Marilyn Monroe and
Other Real Estate Deals
We wish to issue a retraction. We said yesterday that if only Ferris Bueller had a Blackberry, he wouldn't have "been caught." Many readers took issue. We should have said "had challenges." As Anthony David Adams of Madison, Wisconsin wrote: "Mr. Rooney [the principal] is only a secondary authority. Since the movie concludes with the parents none-the-wiser, how can it be argued he was caught? As any 16 year old knows, you aren't caught unless your parents find out."
We visited the Penzance Companies yesterday in their Georgetown digs on a red letter day for the firm: They went "hard," in the parlance, on their plan to buy six buildings in Reston from Walker & Company. The deal had been long rumored, but until they exchanged pdf signatures yesterday and put a bunch of money at risk, it was still in the study period and not binding.
It's the first portfolio acquisition for the 10-year old team, which has produced such outsized returns that on Tuesday private investors flew them up to NYC to celebrate a previous deal. Above, from left, are: General Counsel Tim Watkins, CEO Victor Tolkan, principal Peter Greenwald, Chairman Julia Tolkan, and new COO Greg Myer.
West Lane & Schlager co-founder Eric West, above in his conference room yesterday, tells us they’re moving in August from the 5500 SF they’ve had for 7 years on Connecticut Avenue into Monument Realty's soon to be vacated 7600 SF floor above Burberrys a block away. How does a tenant rep firm represent itself? By doing Daily Grille's happy hour on Thursday nights, and running into Monument folks like leasing head Doug Olsen.
With 20 employees now, including four in investment sales, WLS needed space and wanted a more upscale building. They have a heavy representation of trade associations like NASD, Save the Children, and the American Legacy Foundation. Eric’s other passion? Skiing, which he took up at age 27. Now he goes out to Deer Valley 25-30 days a year. What does he do the rest of the year? “I pray for snow.”
Here Eric shows a new wall item. Seems Rich Lane’s wife found this picture the other day at a photo gallery—the famous Marilyn Monroe mural at Connecticut and Calvert, but taken at a time that the WLS was helping to lease a small building in front of it.
A little more of a close up.
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