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August 19, 2014
How to Get a Big Sign
Well-placed signage can be a contentious negotiation between landlords and tenants. So how do the two parties reach common ground?
Cresa tenant rep guru Tom Birnbach tells us signage is always a concession from landlord to tenant. It's usually a way to sweeten the deal as negotiations reach a tipping point, or to get creative when something else a tenant has requested isn't possible. But this isn't like a pro sports stadium naming rights deal: "I have never had a client pay a landlord for a sign," says Tom, who adds that the value received from having a company's name on a building varies. "There is some value for company branding, some value for attracting labor, and some for actual business development and advertising."
Signage was a big sticking point in CEB's recent 350k SF lease at JBG's Central Place office tower in Rosslyn (rendering pictured). Arlington County had a restriction on the project, limiting signs to 50 feet high, which JBG agreed to so it could build taller than the county usually allows. According to the WBJ, having the larger signs was a major factor in CEB's interest in Central Place, and the deal couldn't be signed until the issue was resolved. Arlington County stepped in and voted to lift the restriction, allowing the deal to go down and the arrival of 800 new jobs once CEB, in 2018, moves from its current digs at the nearby Waterview building.
In Chicago, signage was all over the headlines this summer, as Mayor Rahm Emanuel is considering putting bans on signs like the 20-foot high one the Trump Organization placed on its 96-story Trump International Hotel & Tower—the second-tallest building in Chicago and the 12th-tallest in the world. And that height is actually shorter than what the Chicago City Council approved originally. No bans have been put into practice yet, however.
Chase Commercial Term Lending Gives You “4 For Free”
Chase Commercial Term Lending's Greg Werly (pictured) recently financed the purchase of a 90-unit multifamily property in DC. The non-recourse, $4.8M fixed-rate loan featured five years of interest-only, a 30-year term, and a flexible prepayment schedulewith the ability to recapitalize the property as early as 24 months from funding without penalty. The borrower was attracted to Chase's low-cost execution, which did not include any lender legal fees or other third-party costs that would typically be incurred by the borrower. For a limited time, the following fees are paid by Chase when purchasing or refinancing your stabilized apartment building: processing fee, appraisal fee, filing fee, and lender legal fees. This “4 For Free” special comes courtesy of Chad Tredway, head of Commercial Term Lending for the Northeast, who is leading the charge for Chase as being your best multifamily financing option. For more info on our sponsor, click here.
Bisnow Scoop: New Real Estate Law Firm
Real estate attorney Jennifer Kasman has repped high-profile real estate clients on construction, acquisition, development, and finance. But feeling the itch to start her own firm, Jennifer's just opened JR Kasman, PLLC, a real estate law boutique. Jennifer, who's a veteran of well-known real estate firms like Kelley Drye and Friedlander Misler, tells us she decided to go out on her own to bring an "aggressive, client-centric law firm to DC real estate clients." She'll also work with creditor and corporate law clients as well.
Here's 2200 Pennsylvania Ave, where Jennifer's signed a lease and already brought on a paralegal. The DC native got the real estate bug while at Brooklyn Law School and says the passion she had for the industry back then hasn't changed: "I like to have fun and close complicated deals." Jennifer says she was inspired by other women with established reputations who have left larger law firms (like Wendy White and Betsy Karmin, now at Morris Manning & Martin), and that for now at least, she won't be spending much time in partner meetings.
WMATA Selects MRP, CAS Riegler for Brookland
Two big-name DC developers are taking their talents to Brookland. Yesterday, WMATA announced it has selected MRP Realty and CAS Riegler to develop two sites the agency owns next to the Brookland Metro. The partners have proposed building 280 residential units and 9,000 SF of retail (rendering above), and the proposal would also include a new kiss-and-ride lot for the Metro station. WMATA's board still has to approve the proposal, but the agency says construction is expected to start in 2016. (Until then, no kissing.)
Bisnow and the Ice Bucket Challenge
If you happened to walk near our M Street headquarters moments ago, you may have seen it in action, but our very own Mark Bisnow just took part in the ALS Ice Bucket Challenge. Stay tuned for tomorrow's issue for the full video.
Bisnow's Real Estate Strategies For Law Firms and Associations Event Next Wednesday
Law firms and associations make up two big spokes of the real estate wheel in DC. And with several big deals having gone down recently—with a few big ones left to close—that's why we're holding our annual Real Estate Strategies for Law Firms and Associations event next Wednesday at the Mayflower (pictured). Mayor Gray will be keynoting the event and updating us on his proudest accomplishments as he leaves office, and we also have a host of experts from the brokerage, design, law firm, and association worlds. Networking starts at 7am—Mayor Gray's keynote begins at 8am. Click here for more info and to sign up.
Attention High School Parents!
We know you're frazzled thinking about college admissions. But there's something even more important. Give your kid a headstart by helping them think now about what they want to do aftergraduation. Then they can pick the right courses and not just end up with a ton of debt, wondering what to do with their life. Our Bisnow Ventures' GEN Z event series for high school kids lets them hear about career choices from this area's young industry stars, who tell them how they did it and what's cool (and challenging) about jobs in finance, tech, real estate, design, PR, law, medicine, politics,public policy, music,media, entrepreneurship, and more. Early bird specials until Aug. 25—register now!