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August 13, 2008

The Bisnow Fall Real Estate Conference with ten of the region's top experts: Bozzuto's Tom Bozzuto, Boston Properties' Peter Johnston, Opus East's Jim Lee, LCOR's Bill Hard, Monday Properties' Tim Helmig, CBRE's John Germano, Cushman's Audrey Cramer, Cassidy's Spencer Stouffer, Jones Lang's Dave Bevirt, and Studley's Tom Fulcher. Special guest moderator Mitchell SchearSept 18, 7-10am, Press Club. Thanks to great sponsors RBS Citizens Bank, Group Goetz Architects, Holland & Knight, Bohler Engineering, and Reznick Group. Sign up.


You need a GPS this week to keep track of Cassidy & Pinkard Colliers. This Friday they move into swank new space on the 7th floor of 2101 L St., consolidating their previous offices at 2001 Penn and 1120 20th.  But also they've just announced a "consolidation of ownership" with three other Colliers firms (Colliers Turley Martin Tucker of St. Louis, Colliers ABR in New York, and Colliers Pinkard of Baltimore; the Pinkard refers to DC co-founder Bob Pinkard's brother, Wally). We stopped by to be sure Cassidy CEO Joe Stettinius was working this week, being August and all.


Sure enough, this is Joe yesterday right on top of the situation, standing guard outside Cassidy's soon-to-be new downtown HQ that we old-timers still think of as the Galileo restaurant building. Joe says despite the merger, it'll still be the same people, names, and  leadership, just operating as independent subsidiaries of a new holding company. So what's the point? He says each will have access to the others' strengths in services, network, brand, and capital; he's excited, for example, about a NYC presence and bringing his Capital Markets and Government Services groups to other parts of the county. The Baltimore and St. Louis Colliers affiliates have had a 40% interest in C&P for two years; he says the new structure is so "we can invest in them as well, so we are all invested in each other's success." All told, the four firms boast a total property management portfolio of 288M SF, a leasing portfolio of 210M SF, capital markets transaction volume of $5B, and 2000 employees. So take that, CB!


Joe and Cassidy project management VP Adrian Conforti (who's been running the move and interior buildout; Adrian, you can sleep this weekend) show us the marble lobby of 2101. Hey, wait a minute, this looks familiar. Oh, right, we saw it when developer Vornado/Charles E. Smith hosted a party three months ago to show it off. 'Cept now it looks so nice and lived in!  Cassidy will have 28K SF for its 100 employees, with 10k left on the floor for likely expansion (Mitchell Schear thanks you). Joe, along with the rest of Washington, was in Nantucket last week, and has a submission pending to the Guinness Book of World Records because he failed to spot any other DC real estate folks on the beach. 


Last week we showed Bresler & Reiner CEO Sidney Bresler in his Smart Car, and since then have heard from some other owners, like Studley's Olivia Millar who drives the snazzy one above. She picked it up in July after having it on order for over a year. The other day she says she shared a spot with a motorcycle, and she says people even pull up next to her to take pictures. You mean, like us?


Banner Associates CEO Dan Banner showed us he somehow managed to score not one, but two of the hard to find vehicles (think Cabbage Patch dolls for grown-ups). Dan's wife drives the white one, while Dan likes the blue to match his business suits. (Dan, your clothes are supposed to contrast with your car, not be a camouflage outfit.) Dan tells us he's even been propositioned by strangers offering to pay him $5k over what he bought each car for, but he says the 45mpg he gets tooling around town is a better deal.


Over 100 Turner Construction folks and their subcontractors turned out on Saturday to give Maury Elementary School a great clean up—and way more. In addition to donating over $100K in materials and labor, the gang repaired bathrooms, exterior lighting, painted, repaved the parking lot, and trimmed trees. Even the dog helped out. 

Reznick Group
Arent Fox
Reznick Group
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