The properties include a recently renovated, 10-story building at 1620 Eye St. N.W. and a 12-story building at 1156 15th St. N.W. New York Life Real Estate Investors originated the loans on behalf of the borrower, TF Cornerstone Inc.

November 14, 2016

District of Columbia Office Southeast

JBG Cos. Sells Class A Office Building in D.C.’s Georgetown District for $141.8M

by John Nelson November 2, 2016

WASHINGTON, D.C. — The JBG Cos. has sold a Class A, eight-story office building located at 1025 Thomas Jefferson St. in Washington, D.C.’s Georgetown district for $141.8 million. HFF represented JBG Cos. and procured the buyer, Alduwaliya Asset Management, a private investment vehicle based in the United Kingdom that represents a high net-worth family in Qatar. The 317,248-square-foot building is situated directly across from Georgetown Waterfront Park and Washington Harbour. The building was 96 percent leased at the time of sale to 22 tenants including Palantir Technologies, the American Institutes of Research, Carlton Fields, Education Development Center and Combined Properties. Built in 1984, 1025 Thomas Jefferson features two multi-level courtyards with fountains, a brick façade, fitness center, deli, Metrorail shuttle and 268 below-grade parking spaces. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson led HFF’s investment sales team in the transaction.

November 2, 2016

District of Columbia Maryland Mixed-Use Southeast Top Stories Virginia

Vornado to Spin Off D.C. Portfolio, Merge New Entity with JBG Cos. in $8.4B Transaction

by John Nelson November 1, 2016

WASHINGTON, D.C. AND NEW YORK — The board of trustees at Vornado Realty Trust (NYSE: VNO) has approved the tax-free spinoff of its Washington, D.C., portfolio and has agreed to the subsequent merger of the new entity with JBG Cos. The transaction is valued at $8.4 billion. The company, known as JBG Smith Properties, will be structured as a real estate investment trust (REIT). Vornado shareholders are expected to own roughly 74 percent of the new company, JBG’s limited partners are expected to own approximately 20 percent and JBG management is expected to own the remaining 6 percent. JBG’s senior management team will lead JBG Smith, which will have a portfolio totaling 50 office properties spanning 11.8 million square feet, 18 multifamily properties totaling 4,451 residential units and 11 other properties totaling about 700,000 square feet. The new company will be the largest landlord to the U.S. government in Washington, D.C. The portfolio is situated in Washington, D.C., as well as the suburban Maryland markets of Columbia and Bethesda and Crystal City, Pentagon City, Rosslyn, Arlington and Reston in Virginia. Additionally, JBG Smith will have a pipeline of projects under construction and land for future development that could span more …

November 1, 2016

District of Columbia Retail Southeast

PetSmart Opens First Store in D.C.

by John Nelson October 31, 2016

WASHINGTON, D.C. — PetSmart Inc. has opened a new 12,000-square-foot store at 2484 Market St. N.E. in Washington, D.C. The new store is the first location for the pet retailer inside the Washington, D.C., metro area. Located within The Shops at Dakota Crossing shopping center, the new PetSmart will feature pet food, pet products, training classes for dog owners and a full-service grooming salon for dogs and cats. PetSmart Inc. operates 1,477 pet stores in North America and employs roughly 53,000 associates.

October 31, 2016

District of Columbia Southeast

SIOR Foundation Names David Hagan as its New President

by John Nelson October 31, 2016

WASHINGTON, D.C. — SIOR Foundation, a 501(c)(3) not-for-profit organization that solicits and accepts charitable donations for SIOR initiatives and communities, has named David Hagan as its new president for the 2016-2017 term. The announcement was made last week during the Society of Industrial & Office Realtors (SIOR) Fall World Conference in New York City. Hagan is a senior vice president of brokerage services with CBRE’s Greensboro, N.C., office. Hagan will take over the reins of SIOR Foundation from previous president Patricia Loveall, a partner and director of Kidder Matthews in the Seattle/Puget Sound metro area. Other top-tier positions at SIOR Foundation for the 2016-2017 term include president elect Bill Ginder of Caldwell Cos., vice president Aaron Barnard of NorthMarq Capital and treasurer Stan Kleweno of Transpacific Investments. SIOR Foundation’s mission is to promote and support initiatives that educate, expand and enhance the commercial real estate community. The Washington, D.C.-based organization plans to award grants totaling $162,000 for fiscal year 2017, which runs Sept. 1 to Aug. 31. The foundation’s charitable giving supports undergraduate and graduate college students who are in pursuit of degrees associated with commercial real estate.

October 31, 2016

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