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March 13, 2009
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WATERGATE OFFICES,
RETAIL FOR SALE
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A big salute to sponsor HITT Contracting for earning platinum certification for the 20k SF buildout of the British Petroleum America office at 1101 New York Ave—perfect 45 LEED points. Please see story below. And congrats!
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Wanted: Rich foreigner to buy a piece of American history. LA-based BentleyForbes has put 2600 Virginia Ave. up for sale, and hired the biggest UK investment sales firm, Savills, which also is second biggest in Europe and Asia, to search the globe for the right purchaser. The implication: It thinks the likeliest candidate may be a high net worth foreign individual looking to buy one of this country’s most iconic office buildings.
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Turning to the worldwide journalistic resources of the vast Bisnow empire, we deployed our ace NYC reporter Amanda Marsh to snap a picture this morning at 599 Lex of Savills managing director Arthur Milston with his entire marketing team. Arthur tells us $70M in financing due in ‘15 is assumable by a buyer at 5.4%. He thinks the portfolio, which also includes retail and parking, would sell for at least $100 million, ie, around $375 per foot.
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We snapped this an hour ago of 2600 Virginia, which was last renovated in 2003; it’s 98% leased up with stable tenants like the Saudi Cultural Mission and Saul Ewing law firm. The offering also includes 314 parking spaces and the retail plaza with a Safeway, CVS, and post office. Arthur assures us the seller’s not distressed and the driver is simply “basic fund and portfolio management.” He says they see the DC office market as the best in the country. While Savills doesn’t have an office here, it’s represented AEW Capital Management in selling the shops at G’Town Park to Herb Miller, and the retail and office leasehold interest of Union Station to Ashkenazy.
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| Back to the Land |
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By late summer land broker Fraser Forbes will launch a financing arm, CEO Rich Samit tells us. We stopped by his McLean office this week to hear about it. After we got the photo tour of his four very cute kids, we learned that Rich has identified about $5b in equity that wants to invest in the Mid-Atlantic. “We talked to these people regularly and they are ready to go – all they want is assurance that the market has hit bottom.” Rich thinks we are nearly at that point.
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FF also launched an asset management services platform in January. Rich hired John Begert, a ten-year development veteran from JPI, to run it. And he hired Seth Potack from McWilliams Ballard.
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This is Caryl Ruppert Ersenkal, who came on board 18 months ago when FF formed its advisory services group. Rich says FF began to offer new services for bankers and developers in 2006 when the land sales market slowed.
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| PLATINUM! |
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As mentioned in the shoutout above, here’s a shot of the BP Interior constructed by HITT with a project team that also included FOX, GHT Limited, and Jones Lang. The fit-out features extensive architectural woodwork, SwitchLite glass, and sophisticated lighting fixtures. (Thanks to Ron Blunt for the pic.)
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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. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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