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Real Estate Bisnow
, 2012  
Manhattan LTile2
Redskins Bandwagon

Carr Properties presents 4500 East West, with leasing by Transwestern. Nine floors of 220k RSF, with an executive fitness suite, roof terrace, bicycle facility, and more. Click here.


Since all anyone really wants to talk about (what fiscal cliff?) is the playoffs, we thought we'd recycle last month's rumor that the FBI HQ will move to Prince George's in return for Landover releasing the 'Skins from their 2027 lease obligation. Who cares that we can't find anyone credible to advance the rumor? We have to sell newsletters! (Oh, wait, we forgot they're free.)

Jack Evans and John Roberts

But look here—having DC Councilmember Jack Evans pictured with the Chief Justice (we took the pic last summer) surely imbues Jack's words with extra weight, and he told us yesterday: “There’s no doubt in my mind” the team will return to the District before 2027, since they play in the oldest stadium in their division and one older than most other stadiums in the NFL. He also cites FedEx's isolated location, and in contrast the great Metro accessibility of the old RFK site where he proposes they build a new stadium.

Kane (OfficeShred2) MDCRE
Steve Fuller - George Mason University

And still another unimpeachable source, all-purpose guru Steve Fuller, telling us a new stadium at RFK is a logical move, since DC United, RFK’s only tenant, may soon move to new digs in Southwest. Also, “the region and the District would benefit economically from having the Redskins centrally located.” The impact of Nationals Park on the rise of Capitol Riverfront serves as a precedent, Steve says. In short, since the vast worldwide journalistic resources of Bisnow Media have failed to uncover any actual new facts, we are forced to stoop to the last resort of desperate reporters. Here's a confidential email we beseech anyone with information on serious plans or offers involving the Burgundy & Gold to email us at (collect): WayCoolSecretFootballStuff@Bisnow.com.

Breaking News:

Patton Boggs Stays at 2550 M

2550 M Street NW
Not every law firm is hopping to new buildings. Patton Boggs renewed its full-building lease at Tishman Speyer's 206k SF 2550 M Street, both firms announced today. The 15-year extension keeps the firm in the building they've been in since 1978, as one of 2550 M's original tenants. Patton Boggs tells us the firm will renovate their space to LEED specifications for future generations of their best DC lawyers to enjoy. Art Santry and Kurt Richter of Cassidy Turley repped Patton Boggs, while Dan Dooley and Andy Eichberg were the in-house reps for Tishman.

NoVa's Horoscope

Elaine Gary, Maricar Villanueva - HITT Contracting

2013 is looking bright in the eyes of NoVa CRE pros... as long as you consider silver to be bright. According to HITT Contracting's Elaine Gray (above, with colleague Maricar Villanueva), tenants will clamor to get near one of the Silver Line stops between Tysons and Reston when the first phase of the project delivers later this year. She also says Intelsat’s move from DC to Tysons and LMI relocating there as well are just the beginning. Tysons, Arlington, and Reston will be buzzing with repositionings, too, Elaine tells us, so tenants can stay put during major building overhauls. Another prediction for 2013: higher construction costs, as materials like concrete and drywall get more expensive and subcontractors pass along higher healthcare costs.

Steve Ranck - JLL

JLL’s Steve Ranck agrees with Elaine: the Silver Line will be buzzing in 2013, with companies in Tysons and Reston having a new way to attract and retain employees. Steve adds that the NoVa office market will stay flat in 2013, as uncertainty in federal spending and the general economy are causing tenants to hold back with leasing, signing one to three-year leases instead of five to 10-year ones. (It's the same reason we haven't started watching Homeland yet. Can we trust Showtime not to cancel it?)

Jeff Kaczmarek - Prince William County

Prince William County will ramp up recruiting efforts this year, says economic development head Jeff Kaczmarek. The county hired analysts to evaluate its business climate and which companies to recruit (hopefully startups, thanks to the county's new science accelerator, Jeff says). He also predicts that the Potomac Shores and the Stonebridge at Potomac Town Center mixed-use projects will inspire further development in the eastern side of the county. Fed contractors will also be eyeing the corridor between Quantico and Ft. Belvoir, according to Jeff.

St. John Properties groundbreaking - Ashburn Technology Park

Loudoun County economic development chief Tom Flynn says St. John Properties’ recent groundbreaking on a 100k SF flex property at its Ashburn Technology Park is just the beginning of the county's rise. Flex will strengthen in 2013 because of the amount of land available. Data centers will also see a boon as more data is generated through our devices (the county already has 4.5M SF of existing data center space). Loudoun’s office space, however, will remain challenging (15.6% vacancy) as companies scale back square footage for financial reasons and offer hoteling for employees.

Cary Landis, Kevin Jackson - NJVC

Don't expect data center construction in NoVa in 2013, says NJVC lead architect Cary Landis (left, with colleague Kevin Jackson). But the size and scope of data centers will change, as the private sector and government agencies will seek out smaller, regionalized centers so they can build applications that can be shared across multiple agencies and business segments. Competition in the data center biz will also heat up, creating more innovative data centers with offerings like infrastructure-as-a-service. Cloud brokers will also emerge as a business service for customers dealing with the different types of data centers in the market. You know when you stare up at a cloud and say "That one looks like a broker." That's a cloud broker.

Investment Sales Heat Up
Bill Collins, Jud Ryan, Drew Flood - Cassidy Turley
A flurry of local investment sales closed before the Christmas Eve flurries in the DC area—including KBS Realty Advisors' sale of 1945 Old Gallows Road in Tysons to Colony Realty Partners for $37.25M, a source tells Bisnow. The deal, which our source tells us was brokered by Cassidy Turley's Bill Collins, Jud Ryan, and Drew Flood (along with non-pictured colleagues Paul Collins and James Cassidy) closed Dec. 18, one day before the team closed on 2175 K Street, which we reported before the holidays. The 163k SF 1945 Old Gallows Rd was 99% leased at the time of the sale.
12100 Parkville Drive - Rockville, MD

And across state lines in Rockville, Transwestern’s Bob Filley tells us he brokered the almost $12M sale of 12100 Parklawn Dr, an 85k SF industrial property mostly occupied by the FDA. New York-based buyer Elman Investors was attracted to both the strength of a GSA tenant, Bob tells us, as well as the concentration of other government agencies in the neighborhood like the Department of Health and Human Services and Nuclear Regulatory Commission. (Imagine the neighborhood block parties when the boys from NRC bring the entertainment.)

Jack Kern

Could these be short-term holds for the respective buyers? Kern Investment Research founder Jack Kern (above, re-enacting Easy Rider) thinks the needle could be moving that way, telling us “the velocity of the investment cycle has never been faster,” with impatient investors seeking the quick returns of three to five-year holds instead of traditional five to 10-year periods. Office and multifamily owners are the main short-term players, Jack says. In 2013, he's also interested in following the buying habits of pension funds like CalSTRS, who won't necessarily fly to quality, but find properties that fit its needs best.

If the Redskins move back to DC, would RG3 be eligible for Speaker of the House? Guess he's got three more years, under the Constitution. Email chris.baird@bisnow.com
HRLA (March15) DCRE
Korth Comp (Budgets)
Cassidy Turley (Shirlingt
Carr Prop (4500EW-2)
Exec Space (Signup) DCRE
Reston (Globe2) DCRE
WS (Vitra2) DCRE
DC Central (Sips) DCRE
Reznick (CohnDebut) DCRE
Bisnow (Writer2)
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