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Preview: Washington Commercial Real Estate News From CoStar Group

Washington Commercial Real Estate News From CoStar Group

CoStar Group, Inc. is the leading provider of information services to commercial real estate property investors and sales professionals in the United States and United Kingdom. CoStar's suite of services offers access to the most comprehensive database of


WeWork Takes Top Three Floors at 777 Sixth St. NW

Tue, 20 Mar 2018 09:18:02 GMT

WeWork is set to open its 11th location in the Washington, D.C. area and its second in Chinatown after the collaborative workspace provider out of New York City finalized a deal with Bentall Kennedy to take the top three floors at 777 6th St. in East End. WeWork, which also operates a location out of 718 7th St., will offer 900 desks in 54,277 square feet at the 11-story, 187,937-square-foot office building located a half-block up the street...

Perseus TDC Begins Conversion of Former DoD Bldg. to High-End Multifamily and Retail

Tue, 20 Mar 2018 07:49:05 GMT

Perseus TDC is underway on the redevelopment of a massive 615,000-square-foot office complex in Alexandria, VA, into luxury multifamily and retail. Partnering with Washington, D.C.-based developer Four Points LLC, the Transwestern Development Co. affiliate today confirmed it has kicked off the conversion of the 12-story concrete block at 200 Stovall St. into what will become a high-end mixed-use project featuring 520 apartments and 25,000 square...

ReadyCap Securitizes $164.96 Million of CRE Loans

Tue, 20 Mar 2018 06:15:36 GMT

ReadyCap Commercial LLC, an Irving, TX-based lender specializing in small-balance commercial real estate loans, securitized $164.96 million of newly originated first-lien, fixed rate CRE loans. Ready Capital Mortgage Trust 2018-4 is backed by 50 fixed-rate assets, including 47 whole mortgage loans and three senior participation interests in whole mortgage loans, each secured by first liens on 54 commercial and multifamily properties. According...

Walker & Dunlop to Acquire Denver-Based JCR

Thu, 15 Mar 2018 03:06:05 GMT

Bethesda, MD-based commercial real estate and finance giant Walker & Dunlop (NYSE: WD) has entered into an agreement to acquire Denver’s JCR Capital for an undisclosed sum. JCR is a real estate private equity firm with clients throughout the U.S. and more than $800 million in assets under management. The company invests in joint venture equity, mezzanine debt and transitional first-trust loans, and in 2017 closed more than $300 million in debt...

UK's NW1 Partners Forms Washington DC Retail Venture

Wed, 14 Mar 2018 03:40:25 GMT

David Boyle, Managing Partner at NW1 Partners. (Credit: NW1 Partners) London-based NW1 Partners has closed fundraising for a new venture that plans to invest in Washington DC retail real estate. NW1 Washington DC Urban Retail Venture, which is targeting $175 million in total investments, said it is assembling a portfolio of urban retail assets in several suburban markets. The investment firm has partnered with Martin-Diamond Properties (MDP)...

298-Room Reston Sheraton Trades in Latest D.C.-Area Hotel Deal

Wed, 14 Mar 2018 01:43:39 GMT

Another hotel has traded hands in Northern Virginia, the latest deal to close in the suddenly lively D.C.-area hospitality sector. Less than a month after the sale of Westin Tysons Corner and Hyatt Centric Arlington, DoveHill Capital Management and Wurzak Hotel Group completed a deal with JBG Smith to acquire the 298-room Sheraton Reston for $27 million, or nearly $90,000 per room. Wurzak will manage the hotel on behalf of the new owners. The...

After Weighing Move to D.C., MicroStrategy Elects to Keep HQ in Tysons Corner

Mon, 12 Mar 2018 08:53:10 GMT

MicroStrategy (NASDAQ: MSTR) is staying in Tysons Corner after the business intelligence leader reached a deal to extend its 213,000-square-foot headquarters lease at 1850 Towers Crescent Plaza in Vienna, VA. Based in the Tysons Corner area since 1994, the enterprise analytics and mobility software provider had been eyeing potential locations across the Potomac in Washington, D.C. for its corporate offices before electing to stay at its longtime...

Johnson Appointed EVP, CFO at DiamondRock Hospitality

Mon, 12 Mar 2018 01:02:21 GMT

Jay Johnson has made the jump from one leading Bethesda, MD-based hospitality REIT to another after the former senior vice president and treasurer of Host Hotels & Resorts (NYSE: HST) accepted an offer to join DiamondRock Hospitality Co. (NYSE: DRH) as its new executive vice president and CFO. Johnson spent the last eight years with Host Hotels & Resorts, joining the firm in 2000 as senior director of corporate finance before working his way up...

FCP Taps Ward to Help Drive Southeast Expansion

Fri, 09 Mar 2018 07:27:07 GMT

Federal Capital Partners (FCP) has promoted Jason Ward to senior vice president of the firm's Southeast regional team. The appointment comes as FCP looks to expand its investment holdings in the Carolinas, Atlanta and Nashville, where Ward will source multifamily development and office investment opportunities. Currently, FCP owns 23 multifamily properties totaling 8,849 units, and six commercial office properties totaling 1.2 million square...

EastBanc to Develop 176-Unit Apt. Bldg. Next to Scottish Rite Center

Fri, 09 Mar 2018 06:16:28 GMT

A former surface parking lot next to the Scottish Rite Center in downtown Washington, D.C. is being repositioned for apartments. Local real estate development company Eastbanc will break ground in early 2019 on the 176-unit multifamily building set to go vertical at 2800 16th St. NW. The company secured $96 million in joint ventury equity with Mitsui Fudosan America for the development, which is projected to come in at an overall cost of $110...

Sotherly Hotels Completes $80 Million Purchase of Hyatt Centric Arlington

Thu, 08 Mar 2018 01:58:21 GMT

Sotherly Hotels (NASDAQ: SOHO) has closed on its previously announced purchase of the Hyatt Centric Arlington, paying $79.7 million, or roughly $251,000 per key, for the Rosslyn hotel. The national hospitality company out of Williamsburg, VA entered into a purchase agreement with Fortress Investment Group back in December to acquire the 318-room hotel for $81 million. Less than a month later, the original agreement was amended to include a $1.3...

Northstar Commercial Partners to Build $100 Million Data Center in Northern Virginia

Thu, 08 Mar 2018 01:05:26 GMT

A Denver-based real estate company has been chosen to develop and own a $100 million data center project in northern Virginia for one of the biggest companies in the U.S. Northstar Commercial Partners will build 400,000 square feet in two buildings that are 100 percent pre-leased. The name of the tenant has not been disclosed, but Northstar said that it was a high-profile Fortune 20 company. That group includes Apple and Amazon, both of which...

Hall Joins JLL Capital Markets as EVP

Wed, 07 Mar 2018 10:35:14 GMT

JLL Capital Markets has hired Tim Hall as executive vice president within the firm's national corporate finance net lease practice. Based in the firm's Washington, D.C. office, Hall will specialize in sale-leasebacks for corporations and private equity investors, as well as large-scale single-tenant net leases. He will report to Blake Lacher, managing director. Hall comes to JLL from HFF, where he spent the last six years working on single-tenant...