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Real Estate Bisnow
   
January 7, 2013  
 
 
 
Walker LTile DCRE

Bisnow Exclusive:

Al Jazeera's Big DC Move


Since 1987, TEEL Construction has built a strong foundation for long-lasting relationships. In fact, 93% of its work is for repeat or referred clients. Found out more here.

 

Bisnow has learned that Al Jazeera is establishing a Washington bureau. While the rest of the East Coast was chilling champagne on New Year's Eve, the Qatar-based media network was signing a 47k SF, 15-year lease at AION Partners and Carlyle Group's 1200 New Hampshire Ave.

 
1200 New Hampshire Ave, January 2013

Cassidy Turley’s Jonathan Wellborn (who with colleagues Zeke Dodson and Kerri Mulligan Salih repped the landlords) tells us the first building tour was an entire year ago; we reported on the rumor last May. Al Jazeera (repped by CBRE’s Mark Teitelbaum, Mark Klug, Tony Bolino, and Matt Garcell) will begin interior construction (including a studio on the first floor) this quarter. We snapped 1200 New Hampshire, which Jonathan says underwent a $6M renovation last year and has another 12k SF available. (Jonathan was extra glad to wrap up the deal: he left for his honeymoon yesterday. Congrats!)

 
Green Earth (Recycle1)
Al Gore
In case the only news you read last week was Redskins wildcard predictions, the picture above is said to be a former vice president of the United States, who may reap $85M from the sale of his Current TV to Al Jazeera. Maybe his move to the private sector in 2000 wasn't such an unfortunate occurrence after all.

The Meaning of Arnold & Porter's Deal
 
601 Massachusetts Ave

Today's announcement that A&P will move to Boston Properties' 601 Mass Ave, which had been rumored for almost a year, is the sign of a new trend, according to the superbroker on the deal. CBRE's Pat Marr, who repped the tenant with colleagues Sally Wilson and Tim Dempsey, tells us law firms are now seeking efficiency via new buildings rather than rehabbing the spaces they're in. A&P will lease about 375k SF for 20 years once Boston Properties tears down the existing property, the former NPR building known as 635 Mass Ave (which we snapped, above), and builds a 480k SF office building.


NeighborWorks Decides on NoMa
 
NeighborWorks CEO Eileen Fitzgerald

NeighborWorks America, a group working to create affordable housing opportunities across the US, has decided NoMa is the best home for it. The nonprofit signed a 65k, 10-year lease at 999 N Capitol St and plans to move 200 employees there from 1325 G St in the East End in late May. CEO Eileen Fitzgerald tells us the organization’s commitment to revitalizing communities drew it to NoMa, where it can “play a role in changing the neighborhood."

Robin-Eve Jasper

NoMa BID prez Robin-Eve Jasper was thrilled to welcome a national organization “that likes to be involved.” The NoMa BID has been working closely with NeighborWorks since the lease was signed a few weeks ago, even giving neighborhood tours to curious employees. JLL's David Houck and Ken Patton repped NeighborWorks, and Ben Meisel and Katie Gorretta of Akridge were the landlord reps.


Downtown Gets Cool
 
Jared Okum and Gary Schlager at 1100 16th St on Jan. 4, 2013
F Street and Dupont are go-to places for cool old buildings, but Rock Creek Property Group's Jared Okun and Gary Schlager will deliver a redeveloped one Downtown this April. We snapped the pair Friday on the rooftop of 1100 16th St, a former charter school they bought in late '11 and are redeveloping as office. Gary tells us it offers prospective buyers or lessees (ideally nonprofits, embassies, universities, or tech firms) “Chinatown cool in the CBD.” Gary, whom you might know as principal of West Lane & Schlager, tells us historical assets aren’t just commodities like newer office buildings. He cites unique work environments with qualities like wide-open floor plans, natural light, exposed brick, and ceilings up to 18 feet.
 
1100 16th Street on Jan. 4, 2012

Jared (who became a first-time dad last month) says 1100 16th was once two properties. The building has worn many hats, too. It started as townhouses and has housed the Benjamin Franklin University accounting school.

 
1438 U St NW
Rock Creek still has a presence in the traditionally cool neighborhoods, too, including its historic 1438 U St NW, a 12k SF former nightclub, originally a post office (take note, Mr. Trump). The firm is looking to lease or sell to groups like nonprofits, retailers, or even a hostel.

Read My Lips: No New Jobs
 
Paula Munger on Jan. 7, 2012

Friday’s December jobs report left the unemployment rate at an unchanged 7.8%. Cushman & Wakefield Mid-Atlantic research director Paula Munger (snapped this morning) tells us the report was “more of the same, old, slow recovery” and the 155,000 new jobs added are “just enough to keep up with population growth.” She says slow local economic growth will continue through Q1, and DC will lag the rest of the country owing to upcoming government spending cuts, a trend that will continue until next year.


Transwestern Gets It Done in Maryland
 
Robin Williams and Dean Sigmon

As we reported a few weeks back, Transwestern multifamily gurus Robin Williams and Dean Sigmon closed $64M of DC value-add sales at the end of 2012. Last week, they pulled the curtain on the properties involved: 199-unit Glenmont Crossing in Wheaton, which the Housing Opportunities Commission of Montgomery County purchased for $27.9M, and Fireside Park, a 236-unit property that Rockville Housing Enterprises purchased for $36M.

 
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