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Real Estate Bisnow
   
October 12, 2012  
 
 

Bisnow Exclusive:

Big Law Firm
Seeks Space


Oh, hey, guys....what about next year? Are you ready for 2013? Stop by Bisnow's Economic Outlook for the latest on the "fiscal cliff," the election fallout, and a look at our local economy. Tues, Oct. 16 at the Fairview Park Marriott. Sign up now!

 
Bisnow has learned that law firm Hogan Lovells will soon hit the DC market with a 350k SF requirement.
 
Studley's Rick Rome is repping the firm, sources unrelated to the deal tell us. (Rick declined to comment for this story.) Hogan Lovells currently resides at Columbia Square (555 13th St, above), owned by Hines.
 
Brookfield (2001M) Intext

Sport & Health Grows
 
This morning, Sport&Health CEO Mark Fisher (above) told us the health club will add nine new DC-area locations between now and 2015, with LOIs out already for two in Northern VA and one in Maryland. "The Washington region is very underserved from a fitness perspective," he says (our mother used that same line to tell us we've gotten fatter since last year). Mark estimates that the area in a 75-mile radius from DC could accommodate up to 40 more clubs. Here's how his firm, founded by five unnamed real estate pros, is taking the initiative: aiming at a niche emphasizing family-friendly programming and a strong price-value proposition.
 
Reznick (CohnDebut) MDCRE
Sport&Health recently opened a Woodbridge location, above, with plans to open in North Frederick soon. "There are a tremendous amount of opportunities for infill, as well as emerging markets," Mark tells us; the club is open to greenfield development as well. In his former life as a real estate developer in Kansas, he understands the importance of timing: "In the development market, money is cheap right now, and people want to build things."
Mark also tells us the health club has tapped Alexandria-based Vibe Design to make sure all its locations are aesthetically consistent, investing $25M in the last four years on construction. In urban locations, Sport&Health employs a vertical model averaging around 30k SF, spending around $135/SF on new build projects.

Making Sense of Mixed-Use
 
Postscript to our story on Wednesday about Grosvenor Americas and Skanska's 650k SF project next to Nats Park: Grosvenor's Jon Carr tells us a key to financially viable mixed-use deals is making sure each piece of the project works on its own. That means building in a risk-adjusted spread to a use's market cap rate; for example, "if the market cap for apartments is, say 5%, we'll need a 7% to 7.5% yield in order to move forward," potentially more if risk is higher. (And we thought being a big-time developer was all about cocktail parties and groundbreakings.)

#Natitude
 
Spotted in DAVIS Construction's box with Mayor Gray at yesterday's Nats-Cards game: the firm's John Stevenson, Earl Biglow, Peter Nowland, and Matt Cafritz. Due to the laws of superstition, we'll need each of these men to sit in the exact same seat for the next game. Don't wash that tie, Mr. Mayor. (PS, Not spotted at the game: us. Sniff, sniff.)

Ladies and Lattes
 
This morning, Washington's most glamorous professionals gathered at International Square for "Ladies and Lattes," a monthly catch-up for female professionals organized by Transwestern's Michelle Johnstone and Studley's Angelea Busby. (If you're reading this and are a member of the Starbucks marketing department, we welcome inquiries about licensing fees for this photo.)

Meet Michael Demsky
 
Ladies and gentlemen, meet Michael Demsky, Bisnow's business development exec for DC and Northern Virginia. An Arlington native and JMU alum, this self-described news junkie is your go-to guy for any and all advertising and sponsorship requests in the greater Washington region. When he's not in the office or out in the field (which isn't often), you can find him watching baseball and hanging out in Clarendon—his favorite local spots are Circa and Faccia Luna. Drop him a line here.
 
Fall is by far the best season. Do you agree? Tell michael.leon@bisnow.com.
 
 
 
Cardinal (Mobile2) DCRE
 
Bohler (Developing)
 
Currys (NeverWorry2) DCRE
 
Miles&Stock DCRE
 
Cleaners (Patch)
 
Porcelanosa (Showroom) DC
 
DTZ (Butterfly3) DCRE
 
WS (Cambridge) DCRE
 
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