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DEALS GO ON...

WASHINGTON DC 06.27.2017

THE WASHINGTON DC STATE OF THE MARKET

Matt Bronfman -- Jamestown Properties
Anthony Lanier -- EastBanc
Herb Miller -- Western Development

Investment Sales

Madison Capital purchased the retail condominium portion ofManhattan House on 200 East 66th from O'Connor Capital Partners for $86M. The $1.1B conversion project is home to tenants Lululemon Athletica, Staples Express, ALDO, Icon Parking, Club Monaco and Madame Paulette. Eastdil represented O'Connor in the deal.

Leases

Macquarie Group led the leasing pack by inking a 260k-SF renewal and expansion (by 160k SF) at 125 West 55th. Josh Kuriloff andRobert Tanzmann of Cushman & Wakefield represented the tenant, while Andrew Levin represented landlord Boston Propertiesinternally.

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In a deal valued at $7.5M, the Government of Flanders leased 7,400 SF at the New York Times HQ on 620 Eighth Ave. for its investment and trade office, office of tourism and cultural promotion entity Flanders House. Andrew Simon and Robert Kluge represented the tenant, while Evan Haskell of CBRE represented landlord ForestCity Ratner.

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Integrated Design Group signed a seven-year, 4,000-SF deal atThe Craftsman Building on 6 East 39th. Elliot Warren of The Kaufman Org. represented the tenant, while Marc Bengualidrepresented landlord Lafayette Holdings internally. Terms of the lease were undisclosed, but the asking rent was $45 PSF.

Lease Assignments

The Hearst Corporation tapped the CBRE team of Bill Shanahan,Richard Hodos, David LaPierre, Steve Sjurset and Janelle Rovengo as the exclusive retail leasing agent for its landmark HearstTower at 8th Avenue and 57th Street. The building currently has ground-floor opportunities of 12,210 SF and 2,510 SF.

Exec Moves

Pat Breslin, Andrew Connolly and Kenneth Yip joined Grubb & Ellis as part of the firm's East Coast Retail Group, and will take roles in expanding the company's national retail presence. Pat will take on the newly-created position of president; Andrew as managing director; and Kenneth as analyst and associate. All three came over from GVA Williams, where Pat was president of the firm's retail group. During his career, he has leased more than 5M SF of retail space valued in excess of $2B.

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GVA Williams, in turn, made a trio of new hires in Annie Yao,Joshua Gurwitz and Rogelio Galindo. Annie, who came fromNewmark Knight Frank, will manage global real estate accounts. Josh joined from architectural firm Gensler and will take on a consulting and brokerage role. And Rogelio, from consulting firm TGP Associates, will serve as a research analyst.

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Stephen Grill joined NAI New York City's office as senior managing director, following five-year and 30-year stints at Murray Hill Properties and Julien J. Studley. He brings with him extensive office and retail leasing, investment sales, consulting and international experience, and has sold or leased approximately 1M SF in his career, including a 230k SF lease for SFX Entertainment at220 West 42nd.

New Business Lines

Savills launched a distressed real estate division to assist real estate companies and their lenders with liquidity needs. John Wilcox, Fredric Leffell and Jeffrey Baker will head the group, with more than 25 years of experience over a few downturns. It will tap its international investment base for recapitalizations, the acquisition of joint venture interests, investments in operating companies, and programmatic joint venture investments. It also has the capability to handle multi-jurisdictional and cross-border workout and bankruptcy assignments.

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CBRE started the Asset Reposition Management, which will provide industrial and institutional property repositioning services group, within it Global Corporate Services line of business. It tappedBruce Rasher, formerly of Michigan-based Consumers Energy, to spearhead the group, based out of Detroit.