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SJP/G&R K-I-S-S-I-N-G

WASHINGTON DC 03.16.2017

CAPITAL MARKETS AND REAL ESTATE FINANCE

Investing in 2017, Hot Markets, and the Ever-Changing Capital Stack

Mark Hertz -- AIG Global Real Estate
Sujan Patel -- Colony NorthStar
Joe Carter -- Wells Fargo
SJP/G&R K-I-S-S-I-N-G
St. John Properties, Maple Lawn, Greenbaum & Rose Associates, Howard County, MD, joint venture, development rights, office, commercial real estate
There's a reason for the alphabet soup: yesterday St. John Properties announced a JV with Greenebaum & Rose to partner in developing office space at Maple Lawn in Howard County. They'll share ownership on three existing offices totaling 285k SF. SJP's Al Cunniff tells us the deal gives his firm rights to 570k SF in potential development across five office buildings (there's no planned new construction at this point). It'll also take over construction on another four-story, 100k SF office there that'll deliver late this year. It's the fourth time the companies have done a JV, and Al says it means 1.2M SF in leasing, property management, and development potential for SJP's Maple Lawn presence (the site can accommodate up to 1.8M SF). Al says that Maple Lawn's office space appeals to companies that want Class-A Howard County office space, or that do business in the DC region but prefer a location outside the Capital Beltway.