Waterford Commercial is selling the remaining 46-acres of its 50-acre master planned community – called Innovation Executive Center – that is located within Innovation @ Prince William Technology Park. The developer just sold 4 acres to NOVEC, an area utility cooperative that plans to build a duel-grid-feed 250 MW substation there, which will provide redundant power to the center as well as the larger park. Waterford is marketing the rest of the land to other developers either for data centers or commercial buildings, Dan Gonzalez, principal with Appian Realty, says. Gonzalez, along with Herman Diebler, brokered the sale to NOVEC, and Appian is representing Waterford in further deals there. Innovation @ Prince William is a 15,000-acre business and technology park for biotechnology, life science and supporting industries and is anchored by George Mason University’s life science campus.
Carr Properties has broken ground on 1701 Duke at Alexandria’s Edmonson Plaza. Cassidy & Pinkard Colliers’ Spencer Stouffer will handle the leasing for the five-story, 115,000 SF, class A office building that is expected to deliver in January 2010. Located one block from the King Street Metro, Edmonson Plaza commemorates the life stories of Emily and Mary Edmonson, sisters who were held in the historic building after they were captured attempting to flee North. Several of the characters in Harriet Beecher Stowe’s novel, "Uncle Tom’s Cabin” were based on their experiences.
Time Warner Cable has picked up 195,000 SF at South Lake at Dulles Corner, a 268,240 SF, 10-story office building located at the intersection of Route 28 and the Dulles Access Toll Road. Owned by Brandywine Realty Trust, the building still has 73,000 SF or so available for prospective tenants. Time Warner Cable is vacating space leased by its former parent Time Warner Inc. as part of their separation agreement. Meredith LaPier and Brad Davis of CBRE’s Northern Virginia office represented Time Warner Cable. CBRE’s Rob Faktorow, Terry Reiley, and Dan Falls represented Brandywine, assisting Brandywine SVPs Janet Davis and Mike Cooper in the transaction.
Normandy Real Estate Partners is slowly but steadily leasing up the ten office buildings it acquired close to two years ago from the US Army/Air Force Mutual Aid Association – the Starco portfolio. It just inked a lease with the Teaching Company to occupy 47,797 SF in a 106-845 SF, five-story office building in the Westfields Corporate Park – an office park bounded by Braddock Road and Sully Road in the Route 28 submarket. Staubach’s Dan Evans, Steve Ranck and Jake Katz represented Teaching Co. Cassidy and Pinkard Colliers repped Normandy. Since Normandy acquired the portfolio at the end of 2006 its occupancy has jumped to 87 percent, from 79.8 percent when it bought the portfolio.
Giuliani Partners in New York and Bethesda-based Berman Enterprises are teaming up to form a equity pool that could reach as much as $750 million, with Berman kicking in at least 10 percent of that amount. Giuliani Partners, of course, is the management consulting firm founded by former New York City mayor and one-time Republican presidential candidate Rudy Giuliani. The company’s focus is urban planning, economic development, real estate, and global management consulting. The fund will be investing in DC area and New York real estate.
Scheer Partners and JBG have made their first acquisition in the $100 million equity pool the duo formed last month to invest in the biotech real estate sector: an $8.6 million building in Gaithersburg that will be renovated into laboratory/office facilities for an additional $5-6 million. The 53,000 SF, two-story building, located at 21 Firstfield Road –-off of I-270 and Clopper Road and close to the intersection with Quince Orchard Road -- is currently vacant. Its previous owner, Fortress, had planned to convert the flex building into office condos before the downturn. Robert Scheer, managing member for the Greater Washington Life Sciences Fund, says the fund – which, with leverage has $300 million in purchasing power -- already has a pipeline of targeted investments that is close to half of that amount.
Managing Directors Alex Quintana, Jeff Morris and Jubeen Vaghefi from JLL’s Capital Markets team are marketing a $65-million, four–asset student housing portfolio on behalf of ING Real Estate. Two of the properties are at Virginia Commonwealth University in Richmond. The third is next to the University of South Florida campus in Tampa and the fourth is in Tallahassee, close to both FSU and Tallahassee Community College.
Suzette J. Timme is Spectrum Partners’ new VP and director of Asset Management. She will be, among other tasks, overseeing the Bethesda-based company’s recent $108.1 million, seven-asset acquisition from Regency Centers, now part of Spectrum Partners’ more than 1.5 million SF retail and industrial/flex holdings. Prior to joining Spectrum Partners, Timme spent the past five years as General Manager of the Fashion Centre at Pentagon City for the Simon Property Group. She has also been General Manager of Dulles Town Center for Lerner and was General Manager & Marketing Director for Mazza Gallerie and Friendship Centre under City Center Retail Trust.
Demetri Koutrouvelis, Laurent Myers, Adam Singer and Ryan Nunes of Studley represented Bailey Law Group as it negotiated to triple its space at 1615 L. Bailey signed a 10-year lease to 32,424 SF on the 13th floor, in anticipation of further growth.
The Real Estate Roundtable will have a new chairman and CEO beginning next June: Daniel M. Neidich – a 25-year-veteran from Goldman Sachs who left the company in 2003 to become chairman and co-CEO of Dune Capital Management LP. This will be the current chairman -- Christopher J. Nassetta, president and CEO of Hilton Hotels – last term at the board’s helm.
Leadership has changed hands at another iconic industry association: MBA CEO and president Jonathan Kempner will be leaving office at the end of the year. His replacement will be John A. Courson, a former MBA chairman, who will act as COO in interim.