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July 22, 2008

Big shout-out to great new sponsor Regus, a one-stop solution for all your office needs from 250 SF and up!  Hey all you brokers, refer your clients today for a 10% commission. 


As we reported last week, Normandy Real Estate Partners just leased 48k SF at Stoneleigh II in Westfields to the Teaching Company; but that's not all they're doing. Though they already have an impressive portfolio here of 1.5M SF that's 87% leased, they're on the prowl for value-add properties in the region, particularly in Northern Virginia and DC.


General Counsel and principal Ray Trevisan, here in Morristown, NJ headquarters, oversees leasing for Normandy, which does business in the Boston, DC, NJ, and NY markets. The former CBRE vet says Normandy owns or manages over 7M SF in those cities, with DC-area assets making up 15% of the portfolio. Ultimately, they'd like to be equally-weighted among their major markets, so they have an eye to double down here. Their specialty: finding distressed assets "with hair on them." Rays says that "as real estate people, not financial engineers or momentum players," they like to find assets that are not being managed properly, have a lot of vacancies, or need polishing.

Green Earth

Ray with principal and head of acquisitions for DC Gavin Evans, who comes down to DC on a weekly basis scouting deals. Since their founding in 2002, Normandy's acquired 14 assets here. Their first foray into the market was 512k SF 2401 E St, which they bought with NY's Westbrook Partners and is 100% leased to the State Department. At the end of '06 they closed a 10-building portfolio with Starco (most in NoVa with one in Columbia, MD). The remaining three acquired assets are Northridge on Woodland Park Rd. in Reston, Quincy Street Crossing in Ballston, and Capital Place on F St. in DC.


Normandy VP Paul Teti, the go-to-guy for day-to-day leasing is also going to be in the DC office following a trip to Beijing later this summer for the Olympics. The guys tell us they're busy marketing the rest of Stoneleigh II, where they now have 58k SF available. Ray tells us Normandy really prides itself on vertical integration: "We manage all our own buildings, have a construction affiliate, and are extremely 'hands on regarding leasing and real estate in general." On a personal note, Ray says he's been busy so far this summer coaching 11 and 7-year-old sports, but is looking forward to vacationing in Alaska in August. 


By the way, we hope you didn't think we meant Paul was going to China just to watch the Olympics; he's actually competing on the US Men's Four Rowing team. This is Paul's third trip to the Olympics as a rower, but the Princeton alum also earned a bronze medal at the 2008 World Cup Regatta in Lucerne, Switzerland as part of the national team's Men's Open Weight Four.



Getting out of DC for a few days, the Vornado/Charles E. Smith executive committee gathered this month at president Mitchell Schear's house in East Hampton for what they call their "Almost Annual Retreat." Here's Chief Leasing Officer Brendan Owen, COO Patrick Tyrrell, VP Laurie Kramer, Mitchell, and VP Jim Creedon outside at Duryea's Lobster Deck in Montauk, taking a breather after coming up with what they tell us are all kinds of creative new strategies and ideas for the company. We think they were just debating the best place to get chunky chowder and watch the sunset.


Our friends take "sweat equity" and "real estate cycling" to a new level during spinning class at Zone Hampton. Plus, they had to work off their food haul from the previous picture.



Late last week the future site of MRP's Washington Gateway project was packed with 007 lovers who caught an outdoor showing of Moonraker during NoMa BID's Bond Film Festival. NoMa BID president Liz Price says the free fest has attracted 200 people per show and runs through the end of August. Since Five Guys doesn't open its doors until this fall, Liz tells us the BID is taking the liberty of supplying movie goers with popcorn. Sounds perfect.

Goulston & Storrs
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