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Real Estate Bisnow
January 4, 2013  
WorkSpaces (Left1) DCRE

The Sun Shines

on Cassidy

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We know it's parka weather in DC, but supposedly that's not the only
reason Cassidy Turley has just acquired Florida brokerage CLW Real Estate Services Group. Quite simply, Cassidy is in hyper-growth mode.

Joe Stettinius on Jan. 3, 2013

The Big Guy behind the Big Buy: CEO Joe Stettinius in his office yesterday. We assume he uses that crystal ball to decide where to expand the firm's national tenant rep and corporate service practices, and it told him a single outpost in Tampa was not enough for a big state that, aided by robust foreign investor interest, is recovering faster than expected from its housing-led recession. CLW will be rebranded as Cassidy Turley by March 31.

Bisnow (Sales) Jumbo

He also says it'll benefit DC operations, as CLW is tenant rep for 16 national clients that likely will need local space at some point. The ability to serve those clients in other markets where Cassidy Turley already has a large presence is “a big opportunity.”

Larry Nussdorf, Scott Frankel, and Joe Stettinius

The rumors that Cassidy itself is being acquired are “inaccurate,” he says, despite “frequent overtures from different groups inside and outside” the industry. The firm was “substantially ahead” of its plans for 2012, says Joe (above, with Clark Enterprises prez Larry Nussdorf and CBRE's Scott Frankel), and will seek opportunities to grow through similar deals this year.

Bisnow Exclusive: Ballston on the Block
Gerry Trainor

DC owners are wasting no time getting their trophy assets up for sale in the new year, says Transwestern’s Gerry Trainor. He and his team brought 901 N Glebe in Ballston to market yesterday for Dweck Properties. The 323k SF office tower, which JBG developed in '05 and sold to Dweck the same year, is expected to fetch as much as $175M, he says.

901 N Glebe, Ballston

Gerry tells us investors will be clamoring for Ballston assets this year. It's experienced a strong 3.9% average yearly rent growth over the past 20 years. And now that 2012's BRAC move-outs from the R-B corridor have subsided, vacancy there will tighten back to its historical average of 4%, Gerry says, further enticing buyers. That’s good news for 901 N Glebe, which also benefits from being adjacent to the new Ballston Metro entrance on Fairfax Drive between Glebe Road and Vermont Street.

Non-Profits Getting Priced Out?

High rents may be pricing non-profits and associations out of the District, says Colliers’ Fern Barrueta. Non-profits like charter schools need rents under $30/SF, according to Fern (snapped in his office yesterday), but the lower rents on the Hill and NoMa check in at $40/SF or higher. Associations are feeling the crunch, too, he says, as they rely on membership dues, which don’t generate huge revenues.

KIPP Key Academy

Fern, who spent nine years as CEO of the Hispanic College Fund, knows these challenges firsthand, adding solutions include buying over leasing. That “brings donors out of the woodwork” and offers ownership prestige. But without that donor spike, he says, buying might actually be worse than leasing for nonprofits like the KIPP Key Academy (pictured).

Don't Forget About Logan Circle

Marc Rampulla

With competition from such highly visible neighborhoods as Columbia Heights and Dupont Circle, Logan Circle is easy for investors to overlook. Douglas Development, though, just purchased a prime property there, the 10k SF 1401 14th St, for $5.4M. CBRE’s Marc Rampulla (snapped this morning), who repped the private investor seller in the deal, tells us the neighborhood has grown tremendously over the past few years. Whole Foods and restaurants like Birch & Barley have moved in, just to name a few.

1401 14th St in Logan Circle

Douglas won the bidding for the office and retail property by offering to close by the end of 2012, but Marc says more than 50 suitors inquired about the property, illustrating the demand Logan Circle commands. It’s also within walking distance of the U Street and Dupont Metro stops, connecting the neighborhood (and what Marc calls its red hot condo and apartment demand) with the rest of the city.

Sips & Suppers

Jose Andres, Joan Nathan, and Alice Waters (fashionable in orange) request your appetite at two amazing evenings featuring America’s finest chefs. The two-day Sips & Suppers events support DC Central Kitchen and Martha’s Table, which serve DC’s neediest. On Jan. 26 at the Newseum, Sips will feature top chefs and mixologists and their signature offerings for 500 guests. For the next day's Suppers event, celebrity chefs will create intimate dinners in two dozen homes. Many are already sold out. To find out more and to give, visit www.sipsandsuppers.org.
Where are you watching the Redskins game on Sunday? Can we come? Email chris.baird@bisnow.com.
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