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July 25, 2008

Who says there's nothing going on in August? Announcing Bisnow's Trends in Development Schmooze and Breakfast with legends John Shooshan (Shooshan Companies), Bob Buchanan (Buchanan Partners), and Bruce Baschuk (J Street/Hagner/Woodmark). August 21, 7:15-9:00am, BLT Steak. Thanks to great sponsors Seyfarth Shaw and Dietze Construction. Early bird sign up here!


With a near-17% vacancy rate and a number of empty buildings, Herndon got some great news this week when Time Warner Cable signed for 195k SF (with rights for more space) in South Lake at Dulles Corner. True, it's consolidating locations in the process, so we're really talking 50k feet net, but that'll do just fine: TW will take 75% of a beautiful building that's been waiting for tenants since it was finished late last year.


We snapped this yesterday of Brandywine Realty Trust's Bob Wiberg, Janet Davis, and Mike Cooper outside their offices at Fairview Park. All smiles, they say that from start to finish the transaction was a fast one: TW came onto the scene in January, signed a letter of intent in June, and sealed the deal on Tuesday, with CBRE representing both sides. They say it shows the area is "more dynamic than people think," and told us to expect more good news for Herndon in coming months.

Tower Oaks

Janet says three floors (75k SF) are still available in the 10-story 268k SF building. Why did TW choose this building when there are five others within a one mile radius? Mike says it was a combination of flight to quality and the ability to provide expansion space. In the DC metro area, Brandywine owns or manages 8.5M SF, and in the Dulles Corner alone they own 1.1M. To celebrate, Mike vows to improve his golf handicap, while lifelong sailors Janet and Bob plan Chesapeake fun: on a Rhodes 41 out of Easton and a Beneteau 32 from Galesville, respectively. (We know our facts, huh?) 



Don't these look more like TV station owners than weather forecasters? We snapped this mid-afternoon yesterday of the panelists: NAIOP Chair Dave Birtwistle of Balfour Beatty, Jim Lee of Opus East, Davis Construction's Jim Davis, Cassidy & Pinkard's Bill Collins, Wachovia's  Michael Sleece, Akridge's Chip Akridge, and Davis Carter Scott's Doug Carter. Their take: it's not doomsday, but things may get darker before the dawn. Chip said he thinks real estate cycles are a three-act play: Act I, a reduction of underwriting standards; Act II, a major economic problem causing the house of cards to collapse, and Act III (the phase we're in now), pain. Doug said even though some think the world is ending (energy crisis, global warming, housing slump), it's more like the hype before Y2K: Everyone imagined catastrophe, but we survived. For Jim, the toughest thing has been the increase in construction costs; before it was OK when the economy was booming, but now it's harder to swallow with an economic slowdown. He predicts a 5-6% increase in costs just this year.


GeoConcepts principal Ted Lewis, Carbon Thompson Development SVP Andrew Gutowski, Geoconcepts Debra Hare, and Powers Brown Architecture principal Scott Forstell. Andrew tells us Carbon Thompson just broke ground on Wednesday for Arrowbrook Centre, a 1M SF mixed-use project in Herndon. The development, for which GeoConcepts is the geotechnical consultant, includes a wetlands nature park that, once complete, will be deeded to Fairfax County.


Fulton Bank's Doug McAlpine, Cardinal Bank's Dennis Griffith and Andrew Peden, and Christopher Consultants' Mike OHara.


Davis Carter Scott's Andrew Makin and Ernest Ulibarri with Haynes Whaley Associates' Craig Myers. Craig says Haynes is doing structural engineering on both MRP's Tysons Tower and Washington Gateway. Ernest and Andrew say DCS is wrapping up Marymount University's 240-bed residence hall and lab and also closing out 77 K for Brookfield Properties.


Donohoe's Charlie Mead joins Interior Architects' Mary Catherine Williams and principal Charles Plymale.  Charlie says Donohoe is finishing up the 213-unit Abingdon Heights on Courthouse in Arlington while the other Charles is soon heading over to Helsinki to check the progress of IA's work on a 600k SF project for Nokia Siemans Networks. Ah, not a bad place to go mid-summer.



Just like John McCain may be feeling left out this week, we thought with all this news of Virginia, we needed to tell you something about Maryland. Thankfully, Lerner Enterprises has just begun construction on a two-tower, six story, 135k SF hotel in Rockville: 112-room Hilton Garden Inn and 87-room Homewood Suites by Hilton. It should open in the fall of '09 on Shady Grove and Blackwell Roads west of I-270 from the Shady Grove Medical Center Campus. 

Free tickets for Bisnow readers! 

This Saturday, July 26th at 7pm for the Washington Bayhawks game at George Mason Stadium in Fairfax, Va.

RSVP with your name and # of tickets to:


Reznick Group
WorkSpaces LLC
Himes Associates
Kane Company
Cardinal Bank
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