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.
District of Columbia
WASHINGTON, D.C. — A partnership between KeyBank Real Estate Capital and an affiliate of Walton Street Capital LLC have originated a $196 million first mortgage loan for Douglas Development Corp. The loan is secured by The Atlantic Building, a 280,000-square-foot trophy office building with ground-floor retail located in the east end of Washington D.C. The 10-year, fixed-rate loan includes a 65 percent loan-to-value ratio and refinances the existing debt on the property. KeyBank and Walton Street will provide servicing and advisory services for the life of the loan. The Atlantic Building is located at 950 F St. N.W. The property integrates seven historic buildings and facades with a 10-story office building next to Ford’s Theatre, the site where President Abraham Lincoln was assassinated in 1865. Built in 1887, the building was the city’s first privately constructed high-rise with elevator service. The historic exteriors have since been preserved and incorporated into the modern version of the property, which was redeveloped between 2004 and 2006. The Atlantic Building includes 283,512 rentable square feet, of which 29,172 square feet is retail and 35,340 square feet is office. In addition, there are 322 below-grade parking spaces and Metro access from the red, blue and …
WASHINGTON, D.C. — MakeOffices, a shared workplace platform, has signed a long-term, 45,000-square-foot office lease at The Wharf, a $2 billion waterfront development underway in southwest Washington, D.C. MakeOffices will lease the entire second and third floors of 800 Maine, a 220,000-square-foot, Class A office building. Situated at the corner of 9th Street and Maine Avenue S.W., the 11-story property is set to deliver in the third quarter of 2017. MakeOffices joins the American Psychiatric Association and bipartisan lobbying firm Van Scoyoc Associates as tenants of 800 Maine. MakeOffices typically offer flexible month-to-month leases and space options for member companies, as well as shared amenities including Wi-Fi, 24/7 access and onsite refreshments such as coffee, tea, fruit, beer and filtered water. The Wharf’s master developer, Hoffman-Madison Waterfront, signed MakeOffices to the lease at 800 Maine. Hoffman-Madison Waterfront’s members include PN Hoffman, Madison Marquette, ER Bacon Development, City Partners, Paramount Development and Triden Development.
WASHINGTON, D.C. — Following a nine-year renovation process, The Watergate Hotel in Washington, D.C. has reopened its doors after $125 million in upgrades. New York-based developer Euro Capital Properties owns the famous hotel property, which had been closed for renovations since 2007. The hotel consists of 336 guestrooms, half of which include balconies, and 32 suites. Located on the banks of the Potomac River at 2650 Virginia Ave. N.W., The Watergate Hotel was originally designed by Italian architect Luigi Moretti in 1961 to look like a sail on the river. It opened in March 1967, and its name is synonymous with the political scandal that started with a break-in at the Democratic National Convention headquarters, which was located in an office complex connected to the hotel. The scandal would eventually lead to the 1974 resignation of President Richard Nixon. For the renovations, Ron Arad and Italian design firm Moroso added curves and mid-century modern design, while restoring some of the hotel’s original structures such as its staircase and indoor pool. Architectural and interior design firm BBGM was the architect for the project. “The Watergate is undoubtedly one of the most glamorous and illustrious hotels in the world,” says Rakel Cohen, …
WASHINGTON, D.C. — Carr Properties has broken ground on Midtown Center, a Class A, 862,000-square-foot trophy office development in Washington, D.C. The LEED Gold-certified project will be located at the corner of 15th and L streets, a 90,000-square-foot site that served as the headquarters location for The Washington Post for over 50 years. Fannie Mae will anchor the 14-story development with its new national headquarters upon completion, which is slated for June 2018. Fannie Mae will pay roughly $38 million annually to occupy Midtown Center, according to the Washington Business Journal. The project team includes architect SHoP Architects and general contractor Clark Construction. The groundbreaking ceremony took place on Thursday, May 12 and was attended by Washington, D.C. Mayor Muriel Bowser and Councilmember Jack Evans. Midtown Center will feature two office towers separated by a European-style public plaza. The amenities will include three levels of below-grade parking, an 8,300-square-foot fitness center, 1,300-square-foot bike room, 1,000-square-foot rooftop conference center and 50,000 square feet of retail space.
Federal Capital Partners Provides $20.6M Construction Loan for D.C. Apartment Community
by John Nelson
WASHINGTON, D.C. — Federal Capital Partners (FCP) has provided a $20.6 million mezzanine loan to finance the development of a 197-unit, Class A apartment community located at 1255 22nd St. N.W. in Washington, D.C.’s West End neighborhood. Eagle Bank provided the senior financing for the project, which will include the ground-up construction of a connected nine-story, 65-unit apartment building with five, two-story carriage homes with private parking. The development will comprise a mix of studios, one-bedroom and two-bedroom apartments, as well as a fitness center, rooftop pool and 5,000 square feet of retail space. The co-developers include Tasea Investment Co. and the Auger family. Peter Witham of The Greenwich Group International arranged the loan on behalf of the developers. Construction will begin in June.
WASHINGTON, D.C. — ULI Washington has selected Columbia Property Trust’s Market Square office complex in Washington, D.C., as the winner of the Legacy Award. The distinction, given to a project that has been transformational to the community, was presented at ULI Washington’s Real Estate Trends Conference held on April 27. Located at 701 and 801 Pennsylvania Ave., the two 13-story office buildings total 693,000 square feet. The complex curves around the U.S. Navy Memorial and sits atop the Archives-Navy Memorial Metro station, making it one of the most recognizable office properties in the city. Since acquiring Market Square in 2011, Atlanta-based Columbia Property Trust has signed more than 250,000 square feet of leases to tenants including Edison Electric Institute, Ford Motor Co., American Express, Bayer Corp., Kellogg Co. and CBS Broadcasting. Blackstone Property Partners US purchased a 49 percent joint venture interest in Market Square in October 2015 for $292 million.
WASHINGTON, D.C. — EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.
WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …
WASHINGTON, D.C. — The Office of the Deputy Mayor for Planning and Economic Development (DMPED) has selected PN Hoffman for the redevelopment of Waterfront Station II in southwest Washington, D.C. DMPED has approved PN Hoffman’s plans, which include a LEED Gold-certified mixed-use asset spanning 400,000 square feet. The project will comprise 310 market-rate apartment residences, 133 affordable multifamily units, 20,000 square feet of retail space and a 10,000-square-foot theater space. The development will be located on a 59,000-square-foot lot at 1000 Fourth St. S.W. The project team includes Paramount Development, ER Bacon Development, CityPartners and AHC Inc. PN Hoffman is also underway on The Wharf, 525 Water and Riverside Baptist Church in southwest D.C.