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January 7, 2011  
 
 
GREEN LIGHT

It's back: the Second Annual Washington Real Estate Summit, featuring Carlyle US Real Estate chief Rob Stuckey, Piedmont REIT CEO Don Miller, "Queen of Retail" Faith Hope Consolo, and CWCapital CEO Charles Spetka. March 1. Tysons Ritz. Sign up!

 
St. Elizabeths' mixed-use (and neighborhood revitalization hopes) is still full-speed ahead, despite several reports that the National Capital Planning Commission has nixed it.
 
Feras Qumseya at St. Elizabeths West Campus, future home of Department of Homeland Security, in DC
It's been reported that the security needs of future tenant DHS preclude that kind of amenity development. But Feras Qumseya of the Deputy Mayor's Office of Planning and Development told us this afternoon that the West Campus (above) has always been planned in line with HS's requirements in mind. Mixed-use is still on tap on the East Campus for which infrastructure planning and advanced entitlement work is chugging along. Feras says he hopes to have a blueprint ready to go in May and that despite the vacancy in his former boss Valerie Santos' position, Vince Gray is committed to the department's efforts. In fact, St. Elizabeths was one of the three conversation topics (along with statehood and education) at Vince and Barack's recent lunch. (We just wrote the last sentence so we can look like we're on a first-name basis with the president.)

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REACHING MATURITY

 
Jeff Kottmeier on Jan. 6, 2011

When does an emerging market stop emerging? NoMa, it seems, has arrived. Or is darn close. Yesterday, Cassidy Turley’s Jeff Kottmeier told us the submarket's office vacancy swung from 12.8% in Q2 ’10 to 9.2% at year's end. Q4 asking rents in NoMa/Capitol Hill's 83 office buildings averaged $50.09/SF, behind only East End’s $52.75 and Southwest/Southeast’s $51.02. (We did a doubletake, too: The CBD is only $48.48.) As for the rest of the DC region, there’s still plenty of leasing activity to come from the federal government this year, at least in the first half.


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TO A HAPPY NEW YEAR
 
Paul Adkins and Margarita Foster on Jan. 6, 2011

DC CRE is sittin' pretty on three straight quarters of net absorption. Yesterday, Grubb & Ellis’ Paul Adkins and Margarita Foster told us the primary movers in 2010 were not defense agencies and contractors, as occurred pre-recession, but rather other federal users. Among the strongest office submarkets were NoMa (there it is again), with 1.4M SF of absorption, and Rosslyn/Ballston (500k SF). Suburban Maryland absorbed 900k, a tremendous showing, Margarita says. In the District, 850k SF of empty space will come on the market in 2011, muting the 1M to 2M SF of projected absorption. Its vacancy will shrink in 2012, when only two buildings will deliver. NoVa is projected to absorb 2M SF, but BRAC will throw the same amount back on the market, leaving vacancy at 14.5%. (Companies seeking metro locations will likely backfill the vacated space in coming years.) And in MD, 9,700 new jobs will yield help 500k to 750k SF of absorption, bringing vacancy down to 14%.


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SPANNING SPACE & TIME

 
Brian Robin and Hani Salama in the lobby of 230 Park Ave., the Helmsley Building, in New York City

We know this a NY story, but it involves our well-known Washington sponsor Monday Properties. Our NY reporter snapped COO Brian Robin and SVP Hani Salama in the lobby of their iconic 230 Park Ave. (aka the Helmsley Building). It's the first landmark pre-war office building in NYC to gain LEED Gold for existing buildings. In a long-term capital-improvement program, the developer spent $100M to modernize the 81-year-old tower, including a global energy-monitoring system that predicts the most efficient building energy consumption profile for a given day, based on expected outside temperatures, occupancy, and so forth. The NYC tower, featured in The Dark Knight and The Godfather, has Energy Usage Index and greenhouse gas emissions 30% below the national average, Hani tells us.

1812 N. Moore, Rosslyn, VA
Monday is committed to preserving the legacy of such landmarks, just as it establishes precedent with Virginia’s first LEED Platinum commercial building, Rosslyn’s rising 1812 N. Moore. Plus, its 1000, 1101 and 1101 Wilson Blvd. and 1701 N. Ft. Myer Dr. are Energy Star, and three VA buildings are set to gain LEED Gold this year.
 
51 weeks of deal-making left in 2011. What are your goals?
E-mail amanda.metcalf@bisnow.com.
 
 
 
Reznick (We know) #2-mini
 
 
Monday 1812 N Moore
 
 
Oncore (Rubik) DCRE
 
 
Reznick (Creating) #2
 
 
UMD Colvin Revised
 
 
 
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