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Real Estate Bisnow
January 11, 2013  
WorkSpaces (Left2) DCRE
Air Rights Sold!

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Finally! In September, we told you MRP Realty and Rockpoint Group planned to buy Bethesda's Air Rights Center, and now the deal has closed for more than $200M.

Jud Ryan, Paul Collins, Bill Collins, James Cassidy - January 11, 2013
Cassidy Turley investment sales rockstars Jud Ryan, Paul Collins, Bill Collins, James Cassidy (snapped this morning), along with colleague Drew Flood, repped the seller, TIAA-CREF. Bill tells us the properties, which total 690k SF, sold at a cap between 6.5 and 6.75%, demonstrating the continued trend of investor interest in the region's "urban style hubs." The buyers also picked up a development site, located at 7300 Pearl Street, which is approved for 150k SF of office.
WGas (Intext-13)
Air Rights Center, 7315 Wisconsin Ave.
Bill says investment sales will continue to see a flight to quality, both in trophy properties and competitive submarkets this year.

Ballston's Next Great Idea
Walter Tejada, x, Ted Leonsis, and Tina Leone at Ballston Common Mall on Jan. 10, 2013
Last night, we dropped by Ballston Common Mall, where Caps, Wizards, Mystics, and Verizon Center owner Ted Leonsis (rocking the red tie, with Arlington County Board chairman Walter Tejada, Ballston BID president Brenda Krieger of Dweck Properties, and BID CEO Tina Leone) kicked off the Ballston LaunchPad Challenge to ID Ballston's next great idea. The Ballston BID project will select three applicants to pitch their ideas to Ted. But he closed with the words everyone in the room really wanted to hear: "Go Caps!"
Marty Almquist, John Moore, and Jessica Miller at Ballston Common Mall on Jan. 10, 2013
We also snapped Avison Young's Marty Almquist, Forest City's John Moore, and Cushman & Wakefield's Jessica Miller in the vacant Chevy's Fresh Mex space, which mall owner Forest City has lent to the BID for events.
Doug Grove, Linda Grove, and Bill Marcote at Ballston Common Mall on Jan. 10, 2013
Also spotted: Arlington County Schools' Doug Grove, BB&T's Linda Grove, and HITT Contracting's Bill Marcotte, whose firm helped transform the space into an event venue.
Craig Romm, Bruno Grinwis, and Larry Kanter at Ballston Common Mall on Jan. 10, 2013
Serten Advisors Craig Romm, Workplace Interiors' Bruno Grinwis, and Larry Kanter & Associates' Larry Kanter. Larry's helping the BID with environmental graphics, such as planting the new BID logo (behind him) at visible spots around the neighborhood.

Healthcare Battle Continues
Eric Fischer
Competition among DC healthcare providers has never been higher, Trammell Crow’s Eric Fischer tells us, and the impact will cross over into retail and office. Health systems with huge presences in particular submarkets like MedStar (BW Corridor and southern MD) and Inova (NoVa) will continue to grow there. They'll build outpatient facilities and open them in retail centers. And physicians groups will continue to acquire each other, he says, creating the need for efficient space and an uptick in demand for medical office space, including in the District.
McMillan Reservoir
Eric says the 1.1M SF health, wellness, educational, and sciences portion of Trammell Crow, EYA, and Jair Lynch Development Partners' McMillan Reservoir mixed-use redevelopment in the Northwest reps “an opportunity to create a world-class medical district.” Construction should begin in one or two years, potentially delivering in 2015.

Meridian's Big Fund Closes
One Ballston Plaza
The Bethesda-based Meridian Group announced this morning they've closed their first real estate private equity fund, which they've used to acquire several local properties over the past year, such as One Ballston Plaza (pictured) last May. Meridian's Bruce Lane tells us they'll look to raise NOI of the fund through lease-ups and renovations (properties included in the fund are at 75% occupancy). Bruce also says 2013 is a big year for Meridian: it's celebrating a 20th anniversary.

Privia Partners with Get My Graphic


Capture/bid/proposal management software and services provider Privia has teamed with Get My Graphic. Now, Privia users have access to an extensive, royalty-free collection of editable graphics at significant savings. Exclusive credit and subscription packages provide user-friendly templates, graphics, photographs, and icons. Graphic designer skills not required: All graphics can be edited in PowerPoint and used in any software. Visuals improve retention and learning and, according to the Wharton School of Business, use 40% less time to explain complex ideas (60,000 times faster than text alone). For more info on Privia’s red-hot proposal software, click here. For Get My Graphic, click here.

Your Secret New Career

Bisnow wants to let you in on a happy little secret: We’re hiring. But we can't tell you the specifics until we meet in person. It's kind of a big deal. Think high-level sales but on a higher level than you just thought. Requirements: love to travel, work hard, play hard, hustle, and have fun. Non-negotiable: Be amazingly proactive and able to easily chat up super-intelligent people. We’re seeking the embodiment of charisma and attitude. (The right attitude, that is. If you’re the right candidate, you’ll understand.) Clock-watchers and complainers need not apply. Zest for life a major plus. People persons are encouraged. Send your resume to careers@bisnow.com.

Correction to yesterday's issue: We mistakenly ID'd MRP Realty's Matt Robinson as Matt Alexander. Email chris.baird@bisnow.com.

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