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February 5, 2008

Big welcome to new sponsor Orr Partners (see our recent story on them). Celebrating its 20th anniversary, the firm is the region's go-to owner's rep whom non-developers call on for big projects. Count 'em: They've done five projects for over $100M each!   


That's what developer Monday Properties hopes its coming trophy offering might do in Rosslyn—and it would be historic, given the traditional insistence on a DC address by prominent law firms here.  We visited Monday's own Rosslyn HQ last week, where CEO Anthony Westreich told us their 580k SF 30-story prize at 1812 N. Moore St. will not only have every imaginable amenity but also be the first LEED-platinum property in all of Virginia.  Of course, if a law firm won't jump, they'd be happy to take a Fortune 100 Washington office or white shoe consulting firm.


Anthony, right, down from company headquarters in NYC, with DC office head (and Chief Development Officer) Tim Helmig, show us a rendering of 1812. It's a fitting location since the firm controls 30% of Rosslyn (9m SF) and owns 4m SF in the greater Washington, DC metro area. The two have grand aspirations for the pyramid-topped Davis Carter Scott-designed skyscraper, and with DC-mainstays like the Corporate Executive Board crossing the Potomac to take advantage of the "Rosslyn Renaissance" at JBG's Waterview, JBG's Central Place also popping up, and Cushman ace Audrey Cramer on the hunt for a tenant, anything is possible.


Tim shows us plans for 1812 which will be built where 1815 N. Fort Myer now stands.  It seems like things are coming full circle for Anthony, whose father, Stanley Westreich, actually built 1815 as the first high-rise in Rosslyn in 1962.  Anthony tells us that over a 15-year-term, a tenant leasing 200k SF of space in 1812 would save $100M compared to DC since rents run from $65-70/SF versus in the mid-80s for trophy space downtown.  Add to that the sexy views, a swank 8,500 SF restaurant with celebrity chef, and the draw of an environmentally friendly building, and Anthony thinks they have a recipe for success.    


After buying out Max Capital Management Corp's 4M SF portfolio, Anthony immediately rebranded the company as Monday Properties.  He says the name signifies new beginnings, plus, "after having a last name like Westreich," Monday is an easy name to remember and spell.  In the past five years, between Manhattan and DC, Monday's been involved in 32 transactions for 17.1M SF totaling over $7.8B.  In the past year, the company's done $4.1B, including the purchase of 230 Park Ave. for $1.15B.  


Tim and Anthony hang out by some of the office's funky art that was part of the Westreich family collection.  The two are the opposite of stuffy; they're the kind of guys you want to sit down with and have a beer.  Anthony, a Bethesda native, is now a full-on New Yorker.  He and his wife keep busy chasing after their 4- and 5-year-old sons in Old Westbury.  When it's warm you'll find Tim hitting the surf in South Jersey (even though he acknowledges you have to wait a while for good waves) or as a "wannabe roadie" following his cousin, Garrett (otherwise known as old school hip hopper G-Love) around the country with his wife, 8-, 6-, and 4-year-olds in tow.

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