District of Columbia

State of Play, Brookfield Properties to Open 8,546 SF Flight Club Darts Entertainment Venue in D.C.

by John Nelson December 11, 2023

WASHINGTON, D.C. — “Eatertainment” operator State of Play plans to open an 8,546-square-foot Flight Club darts venue in Washington, D.C. Scheduled to open summer 2024 and marking the 13th location for the brand, Flight Club D.C. will be situated at 641 New York Ave. NW within 655 New York, a 756,000-square-foot mixed-use development by Brookfield Properties. Other tenants at 655 New York, which features 79,000 square feet of retail space, include Rumi’s Kitchen, Capital Burger, Pearl’s Bagels, Kinship, Metier and Compass Coffee.

December 11, 2023

District of Columbia Southeast

US Economy Adds 199,000 Jobs in November, Marginally Outperforming Expectations

by John Nelson December 8, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 199,000 jobs in November, according to the U.S. Bureau of Labor Statistics (BLS). CNBC reports that the figure slightly beats estimates from Dow Jones economists who predicted an increase of 190,000. This also marks an increase from the 150,000 jobs gained in October but below the average monthly gain of 240,000 over the prior 12 months. Private sector employment constituted 150,000 of the added jobs, with 49,000 jobs added in the government. Healthcare saw a significant increase, with the addition of 77,000 jobs, above the average monthly gain of 54,000 over the prior 12 months. The manufacturing and leisure and hospitality industries added 28,000 and 40,000 jobs, respectively, and the social assistance sector saw a more modest increase of 16,000. Employment in information and transportation and warehousing changed little, and retail trade employment declined by 38,000 jobs. The U.S. unemployment rate in November fell to 3.7 percent from 3.9 percent in October, beating expectations from Dow Jones economists who forecasted the rate would remain unchanged. Employment numbers for September and October saw minimal revisions. The BLS revised September job gains down by 35,000 from 297,000 to 262,000, and …

December 8, 2023

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of 26-Unit Apartment Building in D.C.

by John Nelson November 27, 2023

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 26-unit apartment building located at 2724 11th St. NW in the Columbia Heights neighborhood of Washington, D.C. The transaction follows a decade of legal disputes and a Chapter 11 bankruptcy filing by the seller. Nick Murray, Marty Zupancic and John Slowinski of Marcus & Millichap arranged the sale. The undisclosed buyer plans to implement a redevelopment at the property. The sales price was not disclosed.

November 27, 2023

District of Columbia Healthcare Loans Southeast

Thorofare Capital Provides $125.9M Loan for Medical Office Portfolio in Metro D.C.

by John Nelson November 21, 2023

LOS ANGELES — Thorofare Capital Inc., a Los Angeles-based affiliate of asset management platform Callodine Group LLC, has provided a $125.9 million loan for a medical office portfolio in greater Washington, D.C. The portfolio comprises eight properties totaling more than 705,000 square feet, the majority of which are situated on or adjacent to hospital campuses. Thorofare Capital provided the three-year, floating-rate loan to the borrower, an investment vehicle managed by Chicago-based Harrison Street. Felix Gutnikov, Jacob Yi and Nicholas Krueger of Thorofare Capital originated the financing. John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets Group arranged the loan.

November 21, 2023

District of Columbia Leasing Activity Office Southeast

Newmark Arranges 27,581 SF Office Lease in D.C.

by John Nelson November 8, 2023

WASHINGTON, D.C. — Newmark has arranged a 27,581-square-foot office lease at 11 Dupont, a six-story, 153,228-square-foot office building in Washington, D.C.’s Dupont Circle district. The tenant is American Enterprise Institute (AEI), a public policy think tank. Brendan Owen, Ed Clark and Max Planning of Newmark represented the landlord, The RMR Group, in the lease transaction. Mark Wooters and Aaron Pomerantz of Cushman & Wakefield represented AEI. The RMR Group recently completed a multimillion-dollar renovation to 11 Dupont.

November 8, 2023

District of Columbia Southeast

US Economy Adds 150,000 Jobs in October, Falling Short of Expectations

by John Nelson November 3, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 150,000 jobs in October, according to the U.S. Bureau of Labor Statistics (BLS). This figure both marks a notable decline from September, which saw the addition of 297,000 jobs, and falls short of expectations for October. Previously, Dow Jones economists predicted a rise of 170,000 for the month, reports CNBC. October’s employment gain is also below the average monthly gain of 258,000 over the previous 12 months. While the sectors of healthcare, government and social assistance saw job gains, manufacturing jobs decreased, which the BLS report attributes to strike activity. Manufacturing employment decreased by 35,000 positions, including a decline of 33,000 in motor vehicles and parts manufacturing. Healthcare, government and social assistance added 58,000, 51,000 and 19,000 jobs, respectively. Construction employment also increased, with the addition of 23,000 jobs. Leisure and hospitality and professional business services saw more modest gains, adding 19,000 and 15,000 jobs, respectively. Other industries saw minimal changes. The unemployment rate ticked up from 3.8 percent in September to 3.9 percent in October, and is the highest unemployment rate since January 2022. Some experts predict that the cooler job market reflected in the report portends …

November 3, 2023

Development District of Columbia Hospitality Mixed-Use Office Southeast

The RMR Group Completes Redevelopment of 20 Mass Mixed-Use Building in D.C.

by John Nelson October 17, 2023

WASHINGTON, D.C. — The RMR Group has completed the redevelopment of 20 Mass, a mixed-use building located at 20 Massachusetts Ave. in Washington, D.C. Office Properties Income Trust, an affiliate REIT of RMR Group, owns 20 Mass. The former government office building now houses the 274-room Royal Sonesta Washington, D.C. Capitol Hill hotel, which includes the new 200-seat French restaurant Bistro Du Jour; 183,000 square feet of upper-level office space; a 14,500-square-foot penthouse amenity space; and 13,800 square feet of retail space. The LEED Gold-certified property also features a new glass curtain wall façade and a 10-story atrium. The design-build team includes general contractor DPR Construction and architect Leo A. Daly. CBRE is the exclusive office leasing broker at 20 Mass, and JLL is responsible for retail leasing.

October 17, 2023

Development District of Columbia Office Southeast

Rockrose Development Nears Completion of 245,000 SF Office Renovation in D.C.

by John Nelson October 9, 2023

WASHINGTON, D.C. — Rockrose Development will complete the 245,000-square-foot renovation of three office properties located in Washington, D.C., this fall. Located within the Dupont Circle neighborhood, the project includes buildings located at 1900 M St. Northwest, 1146 19th St. and 1140 19th St. Together, the renovated properties will comprise “The Row on 19th.” John Skolnik and Michael Katcher of Cushman & Wakefield are exclusively leasing the project on behalf of Rockrose.

October 9, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

Berkadia Arranges $37.8M LIHTC Financing for Affordable Housing Development in D.C.

by John Nelson October 6, 2023

WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.

October 6, 2023

District of Columbia

US Economy Adds 336,000 Jobs in September, Marking Strongest Gain Since January

by John Nelson October 6, 2023

WASHINGTON, D.C. — Total nonfarm payroll employment in the United States rose by 336,000 jobs in September, reports the U.S. Bureau of Labor Statistics (BLS). According to The Wall Street Journal, this growth beats the expectations of economists and could signal another interest rate increase by the Federal Reserve before the end of the year. Sectors that experienced notable growth include leisure and hospitality, government, healthcare, professional, scientific, technical services and social assistance. Leisure and hospitality and government employment added 96,000 and 73,000 jobs, respectively, which is above the average monthly gain for both sectors. Employment in the transportation and warehousing and information sectors changed little. The unemployment rate also remained unchanged at 3.8 percent. The BLS additionally revised the employment numbers for July and August. July’s employment gain was revised to 236,000, up from 156,000 initially. The August figure was revised to 227,000, up from 187,000 initially. Together, the revisions total an increase of 119,000 jobs.

October 6, 2023

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