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January 5, 2010  
 
 
BROOKFIELD DEALS

Bisnow "Back to Business Total Schmoozarama." Wed Jan 13, Park at Fourteenth, 6-8 pm. Open bar, lavish buffet and networking. Crazy low price $39. SIGN UP.

 
Yes, we're still excited to hear Northrop Claus is coming to town. But there's something to be said for deals that have actually happened already. Brookfield has a whole sack full.
 
One Bethesda Center

One Bethesda Center, a Class-A office and retail building, was sold by Brookfield for $71M, repped by HFF’s Jim Meisel and Dek Potts. JBG purchased the 167k SF property and assumed a $53M existing loan. The 12-story office tower and two-story retail building are 99% occupied by 14 tenants.

DBI #1 - in-text or right
Transwestern’s Pete Larson, Gerry Trainor, Tom Hilley and D’Arcy Gallagher

That wasn’t the only deal for Brookfield this holiday season: We snapped this of Transwestern’s Gerry Trainor, second from left, who brokered the recapitalization of the 383k SF trophy office building at 1625 Eye St., here with colleagues Pete Larson, Tom Hilley and D’Arcy Gallagher. Purchased by Brookfield back in 2003 for $157M, it got an equity infusion from DC investment group Edge Fund Advisors on behalf of HSBC. Edge entered the joint venture for 90% (paying $203M) with Brookfield, which will maintain 10% ownership along with property management and leasing duties. Gerry says the quality and location of the 100% leased building sealed the deal and proves that international investors continue to seek properties in DC. Or at least ones with the aromas of BLT (on the first floor) wafting through the entrance.

TEEL - in-text or right t
1700 K St

The deal was also a good excuse to check out Transwestern’s new digs at 1700 K St., moving from 1667 K just last week. D’Arcy tells us finding modern space in the CBD allowed them to reduce their square footage requirement, thanks to the efficient floor plan and build-out. The company signed a 5-year lease for 8,900 SF. 1700 K is one of 122 buildings in DC to earn an Energy Star rating—a topic that will become more prominent in 2010 thanks to DC’s Clean and Affordable Energy Act (which went into effect while we slept late on Jan. 1). The legislation requires all commercial buildings over 200k SF to be benchmarked using Portfolio Manager and to disclose the energy performance to the District Dept. of the Environment.

Arent Fox’s future home at 1000 Connecticut

Another perk of the new office: the floor to ceiling windows provide a front row seat to construction on Arent Fox’s future home at 1000 Connecticut. The project is still in the excavation stage. Next up: pouring concrete in June. Arent Fox signed a lease in ’08 to occupy 70% of the 369k SF building when its lease at 1050 Connecticut expires in 2012.


GSA LEASES EXPIRE AND EXPAND

 

8.4M SF of space leased by the GSA in the past fiscal year. That’s the impact of the federal government on DC in 2009, according to GSA’s Bart Bush. And with 10% of the GSA’s 50M SF portfolio turning over in any given year, Bart says 6.4M SF of leases will expire in 2010 creating opportunities for expansion. One recent 5-year renewal: HHS for 187k SF at 901 D St. Several big projects will continue this year, including the 5.8M SF FDA campus consolidation in White Oak and the DHS HQ at St. Elizabeths, above. Bart says look for a lease dealing with the Bureau of Veterans Affairs in 2010, out competitively right now. Also expected this year will be a 1M SF lease requirement for the DHS, separate from St. E's. Bart says emerging markets such as NoMa and SE will continue to be a focus.


UPCOMING EVENTS
 

January 12 - Bisnow Breakfast & Schmooze - Event Strategies - Driving Attendance and Managing Costs." BLT Steak - Sign up now!

January 19 - CREW DC - "Roadmap to Economic Recovery" featuring Marci Rossell, former CNBC Chief Economist and Co-Host of Squawk BoxInfo

 
 
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Atlantic
Reznick (Building)
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