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September 15, 2009
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Breaking News:
DC Picks Eastbanc
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| LAST CALL: Legend Chip Akridge keynotes our Bisnow Breakfast & Schmooze tomorrow (Wed) morning on Green Development and Renewable Energy, with other experts from Reznick and Nixon Peabody on this super-timely topic. Additional thanks to great sponsors Calvert Jones and OPX. Sign up now! |
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| We were on hand this morning near Eastern Market as the Mayor announced Stanton-Eastbanc, a DC-based development team, was selected to redevelop the former Hine Junior High School into more than 500k SF of mixed-use. EastBanc founder Anthony Lanier tells us at 8am, while heading into a meeting at National Cathedral School, he got the word: press conference at 9:30am. |
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The winning proposal: 200k SF of office (two major tenants already: non-profit International Relief and Development and Shakespeare Theatre Company’s operations), 60k of retail and restaurants, and 150 apartments. Stanton-EastBanc, frequent collaborators of late (Anthony says they share a neighborhood-oriented background) beat out 10 other bidders for the site across from the Metro.
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Anthony expects groundbreaking in late 2010. He’s joined here by son Philippe, Shakespeare Theater’s Michael Kahn, Mayor Fenty, Eastbanc's Joe Sternlieb and DC Deputy Mayor Valerie Santos. Other tidbits: Vendors currently using the space for a flea market will be welcome during and after development. Joe assures they’ll eventually have more space than they have now. Many details are still being hammered, but Anthony says there is no public subsidy required and Fannie Mae will provide financing for the housing.
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SEEING GREEN
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The stimulus is shaping the way property owners retrofit their buildings, Herb Stevens of Nixon Peabody tells us. Specifically solar is, pardon the pun, hot right now thanks to the new energy grants that are starting to be doled out. (Also pardon our product placement, but Herb will be a panelist tomorrow morning at our Breakfast & Schmooze on renewable energy and green development. More info.) “The first grants were made within the last few weeks — these are grants for projects such as solar panels, wind turbines, and geothermal heating.”
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Another Day, Another Building Sale
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Okay the DC market’s not quite back to 2006 levels. Still, news that Georgetown North traded for $62M has raised hopes. A Boston-based REIT acquired 2001 Wisconsin and 3300 Whitehaven, a complex that totals 240K SF. JLL’s Jim Molloy, Collins Ege, John Kevill and Sean McDermott repped Prudential Real Estate Investors, which sold Georgetown North on behalf of investors. The deal took only 45 days to close, Jim tells us, which could be considered another sign of returning health except for the fact that it was a very clean deal: perfect tenant (Georgetown U until 2019), no deferred maintenance, and all cash. In other words, it’s still a deal-by-deal world.
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Santry Moves to Cassidy
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Broker Art Santry, right, has made the jump to Cassidy & Pinkard Colliers from CBRE, where he’ll be “significantly” expanding the company’s tenant rep business line. How significantly? “Within three years I’d like to see us doing three times what we are doing now on a gross basis,” Art tells us. To get there he’ll be looking to bring on more brokers. Art’ll be reporting to CEO Joe Stettinius. Change seems to run in the family this year: Art spent the weekend settling his son at Groton.
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MIDWEST PARTY TIME
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We’re in Chicago today and snapped this moments ago of 100 story Hancock Center on Michigan Avenue, where this evening we’re holding our first Bisnow Chicago event—a happy hour for commercial real estate people. 800 have signed up. Gulp. We’d write more of a caption, but we’ve got to run out to a few more liquor stores.
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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 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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