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SEEING IS BELIEVING
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| Below we inaugurate an occasional feature: Reznick Group Insights, wherein our very smart sponsor illuminates otherwise arcane but timely and important accounting issues in the real estate profession. Warning: You may make vast sums of money by reading these. |
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| Our headline was the theory when 460 of you packed into Tishman Speyer’s 1100 1st St. NE this morning for our NoMa Breakfast & Schmooze. While it’s certainly one of the most talked about emerging markets in the region, we overheard many say they were seeing it for the first time today. |
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Our panel of retail, office and residential pros all agreed getting more “feet on the streets” of NoMa will be crucial to its growth. There are already 38k employees who flock to NoMa for work everyday.
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StonebridgeCarras principal Doug Firstenberg and Tishman Speyer’s director of leasing Dan Dooley (looks kind of like that guy in the poster over his shoulder, huh?) It’s nearly impossible to think of NoMa without GSA “swing space” in mind, and Doug says he hopes StonebridgeCarras’ Constitution Square will keep NoMa vibrant seven days a week with 80k SF of street-level retail, including five new tenants announced last week. He says the addition of a cultural or entertainment venue would move NoMa out of the “emerging” category and into another league. While Dan doesn’t see any law firms headed to the neighborhood yet, interest from non-profits has been strong, with five users looking for 75k SF of space or more in NoMa over the last 90 days.
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A big bonus: 1100 1st St. provided 360-degree NoMa views and a look at Constitution Square. Doug says the sheer size of the 1.6M SF mixed-use project has allowed it to be successful because of the incorporated amenities. 900k SF of office space has already been preleased to DOJ and GSA, and Doug expects the 440 residential units to start filling up this August.
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NoMa BID president Liz Price kicked things off and joined the panel with Marriott International’s VP of Sales Dave Nostrand. Gone are the days when long lines at the DCRA and Greyhound buses dominated NoMa. Liz says things really turned around when ATF moved its HQ in ’07. Now the neighborhood holds $3B worth of recent private investments with 26M SF of new development planned or under construction. Marriott sees NoMa as a great long-term investment, and Dave says hotel rooms will be in high demand as DC continues to host dozens of conventions each year.
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Archstone SVP Rob Seldin with impromptu panelist Victoria Hartke (pulled from the crowd Price is Right-style for her expertise as GSA deputy regional commissioner of real estate acquisition). Victoria says there are four GSA deals on the horizon, and her team will use a variety of source selection methods to choose the right spot. Rob says Archstone’s new multifamily building in NoMa will break ground in April. The company planned the building so tenants can easily have roommates, making the units more affordable.
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NPR real estate director Maury Schlesinger alongside a rendering of his company’s future HQ at 1111 N. Capitol St., NE. Maury says NPR picked NoMa because it wanted to own an affordable building close to transportation. He called NoMa a “village in a city,” and says he’s looking forward to moving there in 2013. The panelists agreed that NPR’s move, the arrival of the Metro, and Harris Teeter all rank as NoMa “tipping points.”
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| Doug, Liz, and J Street Companies founder Bruce Baschuk (NoMa BID chairman who brilliantly moderated the session and proved our publisher quite expendable) welcomed prominent developer Sonny Small, one of many guests not usually associated with NoMa who came to have their horizons broadened. Bruce says two buyers—a union and a national trade association—just signed letters of intent for 111 K St. He’s been working to get legislation approved that would provide tax incentives to bring smaller users to the area. |
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REZNICK GROUP INSIGHTS
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| Want financial incentives to build solar energy facilities on your property—but you don’t expect income to be enough for tax credits (which can be in the millions)? Reznick’s Anton Cohen tells us that Section 1603 of the stimulus legislation allows owners or lessees of such facilities to get a 30% cash grant rather than a credit. You can apply on the Web, but you have to include various expense and ops certifications. And guess what, Reznick can get ‘em for you. See further information here. Or contact Anton Cohen. |
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| Reznick Group is a top 20 national CPA firm providing accounting, tax and business advisory services to clients nationwide. Reznick Group has extensive experience in many industries including renewable energy. |
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| UPCOMING EVENTS |
| Click here to place your own listing |
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February 24 - NAIOP MD/DC – Public Sector Impact on Real Estate. 7:45-10am. Bethesda North Marriott. Info
February 24 - Commerical Real Estate Women - Explore the world of Real Estate Investment Trusts (REITs). 11:30-1:30. Capital Hilton. Info
February 25 - Greater Reston Chamber of Commerce - Virtual Realty Tour - 80 properties showcased, the most attractive new, redesigned, and available assets. Hyatt Regency Reston. 7:30am-10:30am. Info
February 25 - ULI Washington - Breakfast Meeting - Learn how to use social media to gain community support and drive real estate demand for projects. Experience how new media tools work....Live! Grand Hyatt. 7:30-10:30am. Info
March 02 - Arlington Economic Development - Arlington Real Estate Market Review and Forecast, plus an update on BRAC. New this year: comparative analysis of the region's real estate markets. 7:30-10am. Info
March 25 - GWCAR - 15th Annual Commercial Awards Dinner - Mayflower. Info
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| You can follow us on Twitter @REBisnowDC |
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