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February 25, 2010
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MOOLA FOR MARYLAND
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Back by popular demand, Bisnow Schmoozarama II. But limited to 600 people instead of 1300 like last time. Open Bar and buffet.
Park at Fourteenth. March 10. Low Price. Sign up now! |
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| GSA isn’t just revving up the cash machine in DC. Yesterday it picked JBG to develop a new National Cancer Institute on Johns Hopkins’ Shady Grove campus in Rockville, to be started this fall and completed in 2013. |
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GSA will lease two new seven-story buildings totaling 575k SF, enough to house 2,100 employees. HOK designed the $200M project to NCI’s specs, including advanced security features to meet federal requirements; Davis will do the construction.
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JBG’s NCI win comes on the heels of another big announcement: The company closed on a $576M investment fund to buy stable office, multifamily, retail, and hotel properties and land in the region. This is JBG’s seventh fund, and the team plans to look beyond traditional submarkets when spreading the wealth.
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GABLES ROTHBURY GOES FOR $31M
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Yesterday, Avalon Bay Communities announced the purchase of the Gables Rothbury in MoCo for $31.25M in cash. We first reported on the luxury rental property when the HOC exercised its right of first refusal to buy it several months ago, but the commission later backed out of the sale, citing concerns during a due diligence review. That opened the door for Avalon to swoop in. HFF’s Dave Nachison and Alan Davis repped the seller, Gables Rothbury, a privately owned REIT which develops and manages communities across the US. Completed in ‘05, the 204-unit, Class A multifamily community is 96% occupied.
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| YESTERDAY WITH CREW DC |
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We thought all the traffic and police escorts at 16th and K St. yesterday afternoon were for CREW DC‘s lunch yesterday at the Capital Hilton, but it turns out President Obama was across the street. He clearly took a wrong turn because he should've heard the expert panel on how public and private REITs have fared over the last 50 years. Corporate Office Properties Trust’s Cathy Ward and the National Association of REITs’ Meredith Despins said the publically traded REIT market started declining in February ’07 and hit a historic low on March 6, 2009. It’s not all doom and gloom—the All REITs index was up 113.85% through December.
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The Carlyle Group’s Jamie Williams and Federal Realty Investment Trust’s Dawn Becker. Jamie offered up the perspective of a private equity firm, saying the company has the flexibility to invest in a variety of markets like senior living, condos, industrial, retail and golf. Dawn says Federal Realty—founded in ’62—continues to reinvent the way they do retail. In fact, its office at Congressional Plaza used to be Rockville Lanes—so technically, many people have bowled in her office.
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| PARALLEL UNIVERSE |
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At the same time as our NoMa event on Tuesday, we were daring enough to hold a federal tech event: 370 guests at the Sheraton Premier in Tysons to hear Veterans Affairs CIO Roger Baker talk about his 2010 budget and priorities, together with comments of industry experts from Lockheed, Ernst & Young, Mantech, and Deltek. These federal types are such early birds, they agreeably took their seats at 7:15 AM and showed up for schmooze at 6:30.
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| UPCOMING EVENTS |
| Click here to place your own listing |
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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 16 - DC Connections - Join for a night of Speed Networking and business development. A great way to swap leads, info, and rapidly grow your business. Already 150 signed up! Hyatt Regency Bethesda. 5-9pm. Info
March 25 - GWCAR - 15th Annual Commercial Awards Dinner - Mayflower. Info
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Follow us on Twitter @REBisnowDC
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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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