Washington D.C.

Local real estate company MRP Realty has formed a joint venture with Rockpoint Group, LLC, a real estate private equity firm based in Boston, to purchase an office property in the East End submarket of Washington, D.C. The two companies announced on Monday, August 4, the acquisition of 1333 H Street from Miller Global Properties, LLC. The seller was represented by HFF.

Residents of Northern Virginia are celebrating. Last week, they witnessed the opening of two important developments expected to transform the area: the first phase of Macerich’s expansion at Tysons Corner Center, and the Silver Line.

The JBG Companies and JBGR Retail have sold phase one of the Tysons West mixed-use development. LaSalle Investment Management acquired the property on behalf of a separate account client. Eastdil Secured brokered the sale but the price of the transaction was not disclosed.

Donald Trump and The Trump Organization have finally broken ground last week on the redevelopment of The Old Post Office, in Washington, D.C. The $200 million project will transform the iconic Pennsylvania Avenue landmark into the new Trump International Hotel.

Principal Real Estate Investors is expanding its portfolio of properties on the East Cost. The Des Moines-based company paid $75 million to acquire The Swift Apartments, a new Class A multifamily community in Washington, D.C.’s Petworth neighborhood.

The Corporate Executive Board is moving its global headquarters to Rosslyn. On Monday, July 21, CEB announced that, after months of negotiations, it has signed an agreement with the JBG Companies for 350,000 square feet of space at the new Central Place development. The move, however, will take place in 2018.

The Washington, D.C, office market continues to heat up. At the start of the month, First Potomac Realty Trust paid $41 million for the Class A office building at 1775 Wiehle Ave., in Reston. Just days later, Finmarc Management Inc. announced the $31.5 million acquisition of a two-building office portfolio in Alexandria. Now, three more office properties in the Washington, D.C. area have changed hands.

The U.S. General Services Administration, on behalf of the U.S. Department of Defense, has recently renewed its lease for 606,575 square feet of space at Hoffman Tower II, in Alexandria’s urban center. The transaction represents the largest lease signed in the D.C. area this past year.

At the start of July, a 1.8-acre site in the Spring Hill Station mixed-use project, in Tysons Corner, changed hands for an undisclosed amount. The buyer was GDM Spring Hill Station LLC, a joint venture between The Georgelas Group Cos., T-Rex Capital Group LLC and Dierman Realty Group LLC. Shortly after the acquisition, the joint venture sold a portion of the parcel to Greystar, a South Carolina developer with big plans in the area.