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September 4, 2008

Our Fall Real Estate Conference with ten of the region's top guns: Bozzuto's Tom Bozzuto, Boston Properties' Peter Johnston, Opus East's Jim Lee, LCOR's Bill Hard, Monday Properties' Tim Helmig, CBRE's John Germano, Cushman's Audrey Cramer, Cassidy's Spencer Stouffer, Jones Lang's Dave Bevirt, and Studley's Tom Fulcher. Moderator Mitchell Schear. Sept 18, 7-10am, Nat'l Press Club. Thanks to great sponsors RBS Citizens Bank, Group Goetz Architects, Holland & Knight, and Reznick Group. Sign up!


That pesky debt market hasn't stopped Monday Properties' bold plans for a mammoth 35-story 580k SF office trophy at 1812 N. Moore in Rosslyn. At 390 feet from ground to top (or 470 feet above the Potomac), it'll be the tallest building in metro Washington. In fact, it's the highest the FAA would allow near the flight path to National. Demolition of the existing 10-story building on the site started last month, and yesterday being sunny and warm, we felt duty-bound to check it out.


We went to the top of an adjacent Monday property (31-story 1000 Wilson Blvd.) with Monday founder Anthony Westreich, right, and DC office head Tim Helmig to show you the kind of views the area boasts; that little needle over Anthony's arm is sometimes known as the Washington Monument. Monday owns 4M SF in the region, including 33% of Rosslyn, Coast Guard HQ in DC, and a property in Merrifield. It's come full circle for Anthony's family: His father put up the old building in the early 60s then later sold it, and Anthony bought it back to raze and rebuild.


As of yesterday, all the windows were out and the top floor was beginning to come down. While you might think they'd demolish it by just flicking a switch and setting off dynamite, like in the movies, instead they are doing it painstakingly, both because it's located between the Rosslyn Metro and a Dominion Power substation, and in keeping with the fact it will be Virginia's first LEED platinum building. They're following a comprehensive waste management plan to separate materials like concrete and steel so that 90% is recycled rather than ending up in landfill.



1812 N. Moore is actually being built on a site previously addressed as 1815 Ft. Meyer (Moore is perceived as a more premium Rosslyn address because it's the street where Metro has its entrance). Monday got full site plan and rezoning approval from Arlington County last December (credit lawyer Nan Walsh), and hopes to break ground Q1 '09 and deliver by 2011.  [Poke Tim Helmig.]


We snapped this yesterday of 1401 K St. (You might recognize it faster if we say the DC Coast building.)  No, we did not snap it randomly, but because Guardian Realty Investors (which owns 49 office buildings in the metro area worth over $750M) just bought it from AEW Capital Management (which manages $50 billion in properties worldwide). Cassidy's Collins brothers, Drew Flood, Jud Ryan, and James Cassidy represented AEW.


We hosted some sponsors and friends at DC's great "modern American restaurant with a Latin twist" Mio last week to chew the fat. And by fat, we really mean succulent wild rockfish and veal ravioli. Orr Partners' David Orr and the latest addition to the Bisnow marketing team, Megan McShane, humored our photographer while the rest of the group dissected the current environment inside over double expressos. Seyfarth's Bob Bodansky, J Street's Jay Bothwell, LandAm 1031 guru Bill Gessner, Reznick Group's Dave Reznick, and Cushman's Drew White all agreed there are opportunities out there but it helps to have cash and a surgeon's knife (which they were using on the grilled escolar).


Mio owner Manuel Iguina, right, and chef Nick Stefanelli say that on September 20 they're doing an 8 course "end of summer harvest," including head to tail pig tasting (eg, roasted pork loin with prawns, braised pig belly), and summer fruit courses with figs and plums. (We went back to take this picture at 3 PM yesterday, otherwise the dining room would be full.)

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