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September 24, 2009
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LOCO MOCO!
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| Congrats to our sponsor Brookfield Properties, which announced today it’s signed Lafarge North America (largest diversified supplier of construction materials in the US) to a 63k SF lease at Two Reston Crescent. Please see story below. |
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| When Transwestern’s Arlene Begelman suggested we take our Breakfast & Schmooze on the road to Montgomery County, we asked, “But will anyone come?” 325 of you answered resoundingly this morning at Lakewood Country Club in Rockville. (Maybe you thought it was for golf?) |
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Big thanks to Argy, Wiltse accounting, Transwestern, Artisan Partners, and Ballard Spahr law firm for helping us put it on. On the first panel, superbroker Phil McCarthy said that despite weak office demand the last year, the good news is that five to six large transactions, representing 600k SF net new growth due to the Feds, should be announced in the next few months. He said MoCo doesn’t fall as far as other places so it doesn’t take as much to get back up; he predicts a late 2010 spike in leasing esp. in the 2-20k SF range. At the moment, he said, most tenants are hunkering down, looking to renew and for as short a period as possible; but this is good news for landlords, he said, “so you can live to fight another day.”
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Director of Economic Development Steve Silverman, with microphone, says MoCo’s unemployment at 5.5 % is great compared to Flint, Michigan, but that it’s the County’s highest since WW2, and it’s “very aggressively” reaching out to federal agencies and even hiring its first federal lobbyist; he added, “We’re willing to look at financing approaches we would never have looked at before.” And trying to retain not just attract—HHS at Parklawn, he said, is worth ten Hiltons. “County Executive will do whatever it takes to keep HHS here, it’s that simple.” With Steve above, JBG’s Rod Lawrence, GSA’s Jim Phelan, Ballard Spahr’s Roger Winston, and TW's McCarthy.
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A panel on construction trends included Prill Construction’s Adam Prill, Artisan Partner’s Geoff Azaroff, and Lakewood Club president Ian Altman. They applauded Silverman’s promise to streamline the development process. They also talked about the importance of an owner’s rep, helping contractors by getting decisions made and helping owners by saving aggravation and money.
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By day Ian Altman runs Draco Solutions (process modernization software for regulated industries) but in ’04 and this year he’s been club president, overseeing $13.5 million in member-financed renovations. Rees Jones (son of Robert Trent Jones) designed the golf course, and the clubhouse rehab is glitzy, family-friendly contemporary.
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Greggory Webb was Houston’s chef of the year and a top NY chef as well; there was an even bigger table of bacon, eggs, and all that other wonderful stuff you expect at country clubs. Balfour Beatty’s Dave Birtwistle even got his passport and came across Legion Bridge from Virginia for the experience.
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Perseus Realty president Bob Cohen and Transwestern guru Ken Marks. Congrats to Bob on the recent lease by BAE of 140k SF at his Redland Corporate Center in Rockville—bring your clients there and lease up the rest! A great space we’ve told you about before.
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Roger Winston is now the chair of the Real Estate Section of the American Bar Association—that’s a big deal; and is SVP of our fine sponsor Red Coats—another big deal! And Ralph Blasey is with our fine sponsor Red Coats—another big deal.
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BrookSearsch’s Brook Waskewich, TW Construction’s Therrien Waddell, DVA Architects’ Robin Menge, furniture maven Andy Stern.
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| Brookfield's Blue Skies |
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This is 185k SF Two Reston Crescent, which Brookfield completed in 2008, is now 67% leased, thanks to the relocation of Lafarge from Herndon, mentioned in our shoutout. Congrats to Robert Anderson and Rob Copito of Jones Lang LaSalle, who represented Lafarge; and to Daniel Purrington in-house at Brookfield with help from Dave Millard, Peter Berk, and John Henschel of Cushman and Wakefield.
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| UPCOMING EVENTS |
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September 25 - DC Preservation League Annual Meeting - 6:30pm - Location: St John's Church, 1525 H St. (Info)
September 25 - NAIOP-MD Developing Leaders Breakfast - 8:30am - Douglas Howe, Chairman of NAIOP Headquarters, will share his vision of the future in career and real estate development (Info)
October 08 - ULI: Sustainable Suburbs - Developers, financiers and transportation experts will discuss how to create more sustainable suburban centers. (Info)
October 20 - CREW DC Awards - 6pm-9pm - a cocktail reception celebrating the winners of the 2009 CREW DC Awards with MC Janet Davis. (Info)
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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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