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January 6, 2010  
 
 
CASSIDY'S CHANGE SHOWS DC POWER

Join many of your fellow real estate execs at the biggest business party of the season: our own “Back to Business Total Schmoozarama” at the remarkable Park at Fourteenth. Next Wed, Jan 13, 6-8 PM. Full bar and buffet, top level business networking. All of us from Bisnow will be there to welcome you. As usual, a crazy low price: $39. Join us!

 
It’s not just a game of musical chairs as Cassidy Pinkard Colliers drops the Colliers and combines with entities in NY, Baltimore, St. Louis, LA, SF, and Phoenix to become Cassidy Turley, launching in March. It’s a serious new national entity, yet three of the seven executive members will be in DC.
 
Cassidy CEO Joe Stettinius (who becomes president) and Bill Collins

We snapped two of those members today: Cassidy CEO Joe Stettinius (who becomes president), right, and Bill Collins (who’ll be plying his leading investment sales practice on a national basis). Their colleague John Fleury will become the COO and third DC-based exec committee member. Joe says the combination creates a new “national boutique” that combines the best of local nimbleness and culture with a multi-city platform for complex assignments. Turley is well known in the Midwest, and both it and Cassidy were chosen as the surviving names, Joe says, because they didn’t want a name of any active person: "It's about everyone on our team." They’ll have 2800 employees, but Joe points out it’s still small compared to the JLL’s and CB’s of the world. DC is the number one real estate investment market in America, and at a number of meals at the 21 Club on the Upper East Side, they’ve already been trying to expose NYC to their Washington know-how.

CREW (Jan 19) - in-text o

NORTHROP MOVE ALSO SHOWS NEW CENTER OF GRAVITY
 

In case you think the Northrop story we played up this week is just parochial Washington boosterism, here’s the front page of yesterday’s Los Angeles Times. The news is a big deal there, as is the fact that CSC, SAIC, and Hilton have also just moved to our area, not to mention General Dynamics and Lockheed long ago. Imagine, the Golden State jealous of DC. (Your publisher, who is in Vegas this week to see the new CityCenter and attend the Consumer Electronics Show, snapped this pic. For those of you unfamiliar with the fabric shown above, it’s a remarkable age old material known as “paper.” You can actually touch it, although it gets your fingers dirty.)

Delta Associates’ Sandy Paul says the move will have long-term benefits for the real estate community. Do you know that this announcement was the first official act of brand new Northrop CEO Wes Bush his first day on the job? He’s a native of West Virginia and although the initial move will be just 300 top corporate employees, Sandy says the symbolic impact may compel other smaller contractors to think about moving here. It also suggests confidence among contractors that the Feds will continue to pump out work to contractors rather than add to the Federal payroll.


FCP COMPLETES $320M ACQUISITION

 

FCP didn’t just have a busy year—it had a busy decade. With an $850M portfolio of multi-family, office, industrial, and retail properties in the DC area, FCP quickly established itself as a real estate investment firm to be reckoned with since its inception in 1999 by Lacy Rice and Esko Korhonen. The firm announced Monday its acquisition of American Community Properties Trust. The deal ends a year in which ACP purchased more than $525M of DC area real estate investments, including the Allegro apartments in DC (above) and Crystal Park in Frederick. ACPT shareholders got total consideration of $43.6M in the cash merger. The purchase includes real estate assets valued at $320M. ACPT has been the developer of St. Charles, a 9,100 acre community in Charles County, MD, that’s home to 40k residents and 4M SF of commercial property.


PENZANCE’S ASHBURN OFFICE CONDOS SOLD OUT

 

Sold out. It’s a rare and welcome phrase to hear these days as Penzance completes the sale of office and flex condos at Beaumeade Technology Center in Ashburn. The company acquired the 130k SF two building campus back in ’06. With a final sale this month, the overall rate of return on the project exceeds 30%. CEO Victor Tolkan says the sale shows a real desire for this kind of product in “rapidly growing Loudon County.” Penzance’s Matt Pacinelli led the sales effort with CB’s Bob Gibbs, Jeff Roman, and Bill Kamp.


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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CREW (Jan 19)
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