Washington D.C.
Montgomery County Council Approves Zoning for Clarksburg Premium Outlets at Cabin Branch
A large retail development in Clarksburg, Md., has taken another important step towards it becoming a reality. On Tuesday, February 4th, the Montgomery County Council voted almost unanimously to support the development of Clarksburg Premium Outlets at Cabin Branch. It will be the county’s first fashion outlet center. Eight council members were for the project, while one abstained.
Harrison Street Awards C&W 1.5 MSF, $500M Med Office Portfolio
Harrison Street Real Estate Capital has chosen Cushman & Wakefield as the exclusive property management contract for its $500 million¸1.5 million-square-foot medical office portfolio.
Resmark to Bring Luxury Condos to Washington Area
The Resmark Companies is working hard to bring luxury condos to the Washington D.C. area. The Los Angeles- based full-service real estate investment advisor has partnered with two local developers to develop two different projects in downtown Bethesda and the desirable Dupont Circle neighborhood.
Lerner Starts Vertical Construction of State-of-the-Art Office Tower in Tysons Corner
Lerner Enterprises announced last week it started construction on 1775 Tysons Boulevard, an 18-story state-of-the-art office tower in Tysons Corner. The project is expected to be completed in late 2015. It will be the fifth premier office tower within The Corporate Office Centre at Tysons II master planned development.
Two More D.C.-Area Office Properties Change Hands
Office properties in the Washington, D.C. area continue to attract interest from investors. Last week, I wrote about the acquisition of the Thurman Arnold Building by a MetLife Inc. and Norges Bank Investment Management joint venture, in the first major commercial real estate sale of the year. Two more office buildings have since then changed hands.
DC’s L’Enfant Plaza Hotel to Undergo Renovation after Acquisition by Hotel Group
The new owners of the L’Enfant Plaza Hotel, an iconic luxury hotel in Washington, D.C., said this week the 372-key property is closed and will be undergoing a major renovation, expected to be completed sometime next year.
MetLife, Norges Bank Buy D.C. Trophy Office Building in First Major Transaction of 2014
A month after announcing the birth of their joint venture, MetLife, Inc. and Norges Bank Investment Management (NBIM), a Norwegian pension fund manager, have made public the names of their second and third investments. One of the properties is located in downtown Washington, D.C. and is one of the city’s largest office buildings.
Georgetown’s Montrose Residences More Than 50% Pre-Sold
In spite of the booming apartment construction in the Washington, D.C., metro area, the condo market is tight, with just nine-and-a-half months of new inventory available in the region, on average, according to Marcus & Millichap Real Estate Investment Services. The demand to own condos in the market is high and growing. That’s why a historic building in the heart of Washington, D.C.’s Georgetown neighborhood is already more than 50 percent pre-sold, months before the completion of its renovation.
Cassidy Turley Arranges $100M in Financing for 440 KSF Office Complex in Suburban DC
A cool $100 million in financing has been arranged for National Gateway I and II, twin office properties totaling 437,400-square feet in Arlington, Va.
Tishman Speyer Grabs 153 KSF DC Office Building
Tishman Speyer has bought is 2000 K St., N.W., an eight story, 153,212-square-foot corner office property located in Washington’s Central Business District.