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This Week's D.C. Deal Sheet

JBG Smith is bringing aboard a partner in its quest to develop a 5G network in National Landing, and it secured a 36K SF lease as part of the deal.

JBG Smith's office building at 2121 Crystal Drive.

Federated Wireless is set to relocate its headquarters to JBG Smith’s 2121 Crystal Drive office building as part of the newly signed agreement, and it will assist in developing a private wireless 5G network for current and potential tenants in the National Landing area.

In 2020, JBG Smith spent $25.3M to acquire wireless spectrum from the Federal Communications Commission in National Landing that it plans to use for its full-scale 5G network, which it hopes will attract defense contractors, government, retail clients and others to the neighborhood, according to a press release sent out Thursday.

“This partnership advances our goals to deliver purpose built digital infrastructure, allowing innovators to create practical and applied solutions to a wide range of industries,” JBG Smith Senior Vice President Adam Rashid said in a statement. “With Federated Wireless as a foundational strategic partner, we look forward to leveraging the power of converged digital infrastructure to deliver a unique platform for some of the nation’s most vital private and public institutions to innovate at scale.”


The Meridian Group and Martin-Diamond Properties acquired five suburban JCPenney stores in the mid-Atlantic region for $53M. The portfolio — including properties in Annapolis and Columbia, Maryland, Springfield and Fair Oaks, Virginia, and Christiana, Delaware — was sold by Copper Property CTL Pass Through Trust. JCPenney, which was led out of bankruptcy by Simon Property Group and Brookfield Asset Management in late 2020, is expected to continue operating the 900K SF portfolio of stores.  


Banneker Ventures has completed an agreement to acquire the Urban Village Apartments for $20M, the development firm announced Thursday. The building's tenants organized through the Tenant Opportunity to Purchase Act, and through their agreement with Banneker will retain a 20% stake in the property.

The apartments, built in 1977 and located at 3401 16th St. NW, will undergo immediate "critical building repairs," according to a press release. Banneker is also planning to construct additional units on the property in a later phase. City First Bank provided financing for the deal.


The Woodies Building, located at 1025 F St. NW and owned by Douglas Development

Design firm HGA signed a lease to move its D.C. headquarters to a 17K SF space in the Historic Woodies Building in Penn Quarter. The former department store at 1025 F St. NW, was acquired by Douglas Development in 1999 and redeveloped into a 405K SF office building with an additional 93K SF of retail.

HGA will maintain a presence in Old Town Alexandria when it moves into its new headquarters, which is expected in October 2023. Cushman & Wakefield’s Art Santry, Kurt Richter, Ned Goodwin and Matt Garcell represented the design firm, and CBRE’s Mark Klug, Carroll Cavanagh, Dimitri Hajimihalis and Emily Eppolito represented Douglas Development.


Bridge Investment Group has signed a 20K SF lease to bring woman-led consulting firm EnCompass LLC to Station Square in Silver Spring. The Metro-adjacent office complex located on Wayne Avenue has undergone a $5.5M update since Bridge acquired the property in 2018. New food options Java Nation and Adamo Pastry and Coffee are expected to open within the complex next year. EnCompass was represented by The Tenant Agency’s Mike Alcamo in negotiating its 11-year lease. Bridge was represented by Cushman & Wakefield’s Ben Powell.


A rendering of the proposed development at 2251 Sherman Ave. NW and 2047 Ninth St. NW

Howard University moved to add to its growing multifamily portfolio this week, signing a ground-lease deal with Lowe to develop a 525K SF property in Shaw. The deal — a 99-year lease for two parking lots at 2251 Sherman Ave. NW and 2047 Ninth St. NW in Shaw — allows Lowe and development partners FLGA and Davenport to construct up to 500 residential units and 27K SF of retail on the site.

USAA Real Estate is also partnering on the deal, for which JLL secured bridge financing from EagleBank. The developers are planning to start construction next fall and deliver the property in 2025. The deal joins a roster of properties Howard has pursued to drive revenue for the university through real estate development, Bisnow reported Tuesday.


Enterprise Community Development and nonprofit Fellowship Square are expected to join officials from the U.S. Department of Housing and Urban Development, Virginia Housing and Fairfax County to unveil Lake Anne House, a 240-unit low-income senior housing project in Reston, on Sept. 29. The property, which completed construction this summer, replaced a 1970s-era building that was out of compliance with American with Disabilities Act standards. With residents moved into the new building, the old Lake Anne Fellowship House it replaces will be demolished and sold, with the proceeds going toward bridge financing for the $86M project.


The IDI Group Cos., which has a portfolio of more than 14,000 multifamily homes in the D.C. area, announced a pair of steps forward on two Prince William County properties. Pre-leasing began at Viridium on the Occoquan, a 318-unit property jointly developed with PTM Partners at 1000 Annapolis Way in Woodbridge. The developers began construction on the property, which is the second phase of a development with 720 overall units, in the second quarter of 2021. Move-ins are scheduled to begin in November.

Meanwhile, the developer received zoning approval from Prince William’s County to pursue the 19-acre Riverside Station town center project in North Woodbridge at the intersection of U.S. Routes 1 and 123. The project is slated to include 970 housing units and at least 130K SF of nonresidential uses, including dining and retail, per a press release. IDI and development partner Boosalis Properties have also proffered the construction of a $4.7M pedestrian bridge that will connect the town center to the Woodbridge VRE Station.


The owner of the Embassy Suites by Hilton Washington D.C. Convention Center has completed a $30M renovation and plans to host a grand reopening Oct. 6. The renovations of the hotel at 900 10th St. NW include a refresh of its 388 two-room suites and its public spaces.

The hotel is owned by 1000 K LLC, an entity controlled by the International Union of Painters & Allied Trades Pension Fund. The hotel more than doubled the size of its gym, updated its 12K SF of events and meeting space and is unveiling a new on-site restaurant, Brickstones Kitchen & Bar. Renovations began last October.