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Washington Harbour Finds Buyer
June 18, 2013

Washington Harbour Finds Buyer

Western Potomac Economic Partnership is a sponsor of our 2nd annual Data Center Investment Conference & Expo, June 19-20 at the JW Marriott (register here). Discover why Western Virginia's Eastern Panhandle is an ideal business location and a great quality of life. Click here.

The downtown investment sales market decided it isn't waiting for summer before heating up. Just this week, we've learned one iconic asset has found a buyer, while another just hit the market.

A partnership between Principal Real Estate Investors and a Korean pension fund group is the winning bidder for MRP Realty/Rockpoint Group's Washington Harbour, market sources tell us. (Let's just say a little fountain told us.) The sale price, which sources say comes in at $371M ($700/SF), represents a hefty profit for the sellers, which three years ago paid $245M for the mixed-use asset on the Georgetown waterfront. HFF is repping MRP/Rockpoint.
CohnReznick (Think) MDCRE

And last week, another downtown DC office landmark, Somerset Partners' 1801 K, hit the market. Pricing is expected in the $750/SF to $800/SF range, which could result in an over $450M sale price. With a steady income stream from anchor tenants JLL and the Federal Reserve (which inked a 200k SF deal there this year), sources tell us 1801 K will likely trade in the mid-5% cap rate range.

It's already been a busy year for DC trophy office sales—Hines just sold 2100 M (above) for $134M and has 1200 19th St under contract; plus the Portrait Building sold for almost $100M earlier in the year, and other assets continue to come to market.

1776 Wilson Adds Office Tenant

A follow-up to our story last week on the new retail tenants at Skanska's 1776 Wilson Blvd in Rosslyn: Pier 1 Imports and 100 Montaditos will have a new office neighbor, as Skanska announced yesterday it has signed LM&O Advertising to a 10-year, 21k SF lease for the top floor. LM&O will relocate from just down the street at 2000 14th St N; it was repped by Avison Young.

Willco's $10M Merrifield Buy

Willco Cos (and CEO Jason Goldblatt, left) have added to their footprint with a $10M buy of a 28k SF office/warehouse property in Merrifield, this firm announced this morning. The building (8435 Lee Highway) is fully leased to the Fairfax County School Board, which uses it for school maintenance operations, vehicle and bus maintenance, and bus parking. (By default, that also means it's home to the world's largest collection of spitballs.) Jason says Willco views the acquisition as a strategic, long-term investment.

Miles & Stockbridge Shifts on K Street

While in Baltimore yesterday, we stopped by Miles & Stockbridge's new space at 100 Light Street—which you may know as the Transamerica Tower, or formerly the Legg Mason Tower. We snapped the firm's facilities guru, Bill Psillas (with IT wizard Ken Adams and someone in the back presumably trying to peek at the big screen for Daytime Emmy results). Bill tells us M&S is moving this weekend from 1801 K to 1667 K, taking 8,000 SF, just about doubling its space (which was its first location in DC).

Crockett Facilities Services' Data Center Call

Crockett Facilities Services operations manager Tim Kraus says that the mechanical contractor has been answering service calls for MD, VA, and DC data centers, as well as a growing number of additional data center clients along the East Coast. Established in 2000 and based in Maryland, the company offers services for everything from HVAC maintenance to integrated facilities management. A big reason: credentials. Crockett has high-level security clearances that other general contractors don't have (resulting in regular work from the Department of Defense and NASA). Its specialty: CRACs (computer room air conditioners, vital in data center cooling). Crockett services about 14M SF of commercial and government buildings, including JLL's data centers and all of Prince George's County's 911 dispatch cell sites handled by Motorola. Clients come to Crockett for reliability, energy savings, and preventing downtime. We're down with that! For more info on our sponsor, click here.

Gaithersburg and Germantown Event Thursday!

Join us Thursday at the Bethesda North Marriott to hear Westbrook Partners' Bobby Zeiller and JBG Rosenfeld's Krista Di Iaconi at Bisnow's Development Opportunities: Germantown and Gaithersburg event. You'll hear from many great local experts about tons of new mixed-use projects and creative transportation ideas transforming life up the I-270 corridor. Sign up here!

Bisnow National DICE Conference This Week!

This week (tomorrow and Thursday, to be exact), over 400 data center dynamos will descend on the JW Marriott in DC for Bisnow's second annual national Data Center Investment Conference and Expo (or DICE, for you insiders). We've got over 30 industry experts lined up, coming in from around the country and covering everything from investment and construction trends to how deals are really getting done. Sign up here!

Landmark Bisnow NYC Event Tomorrow

One of the greatest speaker lineups imaginable will talk about the biggest development in the history of New York City, Hudson Yards. And we invite you to be there. On Wednesday at 450 W 33rd, we'll be joined by Brookfield Office CEO Dennis Friedrich, Cushman & Wakefield global brokerage chair Bruce Mosler, Avison Young Tri-State president Arthur Mirante, Related Hudson Yards president Jay Cross, Hudson Yards Development Corp president Ann Weisbrod, Moynihan Station Development Corp acting president Michael Evans, and CBRE vice chair Rob Stillman. It'll be an extraordinary morning to remember, worth the Amtrak ticket to get up there. Join us! As usual: high quality, low prices. Sign up now!

Congrats to Carr Properties' Kasara Williams, who was the first to correctly guess that the OJ Simpson Bronco chase happened 19 years ago yesterday. Email your favorite memories of the Trial of the Century to chris.baird@bisnow.com

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