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Silver Spring's Newest
June 25, 2013
Manhattan (Sports)

Silver Spring's Newest

PNC Bank is the official bank of the Washington Nationals, which means big-league benefits for you. Use your Washington Nationals PNC Bank card to receive game and merch discounts. Click here.

Silver Spring's vibrant urban core has developers hungry to get in on the action. And two have just come together on one of the neighborhood's most sought-after sites. And the union has divine inspiration.

DC-based LaKritz-Adler Real Estate Investments and Grosvenor Americas just formed a JV to acquire and redevelop the First Baptist Church site at Fenton Street and Wayne Avenue. It'll go from house of worship to just house. That is, a 259-unit apartment complex with almost 20k SF of retail. MAC Realty Advisors' Andrew McAllister (snapped this morning flanked by colleagues Ben Lazarus and Nick Rubenstein) helped arranged the deal, and tells us the star of the deal might just be the site's location directly across from a Whole Foods: "Being across from a grocery store is good, but being across from a Whole Foods is great." Andrew, Ben, and colleague Bruce Levin were involved in the deal.
CohnReznick (Think) MDCRE

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Here's the site as it stands today—LaKritz-Adler and Grosvenor will build First Baptist Church a new facility directly behind the old site, Andrew says. Grosvenor was the best partner for the almost $80M deal, Ben tells us, since the firm already has serious retail expertise combined with an active focus on multifamily in DC. MAC eventually matched the two after a period of "tremendous attention," he says. (Notice the "he" is lowercase. It can get confusing when writing about church.)

JLL Gives Back

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JLL gave back on both sides of the river on Thursday, as 30 volunteers participated in blitz builds for both Habitat NoVa and Habitat for Humanity of Montgomery County (that group is above). The MoCo team helped deconstruct a house—a greener alternative to demolition—and was able to salvage items to donate to Habitat's retail outlet, ReStore.

Over in Fairfax County, the firm's Turner Rose, Liz Clipp, and Ryan Bash were among a group rehabbing a foreclosed home as part of Habitat NoVA's Neighborhood Stabilization Program, a HUD-associated effort.

Height Restriction?

CREW DC JUN 2013 luncheon panel-president
CREW DC held its monthly luncheon last week at the Sofitel, this time featuring development titans. Snapped here: Boston Properties' Ray Ritchey, CREW prez Betsy Karmin of DLA Piper, Cityline Partners' Donna Shafer, Quadrangle's Helen Haerle, JBG's Eileen Nacev, and Tishman Speyer's Todd Rich. The panelists weren't shy with opinions on DC's building height: Ray says lifting the height restriction is OK, outside of the monumental core, while Helen says taller buildings around Metro stations can increase density.

Tysons Tower Rises

Macerich SVP Tim Steffan announces a wonderful sight (and site) rising above the Beltway. Tysons Tower will be the tallest office building in Tysons Corner, with panoramic views of NoVa, DC, MD and beyond. The 22-story trophy will have office and retail, with mid-rise and high-rise floors averaging 28k rentable SF. Some of the most prominent consulting, tech, and federal contracting firms are taking space for regional HQs, with CBRE SVPs Jeff Roman and Erik McLaughlin leading leasing for owner Macerich. Development specialists Woodbine, Kettler, and Hines all share the vision, which integrates nicely into the new Tysons Corner Center, a signature mixed-use community offering the very best in city life (and steps away from a Metro stop). Upcoming: high-rise residential, a luxury hotel, rooftop terraces, and a dynamic "heart-of-it-all" plaza. We can hardly wait for 2014, when its first phase will open. For more info on our sponsor's project, click here. And to find out more about Tysons' future, click here.

35 Under 35

Serten Advisors SVP Adam Schindler is a repeat honoree in our 35 Under 35 program (the only way you become ineligible is if you're what experts call "over 35".) The UMD and Georgetown grad has excelled at Serten after getting his start in the biz with Studley—and a stint as an analyst with Marriott). The tenant rep guru has helped clients both in the US and globally and remains active with both the DC Capital Area Food Bank and Bread for the City. Here's Adam, left, at a recent Nats game with girlfriend Becky and colleague Paul Schweitzer and wife Randi.

Studley's Kim Roth (right, with colleague and mentor Wendy Feldman Block) went to work for CBRE within 2 weeks of graduating from American U, and quickly moved up the ladder from researcher to member of the firm's retail investment sales team. She moved to Studley last year and is actively helping new restaurant concepts and retailers in the area, such as Celadon spa on F Street. But retail's not her sole focus—she's also helping tech, non-profit, corporate and political clients with space needs. She's also busy outside the office, donating her time to The Network at Jewish Federation of Greater Washington as well as CREW, among others.

This Morning in Houston

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Moments ago, we snapped Brookfield COO Paul Schulman, right, in a conversation with Old Republic Title's Jeff Webb. Paul, formerly based here in DC, made the trip from NYC to Texas for Bisnow's 4th Annual Houston State of the Market event in the grand hall of The Corinthian, and gave attendees an update on Houston's 3.2M SF, three-building Allen Center. It had maintained almost full occupancy since '06 but has availability coming up, so Brookfield is taking the opportunity to reposition the three-building, 3.2M SF office complex.

New Development Frontiers This Thursday

Don't miss our DC New Development Frontiers event this Thursday at the Hyatt Regency Capitol Hill, where DC director of real estate Jeff Miller, among other experts, will weigh in on the status hot sites and submarkets liked Anacostia, Lanier Heights, Georgia Avenue-Petworth, H Street, Walter Reed. We'll also have a keynote from former mayor and Ward 8 councilman Marion Barry—don't wait, sign up today!

Is the Death Star a transit-oriented development? Email your thoughts to chris.baird@bisnow.com

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