District of Columbia

AFIAA Purchases Arch Square in D.C.’s East End for $104.3M

by John Nelson March 3, 2015

WASHINGTON, D.C. — AFIAA, the investment foundation of 35 Swiss pension funds, has purchased Arch Square, a mixed-use building in Washington, D.C.’s Chinatown neighborhood, for roughly $104.3 million. The 54,896-square-foot property was built before World War II and refurbished in 2012. The property features retail space on the first two floors and office space on the top two floors. The office space is leased to the Alliance of Automobile Manufacturers, and the property’s retail tenant roster includes Walgreens, Sports Zone Elite and Panera Bread. Arch Square is located less than one mile from the White House at the corner of 7th and H streets in Washington, D.C.’s East End submarket.

March 3, 2015

District of Columbia Multifamily Southeast

Renaissance Centro Delivers Luxury Apartment Community in Metro D.C.

by John Nelson February 25, 2015

RESTON, VA. — Multifamily developer Renaissance Centro has delivered Harrison at Reston Town Center, a 360-unit luxury apartment community located at 1800 Jonathan Way in Reston, 22 miles west of Washington, D.C. According to Renaissance Centro, the community is 20 percent pre-leased. Located across the street from Reston Town Center, the multifamily property features more than 28,000 square feet of amenity space, including an indoor lap pool, on-site Starbucks Coffee, 24-hour fitness center, resident lounge, outdoor pool and sundeck, media room, business center, conference rooms, culinary center, dog park and pet spa. The property also has an underground parking garage and a bus stop for Metro’s Silver Line. All residents will have membership to the Reston Association, which operates 15 swimming pools, 52 tennis courts, 1,350 acres of open space and 55 miles of paved pathways and trails. Community Realty Co. is providing property management services for Harrison at Reston Town Center. According to the property’s website (liveharrisonapts.com), rental rates range from $1,855 to $6,605.

February 25, 2015

District of Columbia Office Southeast

Oxford Properties Group Acquires Interest in Washington Center in D.C.

by John Nelson February 20, 2015

WASHINGTON, D.C. — Oxford Properties Group has purchased a 49.7 percent stake in Washington Center, a 335,000-square-foot office building located at 1001 G St. N.W. in Washington, D.C.’s East End submarket. Oxford Properties Group is the real estate arm of OMERS, the pension plan for municipal employees in Ontario. Oxford partnered with the 12-story building’s developer, Quadrangle Development Corp., in the transaction. QDC Property Management will continue to manage the asset on behalf of the joint venture and QuikPark, also a Quadrangle affiliate, will continue to manage the five-story, below-grade parking garage.

February 20, 2015

District of Columbia Office Southeast

Fannie Mae Signs 700,000 SF Lease for New D.C. Headquarters

by John Nelson January 29, 2015

WASHINGTON, D.C. — Fried, Frank, Harris, Shriver & Jacobson LLP represented an affiliate of Carr Properties as landlord in a 700,000-square-foot lease of a building to be constructed for Fannie Mae’s new headquarters at 15th and L streets in Washington D.C. The new build-to-suit property will replace The Washington Post’s current headquarters. The lease is the largest ever non-government lease in Washington, D.C. The Fried Frank team was led by real estate partner Franz Rassman and included real estate associates Valerie Kelly, Neil Hood and Matthew Greeson.

January 29, 2015

District of Columbia Office Southeast

PRP Acquires Office Building in D.C.’s West End for $31.6M

by John Nelson December 9, 2014

WASHINGTON, D.C. — PRP LLC has purchased a 100,000-square-foot office building located at 2501 M St. N.W. in Washington, D.C.’s West End for $31.6 million. PRP acquired the property from the Association of American Medical Colleges on behalf of one PRP’s real estate funds in partnership with an institutional investor. PRP will convert the building into a 60-unit luxury residential condominium property with 11,475 square feet of retail space featuring outside dining. PRP plans to begin selling condo units in 2015 and deliver the finished homes by mid-2016.

December 9, 2014

District of Columbia Market Reports Southeast Southeast Market Reports

New Restaurants, Hip Neighborhoods Suggest D.C. Has Found its Retail Identity

by John Nelson December 5, 2014

There was a time when retail in the District of Columbia was tired and unimaginative, but today things are changing. Today, D.C. competes with some of this country’s greatest retail cities. No longer do “food by the pound” cafes dominate fast casual lunch options, or tired steak houses fill the nights. A young generation of award winning chefs — the likes of Mike Isabella, Cedric Maupillier and Aaron Silverman — are driving a new culinary scene, which in turn is helping to boost retail growth across our city. Silverman’s Rose’s Luxury across from the Marine Barracks on Capitol Hill was just named 2014 best new restaurant in the country by Bon Appetit. With a population of less than 700,000, D.C. is still a relatively small city, but it doesn’t act like it. It is the focus of the nation’s — and the world’s — political eye. It is also blessed with a stable economy and the recent influx of a younger generation who seek to put their stamp on it. We are no longer just a government town. International corporations like Hilton, Marriott, Choice, and Host Hotels have chosen this market for their headquarters. Discovery and Travel channels have staked …

December 5, 2014

District of Columbia Office Southeast

Grosvenor Americas Completes $7.5M Renovation to D.C. Office Tower

by John Nelson November 21, 2014

WASHINGTON, D.C. — Grosvenor Americas has completed a $7.5 million renovation to the HVAC systems at its 200,000-square-foot office tower at 1701 Pennsylvania Ave. in Washington, D.C., just a block away from the White House. The 12-story tower was certified LEED Gold-EB in 2013 and has recently added three tenants occupying a total of 29,300 square feet: Occidental Petroleum, FoxKiser and JAB Holdings, which is the parent company of Jimmy Choo, Bally and Peet’s Coffee. Peet’s Coffee has its flagship location on the ground floor of 1701 Pennsylvania Ave. Since purchasing the office tower in 1986, Grosvenor Americas has invested $16.7 million in upgrades.

November 21, 2014

District of Columbia Multifamily Southeast

Kettler Sells New D.C. Apartment Development for $106.5M

by John Nelson November 17, 2014

WASHINGTON, D.C. — Kettler has sold its newly constructed apartment development located at 450 K St. N.W. in Washington, D.C. The apartment developer sold the 233-unit, high-rise residential community to Ogden CAP Properties LLC for $106.5 million. HFF brokered the sale. Located in Washington’s Mount Vernon Triangle neighborhood, the apartment community features 6,500 square feet of ground-floor retail space. The property’s amenity package includes a courtyard with a fountain, fitness center, bike storage and maintenance shop, as well as a rooftop club lounge and entertainment bar, swimming pool with lounge seating, outdoor kitchen and bar. Ogden CAP Properties has retained Kettler Management to manage the leasing activity of the property.

November 17, 2014

District of Columbia Loans Southeast

HFF Arranges $42M Loan for 11-Story Office Tower in D.C.’s East End

by John Nelson November 12, 2014

WASHINGTON, D.C. — HFF has secured $42 million in financing for 620 F St., an 11-story, 119,649-square-foot office tower in Washington, D.C.’s East End submarket. Sue Carras, Walter Coker, Brian Crivella and Nicole Snarski of HFF arranged the 25-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, BAC F Street LLC. Completed in 2006, the office tower is fully leased to tenants such as AARP and the International Union of Bricklayers and Allied Craftworkers. R.J. Davis of Pillsbury Winthrop Shaw Pittman LLP provided legal counsel of behalf of the owner.

November 12, 2014

District of Columbia Loans Southeast

First Niagara Closes $65M Construction Loan for Mixed-Use Development on D.C. Waterfront

by John Nelson October 10, 2014

WASHINGTON, D.C. — First Niagara’s commercial real estate group has closed on a $65 million loan with Mid-Atlantic Realty Partners (MRP Realty) for the construction of a 305-unit mixed-use apartment project. The property, known as The Waterfront, will be located along the Anacostia Waterfront across the street from Nationals Park in Washington, D.C. The development will feature ground-floor retail and underground parking space. Riverfront Holdings I LLC, a joint venture between MRP Realty and Florida Rock Properties, is overseeing the development of the project, which is slated for delivery by September 2016. The Waterfront will feature a rooftop swimming pool with an indoor lounge and kitchen area, local art gallery, fitness center, ground-level lounge with billiards, a bar area, outdoor seating with a fireplace, rooftop movie screen and an outdoor kitchen. Yvonne Ulrich of First Niagara originated the loan.

October 10, 2014

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