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January 26, 2010
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ON THE MEND
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| Please note: In the interest of having more networking space for the many hundreds of you signing up, we’re moving our GSA event this Friday (starring Bart Bush and Valerie Santos, among others) to the Willard Hotel. It’s going to be amazing. Sign up now! |
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| No, don’t adjust your set. This is the Washington edition, but we’re going to start with coverage of our Bisnow Capital Markets Schmooze this morning on W. 44th in Manhattan, because, heck, there was some good news. |
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“On the mend” was the headline for the morning suggested by panelist and NY investment sales king Woody Heller of Studley, who says it’s not sellers who are finally capitulating, but buyers. In particular, he says, offshore buyers who think they missed the boat in London and don’t want to miss it in the US. He says money is plentiful and strong assets for sale is the true commodity in short supply. In other good news: Rental rates are rising because sublet space is being taken off the market.
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Our panelists deserved to be way up on top because they were a parade of legends. Woody’s to the right in this pic, with Cushman & Wakefield Sonnenblick Goldman co-founder Arthur Sonnenblick. Arthur laments that “debt got us into this problem and debt will get us out of this” and thinks there will be hundreds of banks that suffer more big losses before it’s over. But he also thinks “we’ll be on the other side of the problem in 3 to 5 years.” In the meantime, he says, “buyers are all over the place and if you’ve got a strong property, it can sell.” “So I’m told,” said Woody to laughter.
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As if to make Arthur’s point, Shorenstein eastern US capital transactions chief Mark Portner, right, says they’ve put 1111 Pennsylvania on the market in DC because it’s exactly such a strong property (with Morgan Lewis as anchor tenant). We snapped this picture of Mark with Transwestern Vice Chair Nathan Isakoff because they share a DC background—more precisely, they were both at Carey Winston once. Nathan started out with the Weinberg Co in ’64, which sold to Carey Winston, which then sold to TW in 1998. He came to NYC in 2003 to be closer to his three kids and now six grandkids, oh, and probably to be closer to St. Martin, where he heads shortly for R&R. Mark was at Carey Winston, then came to NY a decade ago to go to Columbia Biz School and join Shorenstein.
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“Father of the CMBS Market” Ethan Penner says the market will get re-priced on a rolling basis, maybe the lion’s share in 2012-2014. He sees the opportunity today as the imbalance between capital needed to refinance and capital organized to do that. When it gets organized, those investors will do very well, he says, so he’s been creating funds. Big kudos and thanks to Arent Fox NY real estate guru David Dubrow and Reznick Capital Markets expert Rob Sternthal for expertly guiding the conversation and drawing out all these views.
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JBG MOVES FORWARD AT 14TH & S
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It’s not just historic charm drawing thousands to Logan Circle—with five new restaurants in the last few months and a growing nightlife (and dangerously good “make your own” Bloody Mary at Logan Tavern), the demand for living space is high and the supply of new condos is expected to dwindle in nine months. We snapped JBG’s James Nozar and Fred Greene at the site of their new project: 14th & S St, NW. Plans for the 125-unit project were approved in February ’09 and the group hopes to break ground this fall. James and Fred are standing in the future penthouse suite, which will include dueling balconies (to catch the sunrise and sunset).
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The historic former Whitman Walker Clinic at the corner of 14th & S will be incorporated into the project, but the interior space will have an urban, modern feel. Designed by architect Shalom Baranes and interior designer Toronto-based Cecconi Simone, the seven story building will include open unit layouts and 18k SF of ground-floor retail. Aiming for LEED Silver, it will also include a rooftop terrace, bar and kitchen, fit pit, pool, and panoramic views.
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| WE LOVE LAW FIRMS |
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Law firm Troutman Sanders has signed on for 16 years and 36k SF of extra space at 401 9th St. The total 114k SF lease renewal accommodates its 100 attorneys and 75 staff members. Studley’s Wendy Feldman Block, Julie Schuelke, and Collin Wheeler, above, repped the law firm (coordinated in periwinkle shirts—a color straight from the good ol’ Crayola crayon days). Boston Properties’ Jon Kaylor and Greg Storrs along with Gould Property’s Garrett Preis repped the landlord, Square 407—a Boston Properties/Gould partnership. Troutman Sanders recently merged with DC-based law firm Ross, Dixon & Bell, nearly doubling its DC presence.
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| MORE CAREY WINSTON |
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| Sunday night, we joined Peggy and David Shiffrin (the two on the right) as they opened their DC home to Arena Artistic Director Molly Smith (end of the table) and other Arena fans: Susie Taylor (long ago Studleyite and Carey Winstonian, who says hi to all of you), former AOL international chief Jack Davies, Sprint dealmaker Chris Rogers, Daimler’s David Trebing, longtime Washington ballet board president Kay Kendall (who's organizing a springtime gala for the ARC in Anacostia), and Zuckerman Spaeder’s Bill Taylor. David becomes Arena chairman in June for three years, just in time to unveil the “new Arena” in October, fresh from a two year, $150 million renovation and in time for its 60th anniversary as one of the great regional theatres in America. U Street and Crystal City have been cool substitute venues in the interim, but excitement is building over returning to a dramatic new home on the SW waterfront. |
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| UPCOMING EVENTS |
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January 29 - Bisnow Breakfast & Schmooze - Working with the GSA (II): Bart Bush, Joe Brennan, Greg Meyer, Holly Briggs, Jeff Kovach, and Tom Finan. Willard Hotel. 7am. 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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