Washington D.C.
District Picks Redbrick LMD-Gragg Cardona Team as Master Developer for Phase 1 of St. Elizabeths East Campus
In one of his final acts as mayor of Washington, D.C., Vincent Gray has selected the team of Redbrick LMD and Gragg Cardona to redevelop the first phase of the historic St. Elizabeths East Campus. The selection represents an important step forward for a project which could help transform one of the poorest sections of the nation’s capital.
Return of the King: NYC Takes Back Global Investment Crown from London
The results are in for AFIRE’s 23rd annual survey of foreign investors in real estate. Multi-family is in favor, though Washington, D.C., is slipping.
KBS REIT III Snaps Up Second Northern Virginia Property in a Month
KBS Real Estate Investment Trust III has acquired another property in Northern Virginia. The Newport Beach, Calif.-based real estate investment trust recently said it purchased 100% of the Class A voting units of Clarendon Owners, LLC, the owner and ground lessee of Arlington’s 3003 Washington Boulevard, for $149.1 million plus closing costs. KBS also plans to redeem the 125 outstanding Class B units this month.
GSA Seeks Developers for New FBI HQ
The U.S. General Services Administration is looking for a developer to erect a new headquarters facility for the Federal Bureau of Investigation.
New DC United Stadium to Open in 2017
D.C. is one step closer to getting a new soccer stadium. Last week, the D.C. Council approved the District of Columbia Soccer Stadium Act of 2014 in its second and final vote, green lighting the development of a new 20,000-25,000-seat stadium for D.C. United, in the District’s Buzzard Point neighborhood.
CBRE Global Investors Funds 631-Unit Apartment Community in Metro Area
The Residences at Springfield Station, a Class A apartment community in the Washington, D.C., metro area, is now under new ownership. A fund sponsored by CBRE Global Investors has recently acquired the property for an undisclosed price.
Joint Venture Buys Capitol Riverfront Office Building
Houston-based Lionstone Investments and London-based Hermes Real Estate have recently purchased a Class A office building in the District’s Capitol Riverfront submarket, for an undisclosed price. This is the $250 million joint venture’s first investment.
Cathedral Commons Adds Seven New Retailers
The Bozzuto Group announced on Monday the signing of seven new retail tenants for its brand new Cathedral Commons mixed-use development, on Wisconsin Avenue, in Washington, D.C.
BioMed Realty Sells Rockville Property to GI Partners for $322.5M
In one of the largest commercial real estate transactions of the year, in the Washington, D.C. area, BioMed Realty Trust, Inc. sold its biological manufacturing facility at 9911 Belward Campus Drive, Rockville, for $322.5 million or $1,112 per square foot. San Francisco-based GI Partners purchased the property.
TRIA Reauthorization Fails in Senate
Christmas has certainly not come early for the commercial real estate industry as the Senate closed up shop for the year without passing a TRIA extension.