Jemal Equities Buys Navy Yard Office: The D.C. Deal Sheet
Jemal Equities, a new venture that has been on a D.C. office buying spree over the past year, has scooped up another building, this time in Navy Yard.
The firm purchased 99 M St. SE, a 235K SF trophy building a block from Nationals Park, it announced on LinkedIn on Friday. The firm is led by Matthew Jemal, the youngest son of Douglas Development Corp. founder Douglas Jemal.
The price wasn’t disclosed, and the sale hasn’t yet been recorded with the D.C. Recorder of Deeds. Polinger Co., the previous owner of 99 M, had put the asset up for sale at the end of last year with Newmark.
“We’re excited to share that Jemal Equities has officially closed on the acquisition of 99 M Street SE in Washington, D.C.,” Jemal Equities wrote in its post. “This is another meaningful step for us as we continue to grow our portfolio thoughtfully and stay focused on long-term value in the D.C. market.”
Polinger Co. purchased the building at the end of 2019 from its developer, Skanska, for $163M.
Over the past year, the Jemal family has purchased four other office properties in the D.C. area totaling 598K SF — for just $89.3M combined — and at least three of them were through Jemal Equities, Bisnow reported earlier this year.
LEASES
Burr & Forman is moving from a temporary office to a permanent lease at the building that was just acquired by Jemal Equities. The law firm moved into 12,490 SF on the ninth floor of 99 M St. SE, it announced this week. It comes nearly a year after the firm made its entrance into the D.C. market with a 3,550 SF temporary coworking space in the same building as it awaited its build-out. Cushman & Wakefield’s Mark Richardson represented Burr & Forman, and Lincoln Property Co.’s Adam Biberaj represented the landlord, a Burr spokesperson told Bisnow.
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Newmark has moved its D.C. office to Hines’ 1050 17th St. NW, the landlord announced this week. Hines said Newmark would be taking a full floor at the property, a 154K SF building completed in 2020 that sits next to the Farragut North Metro station. Newmark is planning to move in the fourth quarter. The brokerage is relocating from 1899 Pennsylvania Ave. NW, where it has 19K SF, the Washington Business Journal reported, citing CoStar.
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The Rosslyn Business Improvement District is moving its offices to Monday Properties’ 1100 and 1101 Wilson Blvd., taking a total of 7,260 SF across the two buildings, it announced. The BID is relocating from 1901 and 1911 N. Fort Myer Drive, which are set to be redeveloped into residential as part of Penzance’s One Rosslyn project. The BID’s 4,360 SF at 1100 Wilson will act as its professional headquarters, while its 2,900 SF at 1101 Wilson will house ambassador operations and storage. Savills’ Wendy Feldman Block represented the BID. It plans to relocate this month.
SALES
The NHP Foundation has purchased a 218-unit Germantown apartment building from Elme Communities as the REIT undergoes its liquidation. The property, built in 1990 and renovated in 2011, sold for $53.7M, according to Elme’s first-quarter earnings report released Monday. It has been renamed Hadley Germantown. NHPF financed the acquisition entirely through tax-exempt 501(c)(3) bonds, it said in a release. It also used Montgomery County's by right payment-in-lieu-of-taxes program, through which it received a full abatement of county property taxes. Elme has five assets left, including four that are under sales agreements, Bisnow reported earlier this week.
MILESTONES
BXP has completed a $25M renovation of 901 New York Ave. NW, the REIT announced. BXP delivered the nearly half-million-square-foot East End building in 2005. The renovations, which were done in partnership with the property’s anchor tenant, law firm Finnegan, included a new lobby and a sky garden. Sasaki was the architect, and HITT Contracting was the general contractor. In January 2024, BXP bought out its JV partner at 901 New York and announced a renovation. Finnegan renewed its 214K SF lease at the building in 2024 for 18 years.
