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1812 N Moore Takes Big Step
March 18, 2013

1812 N Moore
Takes Big Step

ULI Washington presents the Real Estate Trends Conference at the Ronald Reagan Building on April 10. Over 500 powerful real estate professionals and over 25 high-level presenters track the future of our industry. RSVP here.

The region's tallest building topped out on Friday, and we strapped on boots and a hard hat and headed up to its 25th floor for an update. (Walking up 25 flights of stairs makes you appreciate DC's building height restriction a lot more.)

At Monday Properties' 1812 N Moore in Rosslyn, we snapped Monday development chief Tim Helmig thanking over 250 construction workers who helped shape the 35-story property. (They should be saluted for not being afraid of heights. We're getting dizzy just thinking about it.) Tim says Monday aims to have a certificate of occupancy by Sept. 8. The CO will be coupled with LEED Platinum certification, the firm says. Clark's Richard Wagner, who's helping oversee construction, says work on the pyramid at the top of the building will begin next month, once the concrete is poured and curtain walls are assembled on the top floors.
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We snapped 1812 N Moore's leasing team, Malcolm Schweiker, Steve Hoffeditz, and Ed Clark of CBRE, with Monday CEO Anthony Westreich (along with a man looking wistfully out the window like the end of a movie). Ed tells us there's "a lot of excitement and activity" on the leasing front for the 580k SF property, and that they've seen interest from firms both in DC and Virginia, including some white shoe and consulting shops.
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Here's a view of the Key Bridge and Georgetown from the 25th floor. (Can you see your house from here?) Monday prez Brian Robin tells us an announcement on a restaurant for 1812 N Moore's ground floor could be coming soon, which he says will be "the best restaurant in Rosslyn."

At the ceremony, Tim praised Arlington County's efforts as "trailblazers on the land planning front" in approving 1812 N Moore, which will stand 100 feet higher than Monday's nearby Twin Towers.

Rappaport Gets a New Principal

The Rappaport Companies and Principal Real Estate Investors have formed a JV to acquire retail properties across the DC region, the firms announced last week. Rappaport's Henry Fonneville (flanked by firm COO Steve Pugh and CFO Frank Pieruccini) says Principal has co-invested $200M of equity with Rappaport, and that the new capital will be used to acquire retail assets "across the spectrum," including grocery-anchored and value-add centers. (Would they be willing to acquire a store for magicians?) The cash comes from the pension fund group of Principal Real Estate Investors, he tells us.

Some of the cash has already been used to recapitalize existing Rappaport assets like its Bristow Center in Prince William County (above), Henry says. He adds that although Rappaport has done a number of deals with pension funds in the past, the firm has always been impressed when working with Principal as a lender, and has considered bringing them in on the equity side before. And instead of reaching out to Principal deal-by-deal, "this was an interest in making those commitments ahead of time," Henry says. (With so much divorce these days, it's nice to read a true love story.) Patti Earnest and Paul Dougherty of Perseus Realty Capital arranged the deal.

Foreign Private Capital Seeks Foothold in DC

Our premium DC Private Equity Real Estate Summit event arrives tomorrow, where one of our many expert panelists, Ritz Banc Group co-founder Nasr el-Hage Jr. will weigh in on foreign private capital investing in US real estate. Nasr, who just returned from Abu Dhabi and Dubai where he spoke at the Private Equity World conference (above) says foreign players are chasing yield and looking for capital protection and transparency in the States, and adds that real estate owners here are clamoring for partnerships with money from the UAE and other Middle Eastern countries.

Here's the site of the under construction Marriott Marquis convention center hotel site, which counts an Abu Dhabi sovereign wealth fund as a principal investor. Nasr says that foreign private capital that doesn't have significant exposure to US needs an experienced general partner they can trust, to better deal with different tax structures and other economic factors stateside. He adds that foreign money doesn't seem to be affected by America's budget crisis, adding that foreign investors are looking long-term rather than focusing on short-term bumps. Sign up here for tomorrow's event at the St. Regis.

Baltimore Schmooze at the Four Seasons This Thursday

Want an excuse to trek north for a great evening at the Four Seasons overlooking the Inner Harbor? Do business in Charm City? Well, we've got the perfect event for you. Come to the Bisnow Schmoozarama at posh Wit & Wisdom this Thursday for two hours of open bar and appetizers and some great networking. Sign up here!

Rocking, Rolling, and Running

Editor's Note: We are sneaking in this picture of our own DC ace office manager Laura Bellantoni and DC real estate reporter Chris Baird at the finish of Saturday's Rock 'n' Roll Half-Marathon. Our runners both finished in under two hours. (Judging by this picture, it's pretty clear Laura is in much better shape than Chris.)

The brackets are now set. Who's going to win the NCAA Tourney? Email your picks to chris.baird@bisnow.com

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