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May 16, 2014
Brainiacs of Bethesda
Office furniture for sale, all kinds, in excellent condition! Entire building of furniture must go. May 16 from 10am to 3pm. VISA, MC and cash accepted. 401 Wythe Street, Alexandria, VA Call 301-370-4181 more info and free parking. Click on Turn-Key Moving Solutionshere.
The Reznick Group was already a household name in accounting circles before merging with JH Cohn in 2012. Now, Bethesda-based CohnReznick is the 10th biggest accounting firm in the country, and its local office is a growing powerhouse in real estate circles.
The national real estate practice is led by national CRE head David Kessler and office managing partner Jim Martinko (both pictured) as well as construction guru Russ Phillips. Jim tells us the merger gave the firm a "deeper bench" in the hospitality, non-profit, and higher ed fields, while leveraging Reznick's longtime strength in real estate and construction. Adding new markets from JH Cohn where Reznick didn't have a presence didn't hurt either, Jim says. But further acquisitions could be on the way, too. "M&A continues to play a key role" in the firm's plan going forward, he says.
As for their views on the market, Russ (second from left, with Moseley Construction's Johnny Moseley, Cityline's Donna Shafer, and Douglas Development's Norman Jemal at last week's Bisnow DC Real Estate Summit) tells us transit-oriented mixed-use is the "present and future" of DC real estate, and the closer a project is to downtown DC or Metro likely means success. David says though DC may have fallen in favor among foreign investors (according to AFIRE's recent survey), there's an abundance of capital interested in value-add and opportunistic deals locally. But with cap rates remaining low in the region, investors may not get the returns that secondary markets might offer. "You would never know DC isn't among the hottest investor markets with all the development activity and institutional capital flowing into the region."
Bisnow On the Scene at ICSC
Bisnow will be LIVE at ICSC ReCon this weekend as the retail world converges in Vegas, and our Washington, DC, reporter Chris Baird will be burning up shoe leather to give you the most up-to-date coverage. He'll be on-site Sunday through Tuesday to report all of the happenings on the Convention Center floor, as well as the glitz and glamour of the night's evening festivities. ReCon is one of the largest conventions in North America, with over 35,000 expected attendees and a convention floor of over 1M SF.
And so you first-timers won't be clueless before heading out to Vegas (and because we're always looking out for you readers), we've polled a few of the country's biggest retail names for their best ICSC advice. Douglas Elliman's Faith Hope Consolo is one of New York's biggest retail brokers, and says it's important to come away not only having set up new business, but also feeling like you learned something. Faith also says to be persistent while on site. If a meeting is delayed or cancelled, "stop back later, because it's possible that you can take someone else's cancellation.”
Putting yourself out there and attending functions with those you don't know is high on John Bucksbaum's list. The CEO of big-time Chicago retail owner Bucksbaum Retail Properties says "you never know who you are going to meet at the table," so it's key to be proactive. And don't be shy in reaching out to Bisnow: Chris Baird be on-site Sunday through Tuesday to report all of the news, as well as the glitz and glamour of the night's evening festivities. We'd love to see you there. To meet up, email Chris Baird for editorial needs or Bisnow SoCal business director Frank Sanchez for sales.
Last night, EYA held an event unveiling The Oronoco, a 60-unit luxury condo building right on the banks of the Potomac in Alexandria. (Great for fishing, if the one thing you don't like about the sport is going outside.) 48 of the units have already sold there (601 Fairfax St), at the former Sheet Metal Worker's Pension Fund site. Here's EYA's Philip Salin, Bob Youngentob, AJ Jackson, and John Fahey.
Though some of the units sold, work is still ongoing; prices are ranging from $1.6M to over $4M. And though the site was approved for a much larger scope of units, EYA chose to build a smaller number of larger units at the Oronoco.
A Brand New Belmont Mansion
We joined Wagner Roofing at the Belmont Mansion Wednesday night, as the firm celebrated its 100th anniversary and showed off restorations it just performed at the historic New Hampshire Avenue building. Wagner helped restore the portico roof and repaired leaks that had damaged the 105-year-old building. (When that building went up, Teddy Roosevelt was President. He never did get Obamacare passed.) Snapped here celebrating: sisters Wendy Summer and Lisa Wagner Hill with interior designer Suzie Hawkins.
Here's one of the Belmont's restored grand dining rooms. How many micro-units could you fit in here?
The mansion was built in 1909 for then-congressman and diplomat Perry Belmont, who was known to host lavish parties for Washington's elite on site. It currently serves as the HQ for the General Grand Chapter of the Order of the Eastern Star.
Bisnow High School Entrepreneur Event THIS Sunday, May 18!
Calling all parents of high school kids! GEN Z is Bisnow's half-day, hands-on program for high schoolers interested in learning what it means to be an entrepreneur. Our next GEN Z event is this weekend, Sunday, May 18 at the red-hot start-up WeddingWire in Chevy Chase. Join more than 40 students from Bullis, Chantilly, National Cathedral School, Robinson, St. Andrews, St. Stephen's–St. Agnes, The Lab School, Yorktown, Washington Latin, and others who will network with our guest entrepreneurs and participate in fun activities that will help them understand what being an entrepreneur is all about. Check out the last event here. Sign up now!
Future of Rockville Next Week!
Rockville is one of the most active development spots in the region, from the transformation of Rockville Pike (pictured) to the more-vibrant-by-the-minute Town Square. That's why we've assembled the development pros behind some of Rockville's biggest projects for our Future of Rockville event next Wednesday at the Bethesda North Marriott. You'll hear from Federal Realty's Robin McBride, overseeing the massive Pike and Rose project on the Pike, as well as Duball's Marc Dubick, who's filling in the hole in the donut at Rockville Town Square with a new mixed-use project. The fun starts at 7 AM; sign up here!