District of Columbia

MakeOffices Signs Long-Term Office Lease at The Wharf in D.C.

by John Nelson June 16, 2016

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.

June 16, 2016

District of Columbia Hospitality Southeast Top Stories

The Watergate Hotel Reopens Following $125M Renovation

by Haisten Willis June 15, 2016

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, …

June 15, 2016

District of Columbia Office Southeast

Carr Properties Breaks Ground on 862,000 SF Midtown Center in D.C.

by John Nelson May 16, 2016

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.

May 16, 2016

District of Columbia Loans Multifamily Southeast

Federal Capital Partners Provides $20.6M Construction Loan for D.C. Apartment Community

by John Nelson May 16, 2016

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.

May 16, 2016

District of Columbia Office Southeast

Columbia Property Trust’s Market Square in D.C. Wins ULI Washington’s Legacy Award

by John Nelson May 6, 2016

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.

May 6, 2016

District of Columbia Hospitality Southeast

EB5 Capital Provides $40.5M in Equity for Columbia Place Project in D.C.

by John Nelson May 2, 2016

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.

May 2, 2016

THEARC Town Hall Education Arts Recreation Campus Washington DC

District of Columbia Loans Mixed-Use Southeast

SunTrust Bank Closes $32.3M Financing for Phase III of THEARC in D.C.

by John Nelson April 14, 2016

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 …

April 14, 2016

Waterfront Station II 1000 Fourth Street SW Washington DC

District of Columbia Mixed-Use Southeast

PN Hoffman to Develop 400,000 SF Mixed-Use Project in Southwest D.C.

by John Nelson March 30, 2016

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.

March 30, 2016

District of Columbia Office Southeast

Akridge, Alcion to Redevelop Former YMCA Property in D.C. to Trophy Office Building

by John Nelson March 4, 2016

WASHINGTON, D.C. — Akridge has purchased the former YMCA National Capital building located at 1711 Rhode Island Ave. N.W. in Washington, D.C. Akridge and its joint venture partner, Alcion Ventures LP, will transform the asset into a 100,000-square-foot boutique office building. Akridge and Alcion plan to rename the asset 1701 Rhode Island. The redevelopment includes infilling floor slabs where a gymnasium and racquetball courts reside, as well as converting a swimming pool into two levels of below-grade parking. Hickok Cole Architects will design the building with 14,000-square-foot floor plates. The trophy office building will include a two-story lobby and amenities such as a fitness facility with locker rooms; a landscaped, rooftop terrace; and an option for conference facilities on either the penthouse level or ground floor. The building’s upper floors feature views of Scott Circle, Connecticut Avenue and the Washington National Cathedral. Akridge and Alcion Ventures are targeting LEED Gold certification for 1701 Rhode Island. Akridge’s leasing team will begin leasing efforts immediately, and Akridge and Alcion have committed to begin construction by early 2017. The building is scheduled to be delivered in summer 2018.

March 4, 2016

Archer Park Washington DC Congress Heights

Affordable Housing District of Columbia Multifamily Southeast

DCHFA Provides Construction Financing for Affordable Housing Property in D.C.

by John Nelson March 3, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided acquisition and construction funding for Archer Park, a four-story, 190-unit affordable housing project in Washington, D.C.’s Congress Heights neighborhood. The developer, WC Smith, will build the community into the 1200 block of Mississippi Avenue Southeast. The project is being financed utilizing $28.2 million in DCHFA short- and long-term tax exempt bonds and $19.6 million raised through syndication of low income housing tax credits (LIHTCs). Archer Park is Phase I of a two-phase redevelopment project of the former Trenton Terrace apartment complex. Upon completion in summer 2017, Archer Park will feature 24 efficiency units, 95 one-bedroom units and 71 two-bedroom units. The project will be affordable to families whose incomes are at or below 60 percent of the area median income (AMI), with 14 units rented to families earning 30 percent or less of the AMI and 10 reserved as permanent supportive housing. The property will include a 128-space parking garage, solar panels on the roof, a roof terrace, fitness center, business center and a meeting room. Phase II of the project will be a 74-unit townhouse development that will be separately financed for sale.

March 3, 2016

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