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January 13, 2011  
 
 
WORKING AHEAD

Our next Total Schmoozarama is at the beautiful National Building Museum. Grab a ticket now to enjoy 20 top power business restaurants serving their signature dishes, open bar, and top notch networking. Only $49. Sign up today!

 

We’ve heard of early lease renewals, but five years early?

 
Gene Sachs in CresaPartners' office on Jan. 13, 2011

This morning, CresaPartners managing principal Gene Sachs looked pretty happy for the camera—and why not? He tells us that when the seventh floor of the Woodies Building (1025 F St. NW) in Penn Quarter became available, the National Endowment for Democracy negotiated an early renewal and expansion—even though its existing lease wasn’t up until Dec. 2015. (No joke: We’re still finishing up our 2010 Christmas shopping.) NED upped the ante from 50k SF to 65k SF in the 95% occupied Douglas Development property and will be there until 2020. CBRE repped the landlord. Gene says the tenant scored significant rent reductions, and Cresa Project Management Services’ Harvey Beckham will help NED spend its new TI allowances. NED is marketing 3,900 SF of space for sublet.

 
JLL (CE) Mini DCRE
 

Bisnow

GET USED TO THESE

 
car charging station at 425 Massachusetts Ave. NW, DC, on Jan. 12, 2011

Quick, what is this? A toy gas pump? A prototype for the iPhone 14? Douglas Jemal's old hair dryer? It’s actually what archaeologists will know as the first private car-charging station in DC, at Equity Residential’s 425 Mass Ave. NW. The landlord is partnering with Car Charging Group to put stations in its urban core projects across the country for free, plus a share of the revenues. It can fuel two cars at once with a 240-volt current. Right now, it’s for residents only, though paid public use is a possibility. Next up for its very own station: Boston’s Third Square.

Rob Grealy at 425 Massachusetts Ave. NW, DC, on Jan. 12, 2011

Yesterday, we snapped Equity Residential’s Rob Grealy in the parking garage of 425 Mass. in the new Tesla Roadster, the world’s first fully electric sports car. (Rob’s just itching to take it for a spin on 395.) He tells us the affluent, socially conscious resident base of early adopters at the flagship 559-unit property made it an ideal place to roll out the amenity. Car Charging prez Andy Kinard tells us his company “seeds” markets by putting in complimentary stations for building owners (installation costs $10k), targeting multifamily because the residents don’t have many car-charging options.


Bisnow

WILL THE REAL DOUG PLEASE STAND UP?

 
Doug Donatelli-based bobblehead in Jackson Hole, WY

Yesterday, we showed you a picture of First Potomac CFO Barry Bass at his desk and wondered about the bobblehead looking over his shoulder. Turns out it's Barry's boss, CEO Doug Donatelli. COO Skip Dawson had a whole gaggle of ’em made and placed on tables at the company's '06 holiday party. Since then, “Dougie” has visited Wyoming’s Jackson Hole for a ski trip, Algeria, Belize, Bethany Beach, Beverly Hills, Iceland, Italy, Key Largo, Korea, Las Vegas, the Hoover Dam, Miami, Peru, San Diego, Virginia’s Crozet for some hiking, and a Def Leppard concert. Back in Bethesda, the company has priced its offering of 4 million preferred shares at $25 each, with annual dividends of $1.94 per share. The offering closes Jan. 18. Expected net proceeds: $96.6M or, if underwriters purchase an additional 15% of shares, $111.1M. (That would buy a nice ski chalet.)


Bisnow

KNOCKING ON THE GLASS

 
Katty Kay at the Capital Hilton DC on Jan. 12, 2011

Yesterday, we snapped BBC World News America Washington correspondent Katty Kay at Crew DC’s monthly luncheon at the Capital Hilton. She also has been on Meet the Press, Larry King Live, and The Chris Matthews Show, has guest hosted for NPR’s Diane Rehm Show, and is the author of Womenomics: Write Your Own Rules for Success. The workplace of the future, she says, will be more flexible with less office time and a more cautious approach to deals, as studies have shown women are indeed more cautious and, well, there are going to be more women in senior positions. Katty added that a male/female combo (diversity goes both ways) will come up with better solutions.

 
Wendy White, Peggy Crowley, and Barbara McDuffie at the Capital Hilton DC on Jan. 12, 2011

At the lunch, we caught a flash of color out of the corner of our eye and ran over to snap Pillsbury Winthrop's Wendy White, J Street’s Peggy Crowley, and Baker Tilly’s Barbara McDuffie. Peggy tells us J Street’s project and construction management business took off in 2010 with a dozen new build-outs getting started in the past few months.


Bisnow

MEET OUR SPONSOR: PCM COS.

 
J.B. Deerin and Rollin Bell on the 22nd floor of North Bethesda Market on Rockville Pike in Maryland

If you’ve visited a shopping center or commercial property on 355 somewhere between the Maryland border and Germantown, you’ve encountered the work of facilities manager and general contractor PCM. Here, prez J.B. Deerin and founder Rollin Bell take in the southbound view of Rockville Pike from the 22nd floor of JBG’s latest development, North Bethesda Market. “PCM started the business 20 years ago performing work on Rockville Pike and we continue to provide service to this vital corridor nearly every day,” J.B. tells us. Whether it’s repairing or maintaining commercial property via its self-performing divisions—think paving, pouring concrete, waterproofing, and painting—or providing a vanilla shell to a retail space or TIs at an office building, PCM is ready to serve!

 
PCM Cos. on Rockville Pike, MD

In Q1, the company (and its dedicated employees, strategically placed here on the Pike) will focus heavily on interior construction, painting, and electrical services, though they remain response driven (if you need it, they will come), J.B. says. Learn more about PCM at our Future of Rockville Pike event where you can meet Rollin and sales VP Aaron Kuzemka. (No, we didn’t leave J.B. out; he’ll be surfing in Costa Rica with his wife, though we don’t understand why he’d choose that over our free breakfast.) Sign up for the event here, and check out PCM here.


Bisnow

HITTIN’ THE GYM

 
Greg Klein in the Vanguard Realty Group office on Jan. 13, 2011

Today, Vanguard Realty Group’s Greg Klein told us he repped Sport&Health club in its lease for a 46,500 SF standalone in Buchanan Partners' 100-acre Heritage Hunt mixed-use development (office, retail, residential, medical, and hotel—what, no amusement park?) in Gainesville. The fitness center broke ground in December and will open in Dec. 2011. Buchanan Partners was repped by KLNB’s Cary Judd. It’s the 26th Sport&Health location, including the Brambleton Town Center one that opened in June and the 42k SF lease for another standalone going up in the Wegmans-anchored Stonebridge at Potomac Town Center. Two to four more locations are in the works for 2011, Greg says. (Now there's no reason not to keep up that New Year's resolution.) Behind Greg is one of his nine guitars. At home is one from good friend Todd Mohr, lead singer for Big Head Todd and the Monsters. Greg's perfect day (behind signing a big lease, of course): beers with Steve Van Zandt, Southside Johnny, and The Boss.


Bisnow

THE WORD IN THE WEST END

 
1250 23rd St. NW in DC's West End

Cambridge Property Group affiliate Galaxy LLC and Westport Capital Partners have acquired 1250 23rd St. NW for just under $300/SF. The 21-year-old, Class-A office building was renovated in 2010 and had been vacant for two years, though two tenants moved in in November to bring the 128,600 SF up to 60% occupied. It has 35,875 SF floor plates with two levels of parking and a new tenant--only fitness center. The value-add deal brings Cambridge off the sidelines (where it’s been hanging out since 2007).

 
Got anything around your office that gets a chuckle (or a chortle) out of our colleagues? E-mail amanda.metcalf@bisnow.com.
 
 
 
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JLL (Competitive) DCRE
 
 
Marc Parc (Fly2)
 
 
Rappaport (Siena Park)
 
 
Cardinal (Lending)
 
 
TEEL
 
 
DPR Construction w/o
 
 
Hickok Cole 3 (DC RE)
 
 
WorkSpaces (Eyes) DC RE
 
 
Fraser Forbes DCRE
 
 
 
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