District of Columbia

First Potomac Realty Trust Sells Storey Park in Washington D.C. for $54.5M

by Haisten Willis July 27, 2016

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has sold Storey Park, a mixed-use project currently under development in the NoMa submarket of Washington, to 1005 LLC for $54.5 million. When completed, Storey Park will include 350,000 square feet of office space, 65,000 square feet of retail and 300 loft apartments. An estimated completion date was not disclosed. The buyer is a partnership between Perseus Realty LLC and W-G Capital LLC, an affiliate of Four Points LLC and Greencourt Capital. First Potomac and Perseus Realty jointly acquired the site in August 2011, with First Potomac owning a 97 percent interest. The proceeds from the sale were used to repay a $22 million land loan at the property, and First Potomac used its portion of the remaining proceeds to repay outstanding borrowings on its unsecured revolving credit facility. Perseus Realty began as a Washington, D.C.-focused investment firm in 2004 and has created a development portfolio within the metropolitan area. W-G Capital is a Washington, D.C.-based private equity firm focused on real estate investments in the United States with a particular focus on the northeast corridor and the nation’s capital. FPO is a real estate investment trust that owns, operates, develops and …

July 27, 2016

District of Columbia Hospitality Southeast

Thor Equities Buys 10-Story Hotel in Georgetown for $53.4M

by John Nelson July 21, 2016

WASHINGTON, D.C. — Thor Equities has purchased a 10-story, 125,000-square-foot building at 3000 M St. in Washington, D.C.’s Georgetown district for $53.5 million. The property is surrounded by restaurants and bars in close proximity to Georgetown University and the main commercial intersection of Wisconsin Avenue and M Street. Thor plans to convert the former Lantham Hotel into a boutique hotel with up to 100 rooms, an upscale restaurant, food and beverage options and 27,000 square feet of retail space on the ground, lower and second levels of the property.

July 21, 2016

District of Columbia Multifamily Southeast

Tishman Speyer Purchases Two Acres in D.C. for New Apartment Development

by John Nelson July 20, 2016

WASHINGTON, D.C. — Tishman Speyer has purchased a two-acre site near Nationals Ballpark in Washington, D.C., with plans to develop a multifamily community. The property will feature 800 residential units, 44,000 square feet of retail space and below-grade parking. The site occupies a full city block bounded by Eye, K, First and Half streets in Washington, D.C.’s Capitol Riverfront submarket. Tishman Speyer will develop the project to LEED certification.

July 20, 2016

District of Columbia Multifamily Southeast

High Street Residential, Deutsche to Develop Apartment Community in D.C.

by John Nelson July 14, 2016

WASHINGTON, D.C. — High Street Residential has partnered with Deutsche Asset Management to develop a 288-unit, Class A multifamily community located at 1441 U St. N.W. in Washington, D.C. Situated in the city’s U Street Corridor adjacent to the Frank D. Reeves Center of Municipal Affairs, the luxury property will feature more than 15,000 square feet of retail space. The companies plan to break ground in the third quarter, with completion slated for mid-2018. The site will also contain Portner Flats, a 96-unit affordable housing complex developed by a joint venture between Somerset Development and Jonathan Rose Cos.

July 14, 2016

District of Columbia Multifamily Southeast

Quadrangle, Wilkes Break Ground on Apartment Development in D.C.

by John Nelson July 12, 2016

WASHINGTON, D.C. — Quadrangle Development Corp. and The Wilkes Co. have started construction on The Lydian, a 324-unit luxury apartment building located at 400 K St. N.W. in Washington, D.C. Situated within the heart of Mount Vernon Triangle, The Lydian is located adjacent to another Quadrangle/Wilkes K Street apartment development, Lyric 440K. The Lydian will be the Quadrangle/Wilkes development team’s seventh building in its 2 million-square-foot, mixed-use Mount Vernon Place community. The first floor of The Lydian will have 13,410 square feet of shop and restaurant spaces, featuring 14-foot finished ceilings with floor-to-ceiling windows fronting the sidewalks of K Street. Designed by Davis, Carter, Scott, apartments at The Lydian will include 26 studios, 220 one-bedroom, 26 one-bedroom/den and 52 two-bedroom units on 14 floors. Amenities will include a rooftop pool and spa, cyber café with free Wi-Fi, rooftop clubroom with panoramic views, second-floor garden, fitness center, pet washing and grooming areas, underground parking garage and a bike repair and storage room.

July 12, 2016

District of Columbia Hospitality Southeast

Mast Capital Sells Graham Hotel Georgetown in D.C. for $37M

by John Nelson July 11, 2016

WASHINGTON, D.C. — Mast Capital has sold The Graham Hotel Georgetown, a 57-room upscale boutique hotel within Washington, D.C.’s Georgetown Historic District. The Miami-based real estate investment and development firm sold the asset to Legacy Hotel Group LLC for $37 million, or $649,000 per key, one of the highest price per key transactions ever in Washington, D.C. The hotel underwent a multimillion-dollar renovation in 2013, after which the hotel more than quadrupled its profitability, according to Mast Capital. Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C., office, along with Christian Charre, Paul Weimer and Natalie Castillo of the firm’s Miami office, represented Mast Capital in the transaction. Nelson Migdal of Greenberg Traurig LLP executed the deal. Mast Capital originally purchased the hotel in 2011 for $16.4 million.

July 11, 2016

District of Columbia Office Southeast

Skanska to Build $60M D.C. Water and Sewer Headquarters in D.C.

by John Nelson July 8, 2016

WASHINGTON, D.C. — Skanska has signed a $60 million contract with the District of Columbia Water and Sewer Authority to construct its new administrative headquarters building in Washington, D.C. Skanska will build the new headquarters over an operating pump station. The 150,694-square-foot building will house roughly 350 D.C. Water and Sewer employees. The project is targeted for LEED Platinum certification. Skanska will break ground on the facility this year with an expected completion for December 2017.

July 8, 2016

District of Columbia Hospitality Southeast

Hines, Qatari Diar Break Ground on Conrad Washington, D.C. Luxury Hotel at CityCenterDC

by John Nelson June 30, 2016

WASHINGTON, D.C. — Hines and Qatari Diar, the real estate development arm of Qatar Investment Authority, have broken ground on the Conrad Washington, D.C., a 360-room luxury hotel situated within the CityCenterDC development. The hotel will be operated under Hilton Worldwide’s Conrad Hotels & Resorts brand. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC, a 10-acre mixed-use destination in downtown Washington, D.C. The hotel will feature 30,000 square feet of retail space with a signature restaurant conceptualized by chef Bryan Voltaggio, the executive chef and co-owner of several Mid-Atlantic restaurants including VOLT, RANGE, AGGIO, Lunchbox and Family Meal. The hotel’s design team includes architects Herzog & de Meuron and HKS Architects Inc., interior designer Rottet Studio and general contractor Turner Construction Co. Hines and Qatari Diar expect initial occupancy to begin in the first quarter of 2019.

June 30, 2016

The Violet 1515 Rhode Island Washington DC

District of Columbia Loans Multifamily Southeast

Eastern Union Funding Arranges $4.3M Loan for Apartment Development in D.C.

by John Nelson June 27, 2016

WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.

June 27, 2016

International Spy Museum L’Enfant Plaza Washington DC

District of Columbia Retail Southeast

JBG, Malrite Co-Developing New International Spy Museum in D.C.

by John Nelson June 22, 2016

WASHINGTON, D.C. — The JBG Cos. and Malrite Co. are working together to develop a new and expanded International Spy Museum at L’Enfant Plaza in Washington, D.C. Cleveland-based Malrite created and founded the International Spy Museum, and The JBG Cos. owns the majority of L’Enfant Plaza and will act as the owner’s representative during the construction period of the new 140,000-square-foot museum. The property will be situated outside of L’Enfant Plaza and will feature a glass curtain wall and an enclosed black box layout on the interior. London-based architect Rogers Stirk Harbour + Partners designed the building, and Washington-based Hickok Cole Architects will be the architect of record for the project. The museum showcases the world’s largest collection of international espionage-related artifacts and features an interactive exhibition highlighting the villains in the James Bond movies. The museum is expected to create more than 300 construction jobs and generate a 20 percent increase in staff over its current location at 800 F St. N.W. in Washington, D.C. The new building is expected to open in spring 2018.

June 22, 2016

Newer Posts

Older Posts