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December 11, 2020

Stonebridge, Rockefeller Close Deal For Metro's HQ, Plan To Add 3 Floors Of Office

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The Metro system has faced a difficult year with the coronavirus pandemic tanking ridership and forcing major budget cuts, but that isn't stopping it from moving forward with a deal to redevelop its headquarters.

Stonebridge, Rockefeller Close Deal For Metro's HQ, Plan To Add 3 Floors Of Office

The development team of Stonebridge and Rockefeller Group plans to announce Friday it closed a deal with Metro to redevelop the Jackson Graham Building in Chinatown, Bisnow has learned.The building, at 600 Fifth St. NW near the Gallery Place

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Seritage CEO Schall Leaves To Take Top Job At AvalonBay

Multifamily giant AvalonBay Communities has tapped the head of Sears' real estate spinoff to become its next chief executive.

The publicly traded apartment firm named Benjamin Schall, currently president and CEO of Seritage Growth Properties, its new president in a release Thursday. He will also join AvalonBay's board of directors.

Seritage CEO Schall Leaves To Take Top Job At AvalonBay

Schall will take that title from AvalonBay Chairman, CEO and President Timothy Naughton next month, serving as the REIT's No. 2 until Naughton plans to retire at the end of 2021, when Schall will also succeed him as CEO.Naughton, who has been AvalonBay CEO since 2012 and with the…

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Developer Plans To Build 2M SF Of Spec Lab Space On I-270 Corridor

Developer Plans To Build 2M SF Of Spec Lab Space On I-270 Corridor  

Montgomery County's I-270 life sciences corridor has experienced a surge in leasing activity this year amid the efforts to develop a COVID-19 vaccine, and one developer is building aggressively to capture that demand.  The Matan Cos. plans to deliver six projects totaling more…

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Multifamily Developers Set For 'Pandemic Pivot' Into Workforce Housing

 

As the coronavirus storm clouds began to gather in March, CRG Managing Partner J.J. Smith was hired to help run the firm’s residential sector. In the first few weeks, he concentrated on developing a plan that leaned heavily on urban infill projects in high-density markets, the profitable strategy pursued by so many builders in the last decade. But after watching downtowns turn into ghost towns, Smith decided on another approach.

“I called it the pandemic pivot,” he said.

Dense urban cores now cause unease among many affluent renters, Smith noted, and even if vaccines tamp down the coronavirus pandemic, developers need a new product type that investors find appealing. When he ran the numbers, the answer seemed logical.

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Build-To-Rent Developers See Opportunity In Growing Renter Class

Owning a detached, single-family house doesn't quite have the appeal it once did. Still, millions of Americans want to live in detached residences, even if they don't want to own them, and developers are stepping up to offer build-to-rent communities.

No single factor is driving demand for single-family rental housing, experts say. Partly, the large millennial demographic is looking for larger places to live but not always to buy, either because they can't afford it or don't want to be tied down. The coronavirus pandemic has also spurred new interest in single-family houses and the distance they provide.

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