Washington D.C.
Design Unveiled for Trump International Hotel in DC
Trump Hotel Collection has released its plan for the $200 million redevelopment of The Old Post Office in Washington, D.C., which will transform the iconic Pennsylvania Avenue landmark into the Trump International Hotel.
Balfour Beatty Construction Selected for George Mason University Student Housing Project
The George Mason University in Fairfax is growing and looking to become an active 24/7 campus. To help meet the continuing demand for undergraduate housing, the university has selected Balfour Beatty Construction to lead the design-build team for their new student housing facility, Shenandoah Housing VIIIB, also called Taylor Hall. Balfour Beatty Construction has worked on three other projects for George Mason University, including the construction of another housing facility.
Robust Suburbs Help Make Capital the Nation’s Tightest Office Market
The National Association of Realtors recently reported that the Washington, D.C. area currently has the lowest office vacancy rate in the nation. With a vacancy rate of 9.7%, Washington D.C. is just under New York City, with a 9.8% vacancy rate, Little Rock, Arkansas, 12.1%, and Birmingham, Alabama, 12.4%. Washington Property Company, a full-service commercial real estate company based in Bethesda, played its part in lowering the area’s office vacancy rate.
Panda Power Funds Plans to Build 859 MW Power Plant in Maryland
Panda Power Funds, a private equity firm headquartered in Dallas, plans to build, own and operate an 859-megawatt combined-cycle power plant in an industrial area of Brandywine, Maryland. Called Panda Mattawoman, the natural gas-fueled plant is expected to be one of the cleanest and most efficient in the nation.
The Woodley to Bring 212 Apartments in Northwest D.C. next March
In a July news story, CBS MonyWatch ranked apartment rents in the Washington, D.C. area as the fourth highest in the nation, behind San Francisco, New York and Boston but ahead of Los Angeles or Miami. And Marcus&Millichap reports that rents will continue to grow throughout the year. Bad news for renters but great news for developers such as the JBG Companies. The Chevy Chase-based private real estate development firm plans to bring 212 high-end units to Northwest Washington D.C.’s desirable Woodley Park neighborhood in March 2014.
Clarion Sells One Metro Center in DC to Jamestown for $307M
Clarion Partners has completed the sale of One Metro Center, a seven-story, 415,300-square-foot, trophy Class A building in the East End submarket of Washington, D.C., for $307 million to Jamestown Properties.
Silver Spring’s Shoppes of Burnt Mills Sold to Regency Centers in $13.6M Deal
Regency Centers Corporation has acquired the Shoppes of Burnt Mills. The Silver Spring shopping center traded for $13.6 million. Regency purchased the property from its developer, Bethesda-based Finmarc Management Inc., together with an undisclosed co-investment partner.
Eastdil Gets $100M in Financing for Meridian’s Purchase of 3 Class A Office Towers
Eastdil Secured arranged more than $100 million in financing for The Meridian Group’s acquisition of three Class A office towers owned by Science Applications International Corp. in the Northern Virginia submarket of Tysons Corner.
D.C.’s Washington Harbour Sells to South Korean Investors
D.C.’s Washington Harbour has a new owner. Principal Real Estate Investors acquired the asset for a consortium of South Korean investors advised by Simone Investment. Holliday Fenoglio Fowler represented the seller, a joint venture between Rockpoint Group and MRP Realty, and announced the closing of the sale on July 22.
700-Unit Apartment Building to Be Largest in Pentagon City
The Arlington County Board recently approved phases four and five of the Metropolitan Park project. It calls for the redevelopment of an existing warehouse site into the single largest residential and retail high-rise in Pentagon City.