Forget the Snow: GWCAR Panel Says Sunny Skies Ahead
Big welcome to another great new sponsor, ProLogis, the world’s leading provider of distribution facilities and services, with more than a $17 billion market cap on the NYSE. Local chief Mark Levy oversees 7 million SF in Virginia and Maryland, and recently broke ground on another 170,000 SF of Class A industrial space at Dulles, with another 360,000 SF planned there in coming months.
Marty Almquist hosted her first event as GWCAR president Friday, the annual market forecast over bacon, eggs, and asparagus tips at the Mandarin Oriental. Here we snapped her with lead panelist Steve Wechsler, head of US acquisitions for Tishman Speyer, who told how his firm has just raised its 7th fund (this one $2 billion) to continue the buying spree.
Yet Wechsler said they’re no mere fund manager or even developer, but proud they also operate their buildings. And he charted the skyward climb of values over the past 12 months: Carr acquired for $212 a foot, Trizec for $235, and EOP for $380.
Tishman colleague Brian Berry walked through their thinking in seeking Carr: they faced only 2 other competitors for the 28 buildings in the package, compared to 15-20 competitors each if they'd tried to buy properties separately.
Marc DeLuca said his firm, ING Clairon, is looking for more opportunities where they can add value, not just add to core holdings. And JBG's Ken Finkelstein echoed optimism about prices, noting increasing barriers to building and replacement in top locations.
Candid admission of the day: How it might help brokers to re-brand NOMA as "Capital Hill North."
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