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January 3, 2012  
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The Top 10 Deals
Of 2011

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You can't move forward without looking back, so today and tomorrow we're unveiling last year's biggest deals. (Exciting, right? Apologies to whomever wins in Iowa today if this bumps them off the front page.)
1. Qatar Goes Big at CityCenter
Qatari Diar, Mohammed Al-Hedfa, Hines, Gerald Hines, US ambassador to Qatar, Joe LeBaron, Barwa Bank, Mohammed Al Saad
In April, Qatar's sovereign wealth fund announced its first American real estate investment—a $700M equity stake in Hines and Archstone's CityCenter. Washington's strong recession performance cinched the deal, Qatari Diar CEO Mohammed Al-Hedfa tells us, and the emirate is scouting prospects in other low-risk US cities. (We snapped him at the groundbreaking with Hines founder Gerald Hines, US Ambassador to Qatar Joe LeBaron, and Barwa Bank vice chairman Mohammed Al Saad.) Delivering early next year: twin office towers totaling 520k SF, 458 apartments, 216 condos, and 185k SF of ground-level retail. Phase 2 calls for a 350-key hotel and another 110k SF of retail; experts say the project will create 3,700 jobs and $30M in new revenues for the city.
RE3 (Seminars) Mini
2. Lehman Leaves Rosslyn
1100 Wilson
In October, Goldman Sachs closed on its purchase of Lehman Brothers' 75% stake in Monday Properties' Rosslyn holdings. Reports were varied as to the exact price of the 10-building, 3M SF office portfolio, but sources tell us it was in excess of $1B. Monday CEO Anthony Westreich says the portfolio has nearly 30% of all the submarket's commercial real estate and is 92% leased. Included in the deal: 1100 Wilson, above.
3. Multifamily Record-Setter
Jason Pantzer, Jordan Pantzer
High rents, low vacancies, and hordes of new renters mean 2011 could be remembered as the year of the apartment. (To think it was almost the year Kim Kardashian's happy, 50-year marriage began; we're still torn up about it.) In March, Dune Real Estate Partners and Pantzer Properties bought an eight-property, 2,580-unit DC-area multifamily portfolio from RREEF and Bainbridge Capital Management for $460M, the biggest deal of its kind outside NY since 2008. Six of the properties are in VA, with the other two in Montgomery County. They're part of the 37 properties that Morgan Stanley, Onex Real Estate, and Sawyer Realty acquired when they bought Town and Country Trust in 2006 for $1.5B. Above: Pantzer co-presidents Jason and Jordan Pantzer.
4. Wells Buys Market Square
Market Square
Supercharged pricing during 2011's first half made some wonder whether Washington's office investment sales market was overheated. The crescendo: Wells REIT II's March purchase of Market Square I & II from Beacon Capital for $905/SF (or $615M), a DC record. When the deal was announced, Wells founder Leo Wells told us the two buildings can garner above-market rents because they're the only private offices on Penn Avenue between the Capitol and the White House. The deal was financed by a $500M line of credit from JP Morgan Chase and an undisclosed bridge loan.
5. CityMarket at O Kicks Off
Bernstein Management prez Josh Bernstein, colleague Chuck Hathaway, and Roadside co-founders Armond Spikell, Richard, and Todd Weiss
After nearly a decade of planning, Roadside Development's CityMarket at O broke ground in November. 401 apartments, a 182-key Cambria Suites brand Choice hotel, and two restaurants are slated to deliver next year, and Roadside co-founder Richard Lake tells us the development has the potential to connect up-and-coming Shaw with Chinatown and the CBD. It'll also feature the biggest grocery store in DC history (not counting the time Andrew Jackson tried selling a big block of cheese from the White House), a 72k SF Giant that'll be used as a prototype for other urban markets. Above: Bernstein Management prez Josh Bernstein, colleague Chuck Hathaway, and Roadside co-founders Armond Spikell, Richard, and Todd Weiss.
Our list continues tomorrow. Think your deal deserves some love? Email our DC reporter here.

Marr Moves Up
CBRE, Pat Marr, First Potomac Realty Trust,  Ernie Jarvis, Boston Properties, Jon Kaylor
Congrats to CB's Pat Marr (center, with First Potomac's Ernie Jarvis and Boston Properties' Jon Kaylor), whose promotion to vice chairman was announced this morning. As founder of the firm's law firm group, he's worked on over 1,200 deals worth over $53B since joining the company in 1985.

MD Land Sales Rise
Victor White, Hogan Cos
Annapolis-based Hogan Cos (which focuses on Maryland) saw land sales volume triple last year. Hogan COO Victor White chalks it up to steady interest from investors and increased lender willingness to dispose of distressed assets. "In 2010, many banks couldn't sell distressed land because they lacked cash reserves for write-downs," he says. Now that liquidity has returned and values have rebounded, lenders are trotting troubled properties out to market, with the best pricing in non-core areas.

Remembering Bill Carey
W.P. Carey, Bill Carey
Our condolences to the friends, family, and colleagues of W.P. Carey & Co founder Bill Carey, who died yesterday of natural causes at the age of 81 in West Palm Beach, Fla. Bill started the company in 1973, with its holdings growing to include 1,000 commercial and industrial properties totaling 120M SF around the world, as well as $12B in assets under management. Bill was also founder, funder, and chairman of the W.P. Carey Foundation, which he established to support educational institutions with the goal of improving America’s competitiveness in the world. He’s survived by brother Francis Carey and numerous nieces and nephews; a public memorial service is being planned in NYC. In lieu of flowers, donations can be made to the W.P. Carey Foundation, Attn: Juliana Harris, 50 Rockefeller Plaza, New York, NY 10020.
Bill Carey, Nancy Reagan, Mayor Bloomberg
Bill with former first lady Nancy Reagan and Mayor Bloomberg. According to the company, Bill’s interest in business emerged when he sold ink he made in the basement of his family’s Baltimore home. He attended Princeton and the Wharton School, then entered the US Air Force for two years. Afterwards, he worked for his stepfather’s car dealership in NJ, where he learned about lease financing, and then became owner of International Leasing Corp at age 28. The company merged into Hubbard, Westerfelt & Mottelay; he then held positions at Loeb, Rhodes & Co and DuPont Glore Forgan before launching his firm.

Where to Eat in 2012
In today's Dining Bisnow, we look at 10 restaurants coming in 2012. Click here to meet your appetite's new friends. Above, a 24-hour spot coming to Columbia Heights from Constantine Stavropoulos, the guy behind Tryst, Open City, and The Diner. The coffeehouse/diner/ bar will evolve throughout the day. Unlike his other spots, Constantine tells us his yet-unnamed restaurant will have a distinct bar area with separate entrance and focus more on craft cocktails and wines, including some on tap. To never miss another new restaurant, subscribe to Dining Bisnow. It's free!
How was your vacation (if you took one)? Tell mike.leon@bisnow.com.
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