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January 11, 2011  
 
 
BACK IN THE GAME

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One DC developer is launching $500M worth of projects in the metro area in 2011.

 
Doug Firstenberg and George Carras in the Stonebridge Carrass DC office on Jan. 11, 2011

Yesterday, StonebridgeCarras’ Doug Firstenberg, here with fellow firm principal George Carras, told us his firm expects to develop quite a bit this year, perhaps more than any other firm in DC. For starters, it’s renovating 200 Eye St. to LEED Gold. Formerly known as 225 Virginia Ave., the Evening Star Printing warehouse, built in 1958, will become 400k SF of office to house the District’s Office of the Chief Technology Officer, Child and Family Services, and Commission on Arts and Humanities, including an art gallery in the lobby. StonebridgeCarras has leased the site from DC for 20 years and will deliver the building in the first half of 2012.

 
LF Jennings Mini DCRE
 
Constitution Square Flats 130 in NoMa, DC

Then there’s Phase 2 of NoMa’s hallmark Constitution Square: 345k SF of office that will deliver in spring 2013 and 203 apartments coming in Q3 ’13. That office component is the first spec space in the District since the market recovery. But no worries, Cassidy Turley reports NoMa was responsible for $48% of the District’s office absorption last year. Doug tells us the Phase 1 residential, Flats 130, above, which opened in October, is 20% leased and picking up steam now that the holidays are over. With Todd Gray’s (of Equinox fame) Watershed seafood restaurant coming to the Hilton Garden Inn, Constitution Square has everything but a bowling alley, Doug says.

Rendering for mixed-use development at Lot 31, Bethesda and Woodmont Avenues in MD
200 Eye and Constitution Square add up to 800k SF of office, 200 residential units and 600 parking spaces breaking ground this year at a cost of $350M. But that’s not all. Out in Bethesda, StonebridgeCarras and PN Hoffman will break ground this fall on the $150M Lot 31 (Bethesda and Woodmont Avenues): 250 residential units, 40k SF of retail, and another 1,100 parking spots (no more cruising for parking once the garage opens in 2014). The residential, btw, include condos (yup, they’re back).

ARLINGTON’S DARPA DARLING

 
DARPA HQ in Arlington, VA's Founder's Square

Phase 1 of the 1.2M SF, mixed-use Founders Square has financing. HFF’s Bill Asbill, Bob Donhauser, and Dan McIntyre repped Ashton Park Associates, which is borrowing $100M from Prudential Financial for 15 years (starting in 18 months) for the 356k SF HQ of Defense Advanced Research Projects Agency in Arlington, across from Ballston Common Mall. The 13-story property will deliver in Q1 ’12 with DoD Level IV security and LEED Gold standards. HFF also arranged the $98M construction loan with Heleba. Shooshan is developing the RTKL-designed project, and Clark Construction is the contractor. Future phases will be 313k SF of office, 362 residential units and 8,000 SF of standalone retail, plus redevelopment of Mosaic Park.


NOMA DAYS

 
Liz Price at Archstone NoMa site at First Street and M, DC

So much going on in NoMa, we decided to have a chat with BID head Liz Price (here at just one of the neighborhood’s “big deals”: Washington’s largest 2010 residential groundbreaking, the 469-unit Archstone NoMa). It just so happens Liz will be named Public Sector TrendSetter of the Year at February’s Transwestern TrendLines event. First Potomac’s Doug Donatelli is receiving the private sector version. Four years ago, Liz tells us NoMa was a Metro station and two buildings. Liz's recap of the area's recent past and near future: Three residential buildings (992 units) opened, bringing 1,400 residents. The first wave of offices delivered in 2010 and brought the total of NoMa workers to 38,000. DC's largest Harris Teeter and seven other retailers opened, and Todd Gray's Watershed and Gillian Clark's Kitchen on K Street are on their way.


IF EVER THERE’S AN AREA TO EXPAND …

 
Rachel Ley and Chris Doerr at Cassidy Turley's DC office on Jan. 11, 2011

To finish that sentence in our subhead … it’s DC multifamily. Cassidy Turley is adding a managing director for its multifamily investment, Chris Doerr, along with associate Rachel Ley, both from Grubb & Ellis. (We think they chatted last night about what to wear on the first day of school.) Chris has also worked in acquisitions at Toll Brothers and on the development side at Gables Residential. Cassidy Turley did over $3B in capital markets transactions in 2010.


DISPATCHES FROM BOSTON
 
Boston Bisnow Multifamily Summit on Jan. 11, 2011

Multifamily is hot in Boston, too. 575 jammed our event there this morning, although maybe it was just because they wanted to get outside before tomorrow’s forecasted 18 inches of snow.

 
Rowe's Wharf in Boston on Jan. 10, 2011
We went exploring the Boston Greenway and found what many consider one of the city's most iconic and transformative buildings: Rowe's Wharf, built in 1987, which connects the downtown and financial district to the harbor, right through that big archway.
 
Doug Husid in the Goulston & Storrs Boston office in January 2011
And look who we found inside: our friend Doug Husid, co-managing partner of Goulston & Storrs, who himself has a thriving real estate practice (80 of Goulston's 180 Boston lawyers are involved in it) and who wishes to save money on cell phone minutes by having us say "hi" to Maureen Dwyer and all his colleagues in DC.
 
Is 2011 living up to your expectations? E-mail amanda.metcalf@bisnow.com.
 
 
 
Reznick (We know) #2-mini
 
 
Argus Software DCRE
 
 
Rappaport (Siena Park)
 
 
Monday (Top of Tower)
 
 
ADI Construction 7
 
 
WorkSpaces (Eyes) DC RE
 
 
FOX MA DCRE
 
 
CREW DC (Katty Kay)
 
 
 
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