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August 25, 2010  
 
 
Deals!

Announcing the next event in the Bisnow Association/Non-Profit CEO Series: heads of NPR and National Geographic Vivian Schiller and John Fahey, the morning of Sept 10 at the Renaissance Dupont Circle Hotel. Sign up now!

 

Those apartment building sales just keep on gushing as deep-pocket landlords position themselves to take advantage of a residential rental market they see turning in their favor. The reason, market-watchers say: Healthy job growth prospects in the region, and little new supply.

 
Liberty Tower
In breaking news, Bisnow has learned that Equity Residential just closed (but hasn’t formally announced) the $96M purchase of Liberty Tower, its third apartment buy here this year. The 20-story, 235-unit Class A building at 818 N. Quincy St. near Courthouse Metro was built in 2008. Unlike many other buildings of that era in the Rosslyn-Ballston corridor, it was meant from the start to be rental. But don’t worry, it still has granite countertops. Occupancy is stable at more than 90 percent, we’re told. The sellersdevelopers Shooshan Co. and Fred Schnider Co., were represented by HFF's Dave Nachison, Alan Davis, and Bill Asbill.
 
Nemacolin Butler Jumbo
 
425 Mass

We took advantage of the almost-fall weather this week to shoot a new photo of 425 Mass, EQR’s previous local purchase. The building, once the Dumont, used to be the poster child for the condo collapse; all 559 units were vacant when it changed hands in April for $167M. What a difference a few months make. Market buzz is that many of the 250 units have been leased since then, greatly surpassing expectations. EQR’s other local purchase this year, Vista on Courthouse in Arlington, was also a high-end condo turned rental.

In another luxury rental deal just done, the 325-unit Metropolitan at Pentagon City, built in 2002, is changing hands. INVESCO is buying the building at 901 S. 15th St. from Kettler and Cornerstone Real Estate Advisers. Repping sellers was the multi-family team at CBRE’s DC office: Bill Roohan, Mike Muldowney, Andy Boyer, Morgan Campbell, Jonathan Greenberg, Michael Rudolph, John Sheridan and Brian Margerum. We reported on this busy group and its transactions last Thursday.


Bisnow

It’s Not Just Apartments

 

The trophy office building at 1899 Pennsylvania will sell for a trophy price, $150M or $800 per SF, a 5 percent cap rate, Citybizlist reports. Buyer would be Paramount Group of NYC, which holds plenty of other top-grade buildings here, including Waterview in Rosslyn and 425 I St. NW. As we reported last month, the building, mostly leased to Wilmer Hale, has been marketed by Collins Ege and John Kevill of Jones Lang. And we’ve reported for some time on the remarkable Paramount Group.


Bisnow

WE GET LETTERS!

 
High financier Matthew Pestronk

High financier Matthew Pestronk, a NYC reader of yesterday’s DC issue (see, they’ve heard of Washington up there), wrote in to dispute our comment that it’s not clear the CMBS market is reviving. Sure, just $4B or so of new CMBS has been issued in 2010, a big contrast with nearly $300B in 2007. But Matthew, who’s managing director at Ackman-Ziff, argues that 12 or 15 issuers are back in the market, willing to lend, and are “dramatically understaffed.” He predicts that $40-$60B of CMBS will close by the end of 1Q 2011. His firm acts as a financial intermediary for clients seeking capital; his specialty is entrepreneurial borrowers from DC up to Philadelphia. So keep those letters coming! It's not true we’re going to get an unlisted email.


Bisnow

LAST NIGHT’S MINI-SCHMOOZE

 
Microsoft’s Javier Vasquez and Arlington Economic Development’s Karen Vasquez, with Bean, Kinney & Korman’s Philip Keating

We got some clients and friends together last night for a smalllast blast” of summer, including the husband/wife team of Microsoft’s Javier Vasquez and Arlington Economic Development’s Karen Vasquez, with Bean, Kinney & Korman’s Philip Keating.

 
HSBC’s Robert Klingensmith, Sharon Dougherty of JM Zell, and SilverStrategy’s Tara Silver

HSBC’s Robert Klingensmith, Sharon Dougherty of JM Zell, and SilverStrategy’s Tara Silver, who tells us her client, the Washington DC JCC Jewish Literary Festival, has landed actress and comic Sarah Silverman for the 10-day fest in late October. (Being that this is a family e-newsletter, we can't print the colorful name of the latter's new book.) Sharon tells us JM Zell is working on some big entitlements for two large parcels in Tysons and one in Alexandria.

 
OPX partner Barbara Mullenex, and Sigal’s Gerard Heiber and Andrea Finch

OPX partner Barbara Mullenex, and Sigal’s Gerard Heiber and Andrea Finch weren’t new acquaintances: OPX is the architect and Sigal the builder of Raymond Rec Center to be connected to Raymond Elementary School in the Petworth area. The facility is to be LEED Gold with a green roof. Most importantly, the trio tells us, “it’s on budget.”

 
Heather Freeman’s Lindley Thornburg, tax attorney Donna Lee, H.B. Swoope of Burke & Herbert Bank, and Reznick Group’s Richard Greene

Heather Freeman’s Lindley Thornburg, tax attorney Donna Lee, H.B. Swoope of Burke & Herbert Bank, and Reznick Group’s Richard Greene. If you’ve ever been to one of our breakfast events sponsored by Reznick, you know we like to rib Richard (but it’s true) that his start as a biz whiz came long ago as manager of Starland Vocal Band in the '70s when it did chart-topper Afternoon Delight. Who'da guessed?

 
 
 
Reznick (We know) #2 - mi
 
 
BMS (Hastings) DCRE
 
 
Oncore DC
 
 
Reznick (Creating) #2
 
 
Electrical (Warning)
 
 
Pillsbury (Heart)
 
 
Reston Limo (World)
 
 
Nemacolin (Buttler)
 
 
 
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. Copyright 2010, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.

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