WRIT has closed on 2445 M St – a $181 million acquisition of private equity firm Broadway Partners. The approximate 290K SF office is fully occupied. WRIT assumed a $101.9 million loan with an annual interest rate of 5.619% and funded the remaining balance through its line of credit and with cash from its most recent equity offering. WRIT said it expects to achieve a first-year, leveraged yield of 6.7% on a cash basis and 7.2% on a GAAP basis.
Edens & Avant has acquired the 116,083 SF retail component of CityVista, the $200 million mixed use project at 5th and K, for approximately $46.4 million. Lowe Enterprises, Bundy Development, CIM Group and Neighborhood Development Company own the project, which has been developed with the District. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy & Pinkard Colliers represented the sellers.
A 55K SF Urban Lifestyle Safeway anchors the retail portion of the project. It is one of four in the country, and reportedly the best performing of them all. The retail component is 87% leased by such tenants as Chevy Chase Bank, Results Gym, 5th Street Hardware, and a new restaurant from the creator of Busboys and Poets. CityVista also includes two condo buildings and a 244-unit apartment building.
Connecticut & K Assoc. has closed on $194 M in construction financing for 1000 Connecticut Ave., a trophy CBD building. Philip Mudd, Christian Miles and Jon Goldstein of Cassidy & Pinkard Colliers secured the financing on the 12-
story, 383,392 SF building from a consortium of five institutions led by Chevy Chase Bank. Arent Fox will be occupying 255K SF of the building when it is complete. According to Cassidy & Pinkard Colliers, the 66% preleased occupancy had much to do with getting the 54-month financing in place.
Monday Properties has inked four leases – three new and one expansion – at 1100 Wilson Blvd. that brings the 516,805 SF building to 98% occupancy. The new tenants are Activu, (which signed a 2,800 SF lease), Quantum Research (7,400 SF), and Freedom Technologies (3,300 SF). Frank Dillow of Long and Foster represented Activu. Joan Sapienza and Wendy Feldman Block of Studley represented Freedom. New Media Strategies expanded its 14,600 SF there, with a five-year lease for 2,500 SF. Tom McBride of Jones Lang LaSalle represented New Media. Monday Properties’ John Wharton and Rob Bowman handled all of the transactions.
First Potomac signed a 51,270 SF lease with the DoD and a 27,817 SF lease with Sutron Corp. in two separate buildings in Northern Virginia. DOD is leasing space at Interstate Plaza -- a two-story, 109,081 SF, two-story building in Alexandria. DOD will move in January 2009. Sutron Corp. is taking space in First Potomac’s six-building Sterling Park Business Center.
Strayer Education has signed a 12-year lease to take 104,914 SF in Dulles Station East, a 6 story 190,869 SF office tower located at 2303 Dulles Station – the entry point of the 63-acre development. CBRE’s Jeff Roman and Mike Pepper represented the building's owner. Lou Christopher of Cushman & Wakefield represented Strayer.
Strayer will be moving into its new building in 2010, when developers Crimson Partners and O'Connor North American Property Partners finish it. Dulles Station will include 993 multifamily units, 1.2 million SF of class A office space, 58K SF of retail and restaurant, and two hotels.
Provident Bank has inked a 10-year lease to occupy 17,917 SF in an office building it has partly developed in Gaithersburg. The building, Monument Corporate Center I, located at 655 Watkins Mill Road, was developed by Monument Realty, Transwestern Investment, and Provident Bank. Provident is moving its regional headquarters, currently at 22 First Field Road in Gaithersburg, to Monument Corporate Center in Q2 2009. Transwestern senior VPs Keith Foery, Phillip McCarthy and Guy Copperthite represented the landlord in the transaction. McShea & Company’s Ro Waldron and Bill Quay represented Provident Bank. Monument Corporate Center I is the first in a three-building, 750K SF office campus designed by Davis Carter Scott Architects to achieve LEED Silver.
MRP Realty has inked two leases at its Corporate Campus at Ashburn Center -- a three-building, 194,183 SF office/flex park located at the intersection of Ashburn Village Blvd. and Route 772, just off the Dulles Greenway. The leases are with ODIN Technologies, for 10,093 SF and MCW Solutions, which leased 6,434 SF, also in both in Building B.
Appian Realty has opened an office in Fredericksburg and tapped Steve Schattgen to head it. Schattgen has been involved in the greater Fredericksburg commercial real estate community for years, focusing in the medical / healthcare industry.
901 K St., Carr’s 260,797 SF, 12-story office at the intersection of 10th and K and Mass Ave., has topped off. Delivery is set for September 2009. JLL’s David Bevirt is representing Carr.
The YWCA USA is acquiring one of the office condos available in J Street’s 111 K St NE building. Some 60% of the building is now committed.
Construction has begun on a new $48 million, 229K SF headquarters for DC’s Department of Employment Services. Located next to the Minnesota Avenue Metro Station in NE DC, the five-story building is expected to deliver in early ‘11. EEC and Forrester Construction are developing the building, which was designed by Devrouax & Purnell of the District.
Yes! Organic Market is the retail anchor for PN Hoffman’s $150 million mixed-use project, Union Row -- one of the largest developments along the 14th Street Corridor between U Street and Columbia Heights. This is the fifth store in the District.