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March 19, 2009
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12 MONTHS LATER...
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Invitation to all Bisnow readers! Come join us at the very cool Lima Restaurant & Lounge TONIGHT, Mar 19th, 6:00 PM - 2:00 AM to celebrate Lima's 3rd anniversary at 1401 K St NW. This special event is free-of-charge, with passed hors d'oeuvres and champagne flutes, and well-known DJs, but you must RSVP here.
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In another feather in NoMa's cap, Bisnow has learned that the DoJ lease of Constitution Square has been expanded to take 100% of its 575k SF office space, instead of the 521k originally planned. Last night we joined the StonebridgeCarras, Studley, and Cassidy crews toasting the completion and expansion of the deal—more than a year after it was first announced, due to those little vicissitudes of a developer's life, like protests by competitors and world economic upheaval.
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We snapped this of half of the celebrants last night at Oya in East End: Stonebridge Carras' Doug Firstenberg with Studley's Mett Miller, Julie Rayfield, Adam Brecher, Angela Cordovez, David Lipson, Todd Valentine, Neil Levy, and Rick Barnett. Taken together with the 345k SF first building (all spec, delivering Q1 '10) and 440 apartments due in fall '10 with a 50k SF Harris Teeter and a Hilton Garden (by OTO Development), the 1.6M SF, $600M development is the largest private project under construction in DC and by far the largest project to date in NoMa. It will house mainly finance and administrative sections of the DoJ, instead of the Criminal Division originally planned, and be occupied summer of '10.
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And the other half of the equation: Walton Street Capital's Kevin Mulhall; Cassidy's Darian LeBlanc, Laurie McMahon, and Christi Hairston, StonebridgeCarras' Kent Marquis, Cassidy's Bisa Delgado, StonebridgeCarras' George Carras, and Cassidy's Mark Sullivan. Not counting Monday Properties' renewal of the Coast Guard, the DoJ deal is the largest new lease of 2008. Stonebridge recently got a TD Bank loan of $193M to add to its Pacific National loan of $68 million, and is also busy planning Lot 31 with PN Hoffman across from Barnes & Noble in Bethesda, if only they can get those pesky utilities relocated.
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| Yesterday at Real Share! |
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Uncertainty continues to grip the commercial real estate industry—and the industry doesn't like it. That's what Incisive Media VP Michael Desiato, left, told Real Share's 7th annual DC conference yesterday morning. With him, keynoter Jim Fetgatter, since '92 head of AFIRE (Association of Foreign Investors in Real Estate) whose 190 members invest $370 billion in the US, mainly in office and retail. Jim said they like Washington the best of all cities because of the stable US government, height restrictions, European feel, and how good it looks to say Washington in annual reports.
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Doesn't this look like some Arena stage play? Actually, it's the first panel: Cassidy's Bill Collins, developer Jair Lynch, Shorenstein's Mark Portner, J Street founder Bruce Baschuk, MRP founder Bob Murphy, and Tishman Technologies' Ron Bowman talking about the state of the market. Bruce said he was just in NY looking for money, but that it turns out it's all here and "I could have saved myself the train trip." Bob Murphy says the real estate drama is just in the "third inning," and Jair predicted it will take two years to stabilize. Mark said he'd invest in "good corners in East End." Ron says he enjoys being able to park at his train station in NY.
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We snapped this of a second panel: Jones Lang's John Kevill, Monday's Tim Helmig, Cushman EVP Lou Christopher, J Street president Petch Gibbons, and Carlyle Group's Chip Lippman.
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Reznick Group's Mark Einstein, Monument's Mike Darby, Seyfarth Shaw's Stan Jutkowitz, M& T Bank's Kevin Kane, and First Oxford's John Tenuta agreed that both borrowers and lenders come to a workout with competing needs. "But at a certain point lenders have to put aside the loan documents and talk about what they need to do to preserve the asset's value," said Mike. The ABCs of a Loan Workout Group was painful to hear: "blood," "squeezed," and "nowhere to turn" were some of the terms tossed about.
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It's not quite the War of the Roses, but Tenant and Landlord Perspectives panelists painted a grim view of the relationship. From left, JLL's Kathly Allgier, Reznick's David Kessler, Sheppard Mullin's Ed Schiff, CBRE's Peter Carroccio, and Brendan Owen of Vornado/Charles E. Smith. Tenants don't want to be in a building that may foreclose or trade. Landlords want tenants who won't bolt in the night. Both sides are expanding due diligence checklists. Talking is key: "Your landlord can be your best friend in financial difficulties — or your worst enemy," Ed said.
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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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