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October 8, 2007



Hot rumor: That last week ING entered into 90/10 JV with Kettler to own Gramercy at Metropolitan Park (399-unit trophy apt. bldg. in Pentagon City) and to acquire Pentagon East land bays 2 & 3; and that next week they plan to start constructing 300 apt. units on bay 2. Potential: 2,813 units adjacent to Pentagon City Costco.

Two Reston Crescent Debuts! We ventured out the Toll Road Thursday to join Cushman’s Dave Millard and Brookfield’s Daniel Purrington, above, plus 90 other brokers, for boxed lunches from Apple Spice Junction to celebrate Brookfield’s coming building. Dave and partner Peter Berk are leasing the 185k SF in a 36 acre office park, complete with jogging trails and shuttle that continuously loops to the amenities of Reston Town Center.

Looking for deals! Also last week, we joined Archstone-Smith’s mixed-use honchos Ken Miller and Debbie Weinman for lunch at Legal Sea Foods in Crystal City and found out they’re hungry for more…deals. Sure, they’ve teamed up with Hines on the $800M old convention center site, New England Development and Boston Properties on Wisconsin Place, and Vornado on Crystal City. But Ken told us A-S is looking to create new destinations and urban infill opportunities with a minimum of 100,000 SF retail.

Curious how the job market is faring during the credit crunch, we visited ace real estate recruiter Dan Banner in his Banner Associates office in Bethesda. Not only did we find out that yellow is the new navy blue, but that the job market is still pretty robust:

  • Property managers are in high demand – especially if they have a financial background.
  • Turnover has increased with mergers and cultural clashes.
  • Senior-level managers are seeking more quality of life in their jobs.
  • Compensation has increased at all levels.

We met the young men with the green and orange trucks, College Hunks Hauling Junk founders Nick Friedman and Omar Soliman, at a job on Connecticut Avenue assigned by Washington Real Estate Investment Trust. The two Sidwell Friends alums are just recently out of college but are already franchising their business across the country. And they’ve now set their sights on bigger loads: commercial building content, with clients like JBG, Zalco Realty, Saul Centers, Tower Companies, and Wilco.


Reznik Group

LandAm Bognet Construction

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