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Real Estate Bisnow
January 9, 2013  
WorkSpaces (Left1) DCRE
Tysons Game Changer

Need a jumpstart in 2013? Join us for a Back to Business Schmoozarama on Wed., Jan. 16, from 6 to 8pm at Fujimar. Open bar and top networking. Sign up now!


Around Tysons’ four new Metro stations, new developments seem to pop up by the day. Our cameras caught up yesterday with the man helping change the game.

Ted Georgelas, Aaron Georgelas - January 9, 2013

Georgelas Group partner Aaron Georgelas (right, whom we snapped with uncle and company managing partner Ted Georgelas) tells us their firm’s Spring Hill Station project (behind that angelic light in their Tysons office) will be a model of mixed-use transit-oriented development, to include up to 6M SF across 13 buildings. He’s been ahead of the curve in shaping the space around the new Metro stops, as Fairfax County officials came to him four years ago needing a plan for how development around the stations would work.

US Rail (Summit) MDCRE

Spring Hill Station rendering - January 9, 2013

This rendering will compete with The Hobbit for best CGI. Aaron says Tysons developments such as his will be like "pouring gasoline on a fire" in raising the area's future live-work-play status, and that features like Spring Hill Station's street-level retail will add a new dimension to an already well-established market.
Moseley (Multifam) MDCRE

Spring Hill Station development - January 8, 2013

Aaron says the first phase of the project, 400 residential units on a site Georgelas Group sold to Greystar, will deliver next year (that's what those cranes are for). And though they won't break ground on office space until securing anchor tenants, they're chasing opportunities with GSA agencies and government contractors. Once the Metro is established, he adds, office growth should tick way up as companies gain access to millions of (ideally young) new employees. More keys to growing Tysons will be creating a walkable street grid and organic development growth as the market dictates rather than overbuilding.
Rory McIlroy/Manicure
Aaron will be among the speakers at our big Tysons event Jan. 25 at the Hilton McLean. This won't be your grandfather's Bisnow event, though, as we're adding a golf ball hitting station (with pro assistance) and mini manicures, among other fun stuff, as part of the pre-event networking. Whether we turn you in to the next Rory McIlroy, however, is up to you. Sign up here!

DC: Tech Heaven?
JLL's Alex Lassar and Andy O'Brien - January 8, 2013

DC: the next great tech sector? JLL’s Andy O’Brien says the local employment pool has the ability to make that happen. Andy (right, snapped yesterday in Vegas addressing CES with colleague Alex Lassar) says that as government contractors keep downsizing, an excess of talent is becoming available that tech firms looking for a DC presence can use. And he adds that once they hire the talent, tech startups make for easy movers, as most of their employees only need a smartphone and laptop.

London Phone Booth - January 9, 2013

Andy says startups can save big upfront rent and TI costs by not hardwiring a space for Internet and phone lines when moving in, since much of their work is web-based or can be saved to the cloud. Other cool features of tech startups, he says, are completely open floor plans with shared worktables—with one tenant even adding London-esque red phone booths to its space for private conversations and sales calls.

JLL's Scott Homa, Summer Newman, Sara Hines, John Sikaitis, Jake Anderson, Michael Hartnett

Back in the DC office, Andy’s colleague and research guru Scott Homa (seated, left) says tech firm deals will help offset the slow local leasing scene due to government uncertainty. The active space requirements of healthcare and education tenants will assist as well. Scott was snapped yesterday with colleagues (counterclockwise) Summer Newman, Michael Hartnett, Jake Anderson, John Sikaitis, and Sara Hines.

C&W CEO: Less Uncertainty, Slow Growth
Cushman & Wakefield's Ken McCarthy and Glenn Rufrano - January 9, 2013

2013 will bring less uncertainty than last year, with the Americas’ investment volume forecasted to grow 15% to nearly $311B, reports Cushman & Wakefield CEO Glenn Rufrano, right, whom we snapped with C&W economics guru Ken McCarthy yesterday in New York. Ken says slow growth will remain the norm nationally. Only five cities have recovered more jobs than they’ve lost in this recession; DC comes in No. 2 at 145% (behind Houston’s whopping 178%), followed by New York, San Jose, and Dallas.

Get Net Lease While It's Hot
Jon Happ, Winston Orzechowski

1031 exchanges and net-lease investments have long been a popular play for savvy investors and high net-worth individuals. And never more so than at the end of 2012, when investors rushed to close deals before the new capital gains tax kicked in, says Calkain CEO Jon Hipp (with colleague Winston Orzechowski). Jon’s firm stood at the forefront of the trend, closing 22 net-lease deals nationwide in December alone. DC's a main player, too, he says, as investors can’t get enough of its urban infill retail with high-credit tenants and excellent foot traffic.

Adams Morgan CVS

Though 1031 and net-lease buyers have fallen in love with DC, deals like August's record-setting $14.5M trade of this Adams Morgan CVS (which Calkain brokered to a Florida-based 1031 buyer, he says) might be harder to come by this year. While we feel like there's a CVS on every corner, Jon says DC-area net-lease buyers will find a lack of available product, after what he calls a “record clip” of sales in 2012 and a construction lag persisting over the past few years. This will force local 1031 and net-lease enthusiasts to look nationwide for deals, he says.

What's your favorite line from Caddyshack? Email chris.baird@bisnow.com.
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