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December 1, 2009
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HERE'S TO NEXT FALL
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| Six days remain to our major event: "2010." Two of the region's legendary business minds: Carlyle co-founder David Rubenstein and JBG co-founder Ben Jacobs, together with the region's leading forecaster, Steve Fuller, ready to unveil his new year's forecast. All at our usual shockingly low prices. Sign up now! |
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| If you’re looking for another reason to pop open large amounts of champagne this New Year’s Eve—JLL’s Economic Outlook shows commercial real estate recovery to begin in the second half of 2010. (Admittedly, emphasis on the word "begin.") |
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He may look like he’s just sitting around, but JLL's John Sikaitis (along with colleagues Ben Breslau and Josh Gelormini) was actually giving a webinar, and cautiously optimistic about the next 12-18 months. John called the office leasing market the caboose of the train—the last to pull out of the recession, with predicted stabilization nationally in late 2010 and growth in the first half of 2011, if employment losses drop. With supply exceeding demand in the DC area, John says tenants continue to have the upper hand.
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We snapped this of 1801 K—home to the JLLers. With effective rents dropping in DC region office buildings an estimated 20% already this year, John says we can expect those numbers to fall 5-7% more in 2010. As lower prices drive tenants towards more affordable Class A buildings, second generation Class B buildings outside the Beltway will feel the biggest impact next year—becoming functionally obsolete unless renovated. It's no surprise the economic outlook points to GSA as a buffer against the biggest lows felt across the nation—with 2M SF of new government deals in just over a year.
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| AND HERE'S TO MARYLAND |
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Last night we were on hand for the Aspen Institute’s innovation conference at the Reagan Building and snapped this of National Economic Council Chairman Larry Summers, Intel CEO Paul Otellini, and NewsHour’s Judy Woodruff. Summers says progress in the 20th century came mainly from innovations in physics (eg, nuclear power, semiconductors, the Internet) but that progress in the 21st century looks like it will come from advances in life sciences (eg, new materials, human health treatments, “mental steroids”). He says the President wants to increase R&D spending from 2 to 3% of GDP. We’re going to make a stretch and interpret all this as good news for Maryland (haven of life sciences).
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Maybe our last caption is the reason Maryland multifamily is coming back to life? Transwestern's Scott Melnick and Al Cissel (plus Robin Williams) were sole brokers for the sale of Lighthouse at Twin Lakes, a 700-unit multifamily apartment building in Beltsville, MD. AIMCO sold the asset to Hampshire Properties for $60.5M. The complex sits 7 miles outside DC at 11800 Twinlakes Drive. The TW Institutional Multifamily Group, led by Scott and Al, has closed seven multifamily transactions in the last 45 days for a total of $215M.
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| FCP BUYS MULTIFAMILY |
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We snapped the Allegro Apartments—purchased by Federal Capital Partners in a foreclosure auction for $77.5M. The 297-unit community on 14th St. in Columbia Heights was formerly owned by Bethesda-based real estate investment firm Metro Properties.
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We also snapped Kettler Management’s Dana Downs, Jennifer Robbins, Steve Harris, and Maj Roembke, who will stay on as the property management firm at Allegro.
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GREENBUILD IN PHOENIX
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No, this is not downtown Bethesda, where LEED APs Caitlin Cunningham, Nick Katz, and Leanne Tobias of Malachite LLC ordinarily spend their time. Maybe because their firm specializes in “green real estate consulting” (eg, how to lower costs through energy efficiency or retrofits) they thought they should get a whiff of the great outdoors. Actually, they were among the 28,000 at the annual Greenbuild Conference in Phoenix earlier this month, and afterwards stopped at this farmland outside of Tucson to visit a prospect interested in developing an eco-community. But wouldn’t this make a great new parking lot near the Bethesda Row multiplex?
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| UPCOMING EVENTS |
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December 07 - Bisnow Breakfast & Schmooze - "2010" - With Carlyle Group founder David Rubenstein, forecaster Steve Fuller, JBG co-founder Ben Jacobs, and Walker & Dunlop CEO Willy Walker. Reagan Building. $54. Info
December 10 - Bisnow Breakfast & Schmooze – “Renewable Energy” – keynote by Gary Saulson, head of corporate real estate for PNC Bank, talking about platinum LEED plans for 800 17th Street; and other expert panelists; Council on Foreign Relations. Info.
December 15 - Bisnow Breakfast & Schmooze - “Hot Topics in Federal IT, Outlook on Energy” with Steven Isakowitz, CFO, Department of Energy, Sheraton Premier Tysons. $39. Info
December 16 - Bisnow Breakfast & Schmooze – “Social Media Strategies for Associations and Non-Profits,” with top association executives, BLT Steak. More 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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