Vornado Realty Trust is selling its three-building Tysons Dulles Plaza complex for $152.8 million, for a net gain of approximately $56 million. The deal will close in Q2. A 482k SF asset just off the Beltway, Tysons Dulles Plaza I, Plaza II and Plaza III are located at 1420 Spring Hill Rd., 1430 Spring Hill and 1410 Spring Hill.
JPI has purchased the large Orchard Park multi-family project in Gaithersburg from UBS, a transaction that had been in progress since last year but was subjected to delay while Montgomery County considered buying it instead. The purchase was financed by GE Capital and LaSalle Investment Management.
LCOR is planning to break ground on phase II of its $850 million North Bethesda Center in November -- the second apartment building in the planned 2.7M SF community at White Flint. LCOR has just delivered three floors of its first apartment building, the Wentworth House, with the entire building expected to be ready to lease up in August. See our Wednesday, May 21, issue for more information and a picture.
All together the project will have four apartment buildings -- or 1,275 units – three office towers and one hotel tower -- a full service Westin flag. Harris Teeter – the largest in Maryland – will be in ground floor of the Wentworth House.
Pre-leasing activity is underway, says LCOR VP Michael Smith. The company has been shopping the project at the ICSC show for the last three years for the 202k SF of retail in the project. Also, the firm is in negotiations with a few anchor tenants for the first office tower. “They are looking at delivery dates in the 2010 to 2011 range, which is achievable for us.”
Patriot Transportation Holding in Jacksonville gotten the go-ahead from DC’s Zoning Commission to move forward with its plans for its 5.8-acre waterfront site on the Anacostia River, right next to the Washington Nationals Baseball Park. Vulcan Materials is currently occupying the space under a short-term lease.
Patriot Transportation plans to develop a four building, mixed use project, of approximately 545,800 SF of office and retail space and approximately 569,600 SF of residential and hotel uses. Public open spaces and a waterfront esplanade along the waterfront will also be part of the project.
The National Center for Missing and Exploited Children has signed a 10-year lease for 22k SF at 1101 King in Alexandria. This is an expansion for the non-profit; it will occupy the top floor of the 200k SF building. Eric Berlin, SVP, Office, and Jessica Miller, VP, Office, of Grubb & Ellis represented the landlord, Southern Management, in the deal.
D.C. Superior Court has awarded clear title to the District for 3912 Georgia, which the city plans to transfer to Jair Lynch. The developer is planning a $35.6 million, 130-unit apartment building for the site. To be called Georgia Commons, 40% of the units will be affordable housing; it will also have 24k SF of street-level retail.
Also on Georgia ….Donatelli will break ground on 3801 Georgia in the next several weeks, a 49-unit project across the street from its ongoing Park Place development…DC is making $10 million in neighborhood-based TIF for retail projects in Petworth.
Appian Realty Advisors – the firm that launched last October with the aim of focusing on NoVA’s “outer ring” suburbs – has picked up a $7M construction management contract in Middletown, converting an existing 80,000 SF data center there into a disaster recovery facility. A local partnership recently acquired the data center. Herman Diebler and David Daido with Appian will oversee the project. Appian will convert and renovate 50k SF of the center into disaster recovery space.
WRIT is looking to raise $90.48 million in a secondary stock offering priced at $34.80 per share. The company plans to sell 2.6 million shares, and expects the offering to close May 23. Raymond James & Associates and J.P Morgan Securities are underwriting the stock offering. The proceeds will be used to repay debt incurred to fund property acquisitions, WRIT said.
Facetime… with Olivia Millar
One of Bisnow’s 35 Under 35 Rising Stars, Olivia Millar joined Studley in November to help build out the firm’s green bona fides. In February Studley launched its Sustainable Real Estate Practice and Millar, one of DC’s first LEED accredited professional commercial real estate advisors, began her new role as the firm’s director of sustainability and workplace strategies. Here, she talks about how the company is meeting the ever-growing demand for green space in DC.
Bisnow: Do you get a lot of requests for LEED-CI (Commercial Interiors) that you can't fulfill, given how few LEED certified buildings in DC have space available right now?
Millar: We are getting a lot more private sector companies such as financial institutions and law firms requesting LEED-CI. But there is almost always a way to work it out in existing buildings. For instance, we worked with Conservation International to reach LEED-CI Silver and they are in a building that was completed in 1984. There are about a dozen credits in LEED-CI that are affected by building features and lease language. It only takes 21 credits to get certified. Considering environmental issues during building evaluation and lease negotiation help a tenant achieve LEED-CI credits.
Bisnow: For instance?
Millar: For instance, for Conservation International we negotiated for the landlord to add bike racks at the landlord’s expense. Studley also negotiated to submeter the utilities and pay based on actual use. It is an important credit for tenants looking to go LEED CI because it is one of the few ways tenants can see a financial return on energy reduction investments.
Bisnow: How else can you get a tenant to LEED-CI?
Millar: If the building they move into is LEED certified, either under LEED-NC (New Construction) or LEED-CS (Core and Shell), the tenant can earn thee points. However, if they move into a building that is not LEED certified they can earn those three points in half point increments based on sustainable features of the building. For example, covered parking, efficient irrigation, or on-site renewable energy would qualify.