Municipal Associates has sold 500 First, NW to Polinger Development for $44.9 million. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented Municipal in this Capitol Hill office trade. The 131,141 SF building is fully occupied by the Federal Bureau of Prisons. Negotiations for the lease renewal took place while the sale of the building was also in the works. Space is so tight in the Capitol Hill, however, that the buyer was not worried about having to find private sector tenants should GSA have opted not to renew. It is investing about $100 SF in tenant improvements.
Roadside Development will be moving forward with its 1M SF CityMarket at O project now that it has closed a $35 million TIC package with the District. Roadside will break ground a year from September on the $260 million project, which is focused on the restoration of the 100-year old O Street Market. That historic building will be incorporated into what will be the largest Giant grocery store in the city at 71,000 SF. The project will also have retail, affordable housing, 160 condo units and close to 300 market rate apartment units.
Trammell Crow is getting closer to realizing its plans to develop an approximate $500 million, 1.7 million SF suburban office park at Fort Meade: It has reached a preliminary agreement with the Army Corps and the Fort. Now all that remains is a final OK from the Pentagon. TC is developing the project under an Enhanced Use Lease that it won in 2006. Land development is expected to begin late this year, once final approvals are in place. Building construction is set for early 2009. The first building will deliver in 2010.
Capitol Plaza I in NoMA has picked up it first two tenants since its delivery in November 2006: The Department of Homeland Security is leasing 34,773 SF on the second floor and part of the third floor. Point Carbon, a Norwegian environmental firm, has leased 9,887 SF on the third floor. Joe Michel of CB Richard Ellis represented the landlord, an affiliate of the Polinger, in both transactions.
The Centech Group has inked an 11-year, 21,541 SF lease at 6402 Arlington Blvd in Fall Church with Aslan Realty Partners III, a fund sponsored by Transwestern Investment Company. Transwestern senior vice presidents Alan Asman and Bernie McKeeve, represented the landlord in this transaction. Also known as the Falls Church Corporate Center, 6402 Arlington is a 196,000 SF, 13-story office building.
The District’s Department of Consumer and Regulatory Affairs is looking at practices and policies used in such cities as Los Angeles and New York City as it puts in place plans to crack down on apartment landlords that refuse to make necessary repairs to their buildings. The office expects to make a policy decision by August 1, and will propose legislative or regulatory changes by the end of 2008. DCRA is redefining when it should immediately intervene to repair egregious violations. It is also seeking a regulatory statute to go for both criminal and civil penalties for violations.
Dana Chieco has joined the NoMa BID as Planning and Program Manager. She will be in charge of coordinating infrastructure and public place planning for NoMA. Prior to this, she was manager of Community Outreach at the Urban Land Institute.
Atlantic Realty has sold three office condos and placed six more under contract at Diamond Office Center in Gaithersburg. Diamond Office Center is a two office building complex totaling 72,241 SF off of I-270 near Lake Forest Mall.
Studley has hired four executives to join its two DC-area offices: Kevin Johnson is now managing director in the firm’s District office. He was responsible for program management on the GSA National Broker Contract at CB Richard Ellis. Michael Brooks is the firm’s new associate director in the Tyson’s Corner office. Prior to this he was CEO of his own firm. Alexandra Hunihan is assistant director in DC; she was a leasing associate for US Equities Asset Management in Chicago. Scott Howard is a financial analyst in the DC office, joining from Clark Construction.