Last Night at Trendlines
Is commercial real estate taking a page from the Redskins? At the Reagan Building last night for Transwestern's 17th annual Trendlines, we learned that succeeding in today's market may require a new playbook. (Just as long as it doesn't involve a new football coach.)
In front of 1,000 (wait, maybe it was a soccer game), Delta Associates CEO Greg Leisch (second from right) said big opportunities exist for owners in DC despite real estate's sluggishness. Greg's suggested playbook includes transforming obsolete assets, investing more in asset performance, and financing while rates are still low. Oh, and those guys with the hardware? Public sector nominee and Capitol Riverfront BID prez Michael Stevens and private sector honorees and StonebridgeCarras founders Doug Firstenberg and George Carras. With them: Transwestern's Eric Mockler, Keith Foery, and Phil McCarthy.
We snapped Spartin Planning's Anne Planning and Boston Properties' Jon Kaylor in the Reagan atrium. Two more opportunities, according to Greg: the new two-year budget approved by Congress in December finally gives the region some certainty with which to operate, as well as a national economy Delta expects to keep improving after a strong 2013. Back to these two pictured: Anne tells us she's done legal work on lots of Boston Properties' projects, including Market Square North, 901 New York Ave, 2200 Penn, and Reston Town Center.
Also in the atrium, we caught up with architect Bob Fox and Brookfield's Dave Bevirt, who tells us he's excited for his firm's upcoming revamp of 2001 M.
Easterly Partners managing director (and former public buildings commish) Joe Moravec, Transwestern's Jim Millard (down from NYC), and Ed Rynne of the Smithsonian Institution, who tells us the renovation is finishing up at the Arts & Industries Building. (How can they tell what's construction and what's just an exhibit on the construction industry?)
The gang from Bozzuto: Eric Fenton, Tess Guinn, and Mark Franceski. Eric and Tess are on the development side (Eric on the firm's Reston Station project, currently in the design phase, Tess on the soon-to-deliver Cadence at Crown in Gaithersburg), while Mark serves as director of research.
PNC Realty Investors' Clay Flanagan, Allison Prescott, and Andrew Rosti help manage the AFL-CIO's Building Investment Trust, which a few years back (with Trammell Crow) bought 400 6th Street SW, a vintage office building that was torn down and is being turned in to a new 470k SF property.