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30YEA
RS
Greater Washington Commercial Association of Realtors®
THANK YOU
WE WOULD LIKE TO THANK THE FOLLOWING BEACON CAPITAL PARTNERS VIP MEMBERS FOR THEIR CONTRIBUTIONS TO OUR VIRGINIA PORTFOLIO IN 2011.
WE TRULY VALUE YOUR PARTNERSHIP AND LOOK FORWARD TO ANOTHER SUCCESSFUL YEAR OF LEASING.
THIS PROGRAM WAS DEVELOPED AND PRODUCED BY CASSIDY TURLEY ON BEHALF OF BEACON CAPITAL PARTNERS.
THE BEACON VIP PROGRAM WILL CONCLUDE IN 2014.
TO LEARN MORE ABOUT THE BEACON VIP PROGRAM PLEASE VISIT WWW.BEACONVIP.COM
AMR COMMERCIAL
Jack Alexander Mark Rittenberg
DONOHOE REAL ESTATE SERVICES
Charles MatincheckKay Patterson
DIVERSIFIED REAL ESTATE
Duane Ellis
CRESA PARTNERS
Aaron BerkeyMatthew WardSteven Schaumberg
JONES LANG LASALLE
Barton Drummond Jay FarmerJeff GrohJosh KurstinKelly McBrideKenneth PattonMichael BlyuminRobb JohnsonRobert AndersonRobert CopitoStephen PerkinsSteven Ranck
MCBRIDE CORPORATE REAL ESTATE
Todd Sherbacow
NAI KLNB
Donald Mercer
CBRE
Brad Davis John KerrMeredith LaPier Tom Cleaver
GRUBB & ELLIS
Susan Sonely
CUSHMAN & WAKEFIELD
Dean StilesJohn HenschelJude Collins
USI REAL ESTATE ADVISORS
Patrick McCambridgeUGL EQUIS
Mary Catherine Williams
AVISON YOUNG
Mike Shuler Nate Krill
NEWMARK KNIGHT FRANK
Bill ZonghettiBrian Wood
STUDLEY
David LipsonMark Roberts
SIMPSON COMMERCIAL REAL ESTATE SERVICES
Fred Zamer
COLLIERS INTERNATIONAL
Warren AmasonCharles Dilks
April 19 | 2012 - Bisnow Commemorative Edition | 01
P R ES I D E N T ’ S W E LC O M E
2011 Commercial AwardsGreater Washington Commercial Association of Realtors®
Moe Hamilton2012 GWCAR President
In keeping with our long standing tradition, The Greater Washington Commercial Association of REALTORS® (GWCAR) is pleased to honor tonight the best in our industry and to celebrate the many accomplishments in our region’s commercial real estate industry over the past year. Not only do we recognize many of the largest transactions and outstanding firms, but we also acknowledge many of the individual brokers who were integral in
making these transactions a reality within our community. The level of hard work, persistence, and creativity each of these
individuals brings to the table, often with their own unique sense of style and diligence, helps to highlight the high degree of professionalism that makes our association more dynamic and vibrant every year.
Again this year we are also recognizing many of our other industry affiliates that serve our common clients with a degree of excellence that deserves recognition as well from our GWCAR members. Nominated by the industry’s leading brokers and our members, this distinction is a true honor and we are pleased to acknowledge their contribution to our combined success.
We also continue to recognize individuals within our industry who challenge us to work within our profession with the utmost respect for our fellow colleagues and to “raise the bar” in our daily lives, not only within our business environment but within our community.
We are proud to thus also recognize our 2011 Brendan McCarthy Memorial Award winner- Suzanne Keech. Suzanne, who was affiliated with the Washington, DC office of Studley, passed away last year and left a void within both our business and service communities. Suzanne was a “tireless advocate” for GWCAR having been a board member, and a special individual who gave much of her time within the community as well; she will be missed. We are pleased to say that a donation from this year’s Awards Dinner will be made in her honor to the Higher Achievement Program, an organization dear to her heart.
It is also with great pride that we celebrate tonight the 30th anniversary of the GWCAR Awards Dinner, a true milestone within both our industry and association. As the 2012 GWCAR President, please join me in celebrating this milestone and in congratulating tonight’s honorees, many of whom are profiled on the following pages. On behalf of GWCAR we salute you all and our association is honored to serve you as we continue to help shape the future of the Washington, DC metropolitan area commercial real estate community.
Best Regards,
Moe Hamilton2012 GWCAR President
CUSHMAN & WAKEFIELD
THANK YOU
WE WOULD LIKE TO THANK THE FOLLOWING BEACON CAPITAL PARTNERS VIP MEMBERS FOR THEIR CONTRIBUTIONS TO OUR VIRGINIA PORTFOLIO IN 2011.
WE TRULY VALUE YOUR PARTNERSHIP AND LOOK FORWARD TO ANOTHER SUCCESSFUL YEAR OF LEASING.
THIS PROGRAM WAS DEVELOPED AND PRODUCED BY CASSIDY TURLEY ON BEHALF OF BEACON CAPITAL PARTNERS.
THE BEACON VIP PROGRAM WILL CONCLUDE IN 2014.
TO LEARN MORE ABOUT THE BEACON VIP PROGRAM PLEASE VISIT WWW.BEACONVIP.COM
AMR COMMERCIAL
Jack Alexander Mark Rittenberg
DONOHOE REAL ESTATE SERVICES
Charles MatincheckKay Patterson
DIVERSIFIED REAL ESTATE
Duane Ellis
CRESA PARTNERS
Aaron BerkeyMatthew WardSteven Schaumberg
JONES LANG LASALLE
Barton Drummond Jay FarmerJeff GrohJosh KurstinKelly McBrideKenneth PattonMichael BlyuminRobb JohnsonRobert AndersonRobert CopitoStephen PerkinsSteven Ranck
MCBRIDE CORPORATE REAL ESTATE
Todd Sherbacow
NAI KLNB
Donald Mercer
CBRE
Brad Davis John KerrMeredith LaPier Tom Cleaver
GRUBB & ELLIS
Susan Sonely
CUSHMAN & WAKEFIELD
Dean StilesJohn HenschelJude Collins
USI REAL ESTATE ADVISORS
Patrick McCambridgeUGL EQUIS
Mary Catherine Williams
AVISON YOUNG
Mike Shuler Nate Krill
NEWMARK KNIGHT FRANK
Bill ZonghettiBrian Wood
STUDLEY
David LipsonMark Roberts
SIMPSON COMMERCIAL REAL ESTATE SERVICES
Fred Zamer
COLLIERS INTERNATIONAL
Warren AmasonCharles Dilks
April 19 | 2012 - Bisnow Commemorative Edition | 03
B R E N D A N M C C A R T H Y AWA R D W I N N E R
William “Bill” Collins
Cassidy Turley
2011 GWCAR COMMERCIAL AWARDS
P L AT I N U M S P O N S O R S :
B O G N E T C O N S T R U C T I O N
W A S H I N G T O N W O R K P L A C E
G O L D S P O N S O R S :
C O S TA R G R O U P, I N C .
C U S H M A N & W A K E F I E L D
T I S H M A N S P E Y E R
V O R N A D O / C H A R L E S E . S M I T H
S I LV E R S P O N S O R S :
A K R I D G E
B R O O K F I E L D
C A S S I D Y T U R L E Y
F I R S T P O T O M A C
C O C K TA I L S P O N S O R :
C R E S A W A S H I N G T O N , D C
B R O N Z E S P O N S O R S :
C O O L E Y L L P
D AV I S C O N S T R U C T I O N
S T U D L E Y R E A L E S TAT E A D V I S O R S
S P O N S O R S
A R C H I T E C T U R E F I R MB U R N S & A S S O C I AT E S
C O N S T R U C T I O N C O N T R A C T O RH I T T C O N T R A C T I N G I N C
D E V E L O P E RT H E J B G C O M P A N I E S
F U R N I T U R E V E N D O RW A S H I N G T O N W O R K P L A C E
L A N D L O R DV O R N A D O / C H A R L E S E . S M I T H
L AW F I R MA R N O L D & P O R T E R
M O V I N G C O M PA N YJ K M O V I N G A N D S T O R A G E
P R O J E C T O F T H E Y E A R2 2 0 0 P E N N S Y LVA N I A
AV E N U E , N W B O S T O N P R O P E R T I E S
B E S T I N I N D U S T R Y
Last November the GW-CAR family mourned the loss of GWCAR Board Member Su-zanne Keech, who passed away from
cancer on November 7. Suzanne was a remarkably warm and vi-brant person who attacked life’s trials, toils, and pleasures with a gusto and resolution that made her a beloved friend to many, a brilliant achiever in educa-tion, and a formidable talent in her profession. When she was 7, Suzanne was diagnosed with Wilms tumor, a rare childhood kidney cancer, which she over-came. After graduating from Garrison Forest School in 1983, she earned a bachelor’s degree in 1987 from Barnard College, where she was a member of Phi Beta Kappa.
Suzanne began her business career at MetLife in New York City, where she worked as project and leasing director while earning her MBA from Columbia University. During her tenure at MetLife, she was responsible for the entire redevelopment process — from devising the strategic plan to negotiating leases — of the $430 million, 2.2 million-square-
foot redevelopment of Eleven Madison, a New York retail center.
Since 1999, Suzanne had worked in the Washington office of Studley. At the time of her death, she was corporate managing director. She was a rising star in the company and won numerous awards and recognition. “While she was very competitive, no one in the industry would ever, ever say a negative word about Suzanne. She had grace and dignity, and was successful by being nice. She was genuine and caring,” said Lois A. Zambo, vice chairman of the company and manager of the Washington branch office.
Suzanne was actively in-volved with Higher Achievement, a Washington-based organiza-tion that mentors underprivi-leged middle-school students and helps get them into and through “top-notch” schools.
Tom Fulcher, executive vice president of Studley comment-ed, “Suzanne was a remarkable and vibrant presence in our of-fice and we will miss her dearly. She was an asset to Studley, her clients, and, what was very important to her, to the com-munity.”
Suzanne Keech
October 20, 1965 - November 7, 2011 Studley Inc.
B R O K E R O F T H E Y E A R AWA R D W I N N E R
Bill Collins is a member of the Board of Directors at Cassidy Turley. He has more than 25 years of commercial real estate experience focused primar-ily in the sale of commercial real estate office buildings and land in the Washington metro-
politan area. Bill works actively with institutional owners in the consultation and disposition of their real estate assets. During the past seven years, he has successfully completed more than $16 billion in investment property sales.
TRANSWESTERNMid-Atlantic
CONGRATULATIONSto Transwestern’s2011 GWCAR Award Winners
Gerry TrainorTop 10 Sales Award – Regional #3Top 10 Sales Award – Virginia #1Top 10 Sales Award – Washington, DC #4Top 10 Sales Award – Maryland #6
PhilliP MccarThy & KeiTh FoeryTop 10 Leasing Award – Maryland #3
MulTi-Million Dollar leasinG clubKeith Foery Joe MichelTom Hilley Mark RichardsonPhillip McCarthy Scott Russi
MulTi-Million Dollar sales clubGerry Trainor
SUBURBAN MARYLAND301.571.0900
WASHINGTON, D.C.202.775.7000
BALTIMORE-WASHINGTON CORRIDOR301.621.8800
NORTHERN VIRGINIA703.821.0040
www.transwestern.net
Agency Leasing | Property and Facility Management | Investment Services | Tenant Advisory | Development | Research
G R E A T E R washingtonc o m m e r c i a la s s o c i at i o nof realtors®
April 19 | 2012 - Bisnow Commemorative Edition | 05
2011 GWCAR COMMERCIAL AWARDSL E A S I N G A G E N T S O F T H E Y E A R
( P R I VAT E S E C T O R )
What contributed to your success in this challenging year? Focus, determination, hard work, and excellent teamwork from my clients and colleagues contributed to my success.What will be the biggest factors affecting the regional market in 2012 and beyond? Because the region’s private sector has a high intercon-nection with the Federal Government, GSA’s cost cutting and efficiency measures will impact the regional market along with the upcoming November 2012 elections and resulting new legislation. Other major factors will be the level of improvement in the US and global econo-mies and overall business confidence levels.Anyone you would like to thank? I am thank-ful to God, my clients, colleagues and support-ive friends and family.
Andrea Reid, President AXIS REALTY ADVISORS
J. Andrew MastersManaging Director
JONES LANG LASALLE
Age: 56Hometown: Bethesda, MarylandAlma Mater: Boston University
Years in real estate: 32Years with current firm: 2
What contributed to your success in this chal-lenging year? Loyal clients and great partners at Jones Lang LaSalle. What will be the biggest factors affecting the regional market in 2012 and beyond? FASBI and election cycle.
Age: 51Hometown: Plymouth Meeting, PAAlma Mater: Boston University (Undergraduate); John Hopkins University (Graduate)Years in real estate: 26 Years with current firm: 12
D C
What contributed to your success in this challenging year? Focus, determination, hard work, and excellent teamwork from my clients and colleagues contributed to my success.What will be the biggest factors affecting the regional market in 2012 and beyond? Because the region’s private sector has a high interconnection with the Federal Government, GSA’s cost cutting and efficiency measures will impact the regional market along with the upcoming November 2012 elections and resulting new legislation. Other major factors will be the level of improvement in the US and global economies and overall business confidence levels.Anyone you would like to thank? I am thank-ful to God, my clients, colleagues and support-ive friends and family.
Andrea Reid, President AXIS REALTY ADVISORS
Age: 51Hometown: Plymouth Meeting, PAAlma Mater: Boston University (Undergraduate); John Hopkins University (Graduate)Years in real estate: 26 Years with current firm: 12
R E G I O N A L
Age: 41Hometown: Chatham, NJAlma Mater: Fordham UniversityYears in real estate: 13 Years with current firm: 13
D E V E L O P E R / L A N D L O R D A G E N T O F T H E Y E A R
What contributed to your success in this challenging year? Great Vornado Team effort.What will be the biggest factors affecting the regional market in 2012 and beyond? Business confidence & the economy.Anyone you would like to thank?My family, the Vornado team & the brokerage community.
Matthew T. Gannon Managing DirectorDC Leasing VORNADO / CHARLES E. SMITH
R E G I O N A L ( C O - W I N N E R )M A R Y L A N D
Louis ChristopherVice ChairmanCB RICHARD ELLIS
Age: 46Hometown: Bethesda, MDAlma Mater: Denison UniversityYears in real estate: 24 Years with current firm: 3 months
V I R G I N I A
What contributed to your success in this challenging year? An occupier-only practice representing a diverse client base of corpora-tions and law firms with real estate portfolios in the Greater Washington region and nation-ally. And some very good luck.What will be the biggest factors affecting the regional market in 2012 and beyond? Obvi-ously Government spending. Maybe less obvi-ous -the many lessons learned by the public and private sectors over the challenging last four years. For example, occupiers are com-mencing a major change in the way they use space. We will move to highly consolidated and collaborative workplace solutions. Over time, mobility and generational shifts will al-low corporations to increase headcount…..but not space. Anyone you would like to thank? My wife- Stacie; My clients, My mentors- Brendan Mc-Carthy, John C. Cushman III, and my Dad; and two exceptional colleagues- Jordan Brainard O’Neil and Liz Foley
LEASING AGENT OF THE YEAR (GOVERNMENT SECTOR)
R E G I O N A L
Age: 40Hometown: Washington, DCAlma Mater: Cal PolyYears in real estate: 17Years with current firm: 17
Darian A. LeBlanc Executive Managing Director CASSIDY TURLEY
What contributed to your success in this challenging year? The unwavering support and patience of my clients through a very challenging year.What will be the biggest factors affecting the regional market in 2012 and beyond? As a government guy, I have to say it’s the 2012 presidential/congressional elections and the continuing evolution in the role of the federal government in commercial real estate.Anyone you would like to thank? Big shout out to my amazing family and to everyone at Cassidy Turley.
Special toastJones Lang LaSalle wishes to congratulate our real estate colleagues around the region for their significant contributions past and present. We are exceptionally proud to recognize our own team members’ wins and honors this year.
Leasing | Management | Investment | Sales | Finance | Consultancy | Tenant Representation +1 202 719 5000Washington, D.C. | Virginia | Marylandwww.us.joneslanglasalle.com/dc
© 2012 Jones Lang LaSalle IP, Inc. All rights reserved.
April 19 | 2012 - Bisnow Commemorative Edition | 07
Joseph Donato Executive Vice PresidentCB RICHARD ELLIS
R E G I O N A L ( C O - W I N N E R )
R E G I O N A L ( C O - W I N N E R )
Anyone you would like to thank? We would like to thank our clients, investors, lenders and colleagues for contributing to our success.
What contributed to your success in this challenging year? A great teamWhat will be the biggest factors affecting the regional market in 2012 and beyond? Perception about what’s happening with the federal government. Anyone you would like to thank? Everyone in the firm.Maury E. Zanoff
EVP CB RICHARD ELLIS
Al Cissel Managing DirectorCapital MarketsJONES LANG LASALLE
Scott MelnickManaging Director- Capital MarketsJONES LANG LASALLE
M A R Y L A N D ( C O - W I N N E R )
M A R Y L A N D ( C O - W I N N E R )
V I R G I N I A
SALES AGENTS OF THE YEAR
FINANCE AGENT OF THE YEAR
Paul Collins Executive Managing DirectorCASSIDY TURLEY
D C ( C O - W I N N E R )
What contributed to your success in this challenging year? Great partners and team-mates. What will be the biggest factors affecting the regional market in 2012 and beyond? Continued government spending in DC. Anyone you would like to thank? Our whole staff. They are the smartest, hardest working people in the business.
2011 GWCAR COMMERCIAL AWARDS
Age: 41Hometown: Clifton Park, NYAlma Mater: SUNY Oneonta, Johns Hopkins UniversityYears in real estate: 19Years with current firm: 12
William “Bill” Collins Executive Managing Director CASSIDY TURLEY
D C ( C O - W I N N E R )
Age: 56Hometown: Washington, DCAlma Mater: University of Maryland - College ParkYears in real estate: 29Years with current firm: 29
Age: 56Hometown: Silver Spring, MDAlma Mater: University of Maryland - College ParkYears in real estate: 30Years with current firm: 2
Gerald TrainorExecutive Managing DirectorTRANSWESTERN
Age: 49Hometown: Springfield, VAAlma Mater: Carnegie MellonYears in real estate: 23Years with current firm: 13
Age: 55Hometown: Bethesda, MDAlma Mater:NYU/Ithaca CollegeYears in real estate: 27Years with current firm: 2
Age: 40Hometown: Washington, DCAlma Mater: Georgetown UniversityYears in real estate: 19Years with current firm: 10
Age: 50Hometown: Washington, DCAlma Mater: University of MarylandYears in real estate: 25Years with current firm: 22
What contributed to your success in this challenging year? Al Cissel and I switched our team to Jones Lang LaSalle in 2010, which positioned us to offer clients a great platform that helped make 2011 successful.What will be the biggest factors affect-ing the regional market in 2012 and be-yond? Concerns about reduced job growth in DC have already showed signs of slowing some multifamily investor’s enthusiasm, how-ever strong rent growth and lack of new sup-ply should make 2012 as vibrant as 2011. Anyone you would like to thank? Our fami-lies for supporting the 24/7 schedule required to service our clients - and our team of 12 for working long hours.
Hometown: Bethesda, MarylandAlma Mater: University of MarylandYears in real estate: 25Years with current firm: 18
R E G I O N A L ( C O - W I N N E R )
What contributed to your success in this challenging year? Outstanding resources provided by a dedicated and talented team at Vornado. Strong company with an es-tablished portfolio of great buildings. Solid relationships and commitment from tenant brokers. What will be the biggest factors affecting the regional market in 2012 and beyond? Job growth, the election outcome, government expansion and our confidence in the future.Anyone you would like to thank? Mitchell Schear, Matt Gannon, Brendan Owen, Jim Creedon, Amanda Garcia and my late hus-band, Cliff Northup, for their fantastic support.
Sandy MichaelsManaging DirectorLeasing VORNADO / CHARLES E. SMITH
What contributed to your success in this challenging year? The move to JLL with a great platform, a good business partner, an expanded, hardworking focused team, and fantastic clients.What will be the biggest factors affect-ing the regional market in 2012 and be-yond? Employment growth, the election, economic conditions both Regional and Glob-al, product supply and demand, and the cost of debt and equity. Anyone you would like to thank? My partner, our dedicated team, JLL for the platform and foresight, and my family for putting up with the crazy hours.
Cassidy Turley congratulates tonight’s GWCAR Award honorees and wishes them continued success.
Discover Success.
Discover Cassidy Turley.www.cassidyturley.com
2011 GWCAR COMMERCIAL AWARDS
William “Bill” Collins Executive Managing Director CASSIDY TURLEY
R E G I O N A L ( C O - W I N N E R )
Age: 56Hometown: Washington, DCAlma Mater: University of Maryland - College ParkYears in real estate: 29Years with current firm: 29
David DochterSenior Director – Retail ServiceCUSHMAN & WAKEFIELD
RETAIL AGENT OF THE YEAR
R E G I O N A L ( C O - W I N N E R )
What contributed to your success in this challenging year? A focused effort on provid-ing the best service and creative solutions for our clients.What will be the biggest factors affect-ing the regional market in 2012 and be-yond? The overall economy is obviously in question but as it relates to retail it will be consumer confidence.Anyone you would like to thank? Our clients for their continued trust and confidence in our ability to execute.
Age: 32Hometown: MarylandAlma Mater: Towson University /Johns Hopkins (Graduate)Years in real estate: 12Years with current firm: 7
Matt AlexanderSenior Director – Retail ServiceCUSHMAN & WAKEFIELD
R E G I O N A L ( C O - W I N N E R )
Age: 36Hometown: MarylandAlma Mater: DelawareYears in real estate: 14Years with current firm: 3
What contributed to your success in this challenging year? A focused effort on provid-ing the best service and creative solutions for our clients.What will be the biggest factors affect-ing the regional market in 2012 and beyond? The overall economy is obvi-ously in question but as it relates to retail it will be consumer confidence.Anyone you would like to thank? Our clients for their continued trust and confidence in our ability to execute.
Cassidy Turley congratulates tonight’s GWCAR Award honorees and wishes them continued success.
Discover Success.
Discover Cassidy Turley.www.cassidyturley.com
R I S I N G S TA R AWA R D
Carroll CavanaghVice PresidentJONES LANG LASALLE
Age: 33Hometown: Washington, DCAlma Mater: Denison UniversityYears in real estate: 5Years with current firm: 5
What contributed to your success in this challenging year? At Jones Lang LaSalle I have the opportunity to work with the stron-gest group of real estate professionals in the city. It is a privilege to work with a team of driven, highly successful market experts. Our collaborative work environment has been the biggest factor in my success. What will be the biggest factors affect-ing the regional market in 2012 and be-yond? With the huge spending influx in 2009 and 2010, the Federal Government has done its part. It is now up to the private sector to ramp up growth. Until that next wave hits, we’ll be stuck with the current inconsistent market conditions. Anyone you would like to thank? Dave Be-virt has been instrumental to my growth. He just left JLL to join Brookfield and our whole team wishes him well on the next phase of his career.
Paul Collins Executive Managing DirectorCASSIDY TURLEY
R E G I O N A L ( C O - W I N N E R )
What contributed to your success in this challenging year? Great partners and team-mates. What will be the biggest factors affecting the regional market in 2012 and beyond? Continued government spending in DC. Anyone you would like to thank? Our whole staff. They are the smartest, hardest working people in the business.
Age: 50Hometown: Washington, DCAlma Mater: University of MarylandYears in real estate: 25Years with current firm: 22
What contributed to your success in this challenging year? Solid long term relation-ships with my clients and a smart hard work-ing team behind me.What will be the biggest factors affecting the regional market in 2012 and beyond? The perception that the government is scaling back. Once the election is over and the gridlock in congress continues, the nation will realize it is wishful thinking that the government will cut back.Anyone you would like to thank? My team.
What contributed to your success in this challenging year? A great teamWhat will be the biggest factors affecting the regional market in 2012 and beyond? Perception about what’s happening with the federal government. Anyone you would like to thank? Everyone in the firm.
Bisnow's Timeline of Washington Real Estate
1980 1984 1985 1986 1987 1988Brokers finally
realize the Watergate scandal
was actually about a
distressed campaign
...notdistressed
assets.
1983After seeing
"Return of the Jedi" many
brokers wonder what type of
refi loans Darth Vader acquired to fund such substantial
renovation work on the
Death Star.
198278%
of brokersdeny any
prior affectionfor the
70s song"Disco Duck"
… until some photos
mysteriously resurface.
F Streetis theretailcenterof DC.
Miami Vice airs. Brokers
lament atthe amount
of goodMiami real
estate being blown up
for the sakeof television.
Moe Hamilton shaves his mustache.
Many brokers liken it
to the daythe music
died.
Most brokers try to impress
datesby saying
they can't get gifts from Garfinkles,
but they can broker
the saleof the
whole store.
Neo-expressionist
paintersusher
in the eraof funkylobby art.
1981IBM introduces the Datamaster computer for $9k; most
brokers assume it was a flash in
the pan.
1989 1990 1991Trying to
capitalize on the toy figurine
craze, developers try to create a line of fun, office
building transformers. The venture
quickly failed.
SimCity is developed for computers.
(Finally, a video game for true
brokers.).
2004 2005 2006 2007 2009Cargopantsare
bannedfrom
offices.
Bisnow publishes
its first digital newsletter.
0%of brokers know
what aLady Gaga is.
The factthat
many tech companiesare run by
20 year olds reignitesthe eraof funky
lobby art.
Georgetownis the retail center of DC,
and the lack ofa Metro stop
makes everyonehate this.
2003It becomes clear the
cell phoneis here to stay, and brokers realize they now have an
excuseto never
stop working.
1992Soon to be
"cult classic" film Glengarry
Glen Ross debuts, leading
many companies to
impliment "Closers Only"
policies at office coffee
pots.
1993Baywatch
doeswonders forbeach front multifamily.This makes
most brokers believe the
"Hasselhoff"is the right hairstyle for
them.
1995 1998 1999Flannel
is bannedfrom
offices.
The rise in popularity of
The Backstreet Boys has
developers asking "Where is this Back St.
and does it have room for street level
retail?”.
2000While most
peoplefear Y2K, brokerssee the
opportunityto finally tap
into the underground multifamily
market.
Due to some noteworthy
political news items,GWCAR
is forced to clearly define
the word"is" for its members.
Legwarmers
arebannedfrom
offices.
0%of brokers
publicly admit that they love Lady Gaga.
2010 2012In an ironic
twist ofhistory, Bisnow
publishesits first
print edition.
The iPhone gains majority share of the smartphone
market. Those who just
learned that their Blackberry
takes photos are frustrated.
2011
Bisnow's Timeline of Washington Real Estate
1980 1984 1985 1986 1987 1988Brokers finally
realize the Watergate scandal
was actually about a
distressed campaign
...notdistressed
assets.
1983After seeing
"Return of the Jedi" many
brokers wonder what type of
refi loans Darth Vader acquired to fund such substantial
renovation work on the
Death Star.
198278%
of brokersdeny any
prior affectionfor the
70s song"Disco Duck"
… until some photos
mysteriously resurface.
F Streetis theretailcenterof DC.
Miami Vice airs. Brokers
lament atthe amount
of goodMiami real
estate being blown up
for the sakeof television.
Moe Hamilton shaves his mustache.
Many brokers liken it
to the daythe music
died.
Most brokers try to impress
datesby saying
they can't get gifts from Garfinkles,
but they can broker
the saleof the
whole store.
Neo-expressionist
paintersusher
in the eraof funkylobby art.
1981IBM introduces the Datamaster computer for $9k; most
brokers assume it was a flash in
the pan.
1989 1990 1991Trying to
capitalize on the toy figurine
craze, developers try to create a line of fun, office
building transformers. The venture
quickly failed.
SimCity is developed for computers.
(Finally, a video game for true
brokers.).
2004 2005 2006 2007 2009Cargopantsare
bannedfrom
offices.
Bisnow publishes
its first digital newsletter.
0%of brokers know
what aLady Gaga is.
The factthat
many tech companiesare run by
20 year olds reignitesthe eraof funky
lobby art.
Georgetownis the retail center of DC,
and the lack ofa Metro stop
makes everyonehate this.
2003It becomes clear the
cell phoneis here to stay, and brokers realize they now have an
excuseto never
stop working.
1992Soon to be
"cult classic" film Glengarry
Glen Ross debuts, leading
many companies to
impliment "Closers Only"
policies at office coffee
pots.
1993Baywatch
doeswonders forbeach front multifamily.This makes
most brokers believe the
"Hasselhoff"is the right hairstyle for
them.
1995 1998 1999Flannel
is bannedfrom
offices.
The rise in popularity of
The Backstreet Boys has
developers asking "Where is this Back St.
and does it have room for street level
retail?”.
2000While most
peoplefear Y2K, brokerssee the
opportunityto finally tap
into the underground multifamily
market.
Due to some noteworthy
political news items,GWCAR
is forced to clearly define
the word"is" for its members.
Legwarmers
arebannedfrom
offices.
0%of brokers
publicly admit that they love Lady Gaga.
2010 2012In an ironic
twist ofhistory, Bisnow
publishesits first
print edition.
The iPhone gains majority share of the smartphone
market. Those who just
learned that their Blackberry
takes photos are frustrated.
2011
Congratulations
to all the movers
and the shakers.{A.K.A., GWCAR finalists and award winners}
The easiest moves begin at JKmoving.com
Expert moving :: secure storage :: archivingmedia storage and rotation :: document destruction
Congratulations to our own Gary Stein, Managing Principal, and all the winners of the
30th Annual GWCAR
Commercial Real Estate Awards from
1600 Tysons Boulevard, Suite 800
McLean, VA 22102
571.203.9360 (main)
571.203.9361 (fax)
2 Bethesda Metro Center, Suite 900
Bethesda, MD 20814
301.951.6500 (main)
301.951.0079 (fax)
505 9th Street, NW, Suite 600
Washington, DC 20004
202.628.0300 (main)
202.393.0815 (fax)
Cresa Washington DC
April 19 | 2012 - Bisnow Commemorative Edition | 13
M U LT I - M I L L I O N D O L L A R C L U B
2011 GWCAR COMMERCIAL AWARDS
2 0 1 1 L E A S I N G C L U B
Q U A L I F Y I N G L I F E M E M B E R S
T W E N T Y Y E A R S O R M O R E• Louis Christopher, CB Richard Ellis• Audrey Cramer, Cushman & Wakefield• Paul DeFilippes, Summit Commercial Real Estate• Moe Hamilton, Cushman & Wakefield• Thomas Hilley, Transwestern• Aaron Katz, Newmark Knight Frank• J. Andrew Masters, Jones Lang LaSalle• Glenn Meltzer, The Ezra Company• Patrick Nalls, Newmark Knight Frank• Brian Raher, Cushman & Wakefield• Mark Richardson, Transwestern• Adam Singer, Studley, Inc.• Jean Pettit Wirsching, The Wirsching Group
Q U A L I F Y I N G L I F E M E M B E R S
F I F T E E N T O N I N E T E E N Y E A R S• John Alexander, AMR Commercial LLC• Niel Beggy, Cushman & Wakefield• David Bevirt, Brookfield Office Properties• Brett Diamond, Grubb & Ellis• John Duffy, Summit Commercial Real Estate• Andrew Felber, CB Richard Ellis• Keith Foery, Transwestern• Trip Howell, Jones Lang LaSalle• Michael Katcher, Cushman & Wakefield• Eugene Kenney, Cushman & Wakefield• Patrick Marr, CB Richard Ellis• Phillip McCarthy, Transwestern• John Myers, Cassidy Turley• S. Bruce Pascal, CB Richard Ellis
• Susan Pepper, Grubb & Ellis• Robert Schwartz, Cassidy Turley • Susan Thomas, Cushman & Wakefield• Phillip Thomas, Cassidy Turley• Richard Tonner, Cassidy Turley• Eric West, West, Lane & Schlager LLC
Q U A L I F Y I N G L I F E M E M B E R S
T E N T O F O U R T E E N Y E A R S• Robert Dickman, McShea & Co. Inc.• Emanuel Fitzgerald, CB Richard Ellis• Paul Kern, Cassidy Turley• E. Randall Lennon, Cushman & Wakefield• Malcolm Marshall, Cushman & Wakefield• Jack McShea, McShea & Company• Julie Schuelke, Studley Inc.• Mark Sullivan, Cassidy Turley
Q U A L I F Y I N G L I F E M E M B E R S
F I V E T O N I N E Y E A R S
• Michael Altman, Cassidy Turley• Amy Bowser, Jones Lang LaSalle• Todd Brinkman, Cassidy Turley• James Clark, Cassidy Turley• Paul Darr, Cassidy Turley• Wendy Feldman Block, Studley Inc.• Thomas Fulcher, Studley Inc.• Scott Hoffman, Cushman & Wakefield• James Hunter, Cassidy Turley• Matthew Levin, West, Lane & Schlager LLC• John McEvilly, Avison Young• Erik McLaughlin, CB Richard Ellis• Kerri Mulligan Salih, Cassidy Turley• Curtis Paul, Grubb & Ellis• Dale Powell, Cassidy Turley• Ganon Rich, West, Lane & Schlager• David Scully, Cassidy Turley• Christopher Sowick, Cassidy Turley
• Gary Stein, Cresa Washington DC• Spencer Stouffer, Cassidy Turley• Sally Wilson, CB Richard Ellis
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• Eli Barnes, Cassidy Turley• Aaron Berkey, Cresa Washington DC• Carroll Cavanagh, Jones Lang LaSalle• Christopher Coccaro, Broad Street Realty• P. Brian Connolly, Jr. Jones Lang LaSalle• Elizabeth Cooper, Jones Lang LaSalle• William Craig, Jones Lang LaSalle• Brian Daly, Cassidy Turley• Thomas Doughty, Jones Lang LaSalle• Scott Goldberg, Cassidy Turley• Tom Golsen, Jones Lang LaSalle• Edward Harrell, Cassidy Turley• Sarah Hubbard, Skanska USA Commercial Development Inc• Philip Leibow, Jones Lang LaSalle• Chau Leung, CB Richard Ellis• Eugene Martin, The Ezra Company• Laurie McMahon, Cassidy Turley• Joseph Michel, Transwestern• Andrea Reid, Axis Realty Advisors• Kurt Richter, Cassidy Turley• Scott Russi, Transwestern• Arthur Santry, Cassidy Turley• William Stern, Cassidy Turley• Matthew Sullivan, Cassidy Turley• Tim Summers, Cassidy Turley• Jonathan Wellborn, Cassidy Turley• Mark Wooters, Vornado/Charles E. Smith
2 0 1 1 S A L E S C L U B
Q U A L I F Y I N G L I F E M E M B E R S
T W E N T Y Y E A R S O R M O R E
• Al Cissel, Jones Lang LaSalle• William Collins, Cassidy Turley• Bruce Strasburg, CB Richard Ellis
Q U A L I F Y I N G L I F E M E M B E R S
F I F T E E N T O N I N E T E E N Y E A R S• Paul Collins, Cassidy Turley• Scott Melnick, Jones Lang LaSalle• William Prutting, Jr., CB Richard Ellis• Jayne Shister, Cassidy Turley
Q U A L I F Y I N G L I F E M E M B E R S
F I V E T O N I N E Y E A R S• James Cassidy, Cassidy Turley• Drew Flood, Cassidy Turley• Gerald Trainor, Transwestern
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• Jud Ryan, Cassidy Turley
2 0 1 1 F I N A N C I N G C L U B
Q U A L I F Y I N G L I F E M E M B E R S
F I V E T O N I N E Y E A R S• Christian Miles, Cassidy Turley• Phillip Mudd, Cassidy Turley• David Webb, Cassidy Turley
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• Jamie Butler, Cassidy Turley• John Campanella, Cassidy Turley• Joseph Donato, CB Richard Ellis• Maury Zanoff, CB Richard Ellis
April 19 | 2012 - Bisnow Commemorative Edition | 15
WRIT Washington, DC Metro Portfolio by James Cassidy, Paul Col-lins, Bill Collins, Drew Flood, Jud Ryan, Cassidy Turley, Steven Wolk, AREA Property Partners, Matthew Adler, Adler Group, Thomas Regnell and Thomas Morey, Washington Real Estate Investment Trust, Daniel Lopez, Arent Fox, and Richard Levin, Grossberg, Yochelson, Fox & Beyda
Totaling 3.1 million square feet and 56 buildings, the WRIT Portfolio represents one of the largest portfolios ever offered in the Washington, DC metropolitan area, and the largest portfolio sales transaction in 2011. 80% leased at the time of sale, the buildings were leased to a di-verse tenant base of 191 tenants, including well known tenants such as GE Healthcare, MedImmune, Raytheon, L-3 Communications, ITT Edu-cational Services and American Honda Motor Company. This large scale portfolio consists of multiple product types, including office, industrial/flex and warehouse facilities.
S A L E S T R A N S A C T I O N S O F T H E Y E A R
2011 GWCAR COMMERCIAL AWARDS
D C
M A R Y L A N D
1100 & 1101 4th Street – Water-front Station by James Cassidy, Paul Collins, William “Bill” Collins, Drew Flood, and Jud Ryan, Cassidy Turley, Bruce Childs, USAA Real Estate, Mitchell Schear, Vornado/Charles E. Smith, Deborah Ratner Salzberg, Forest City Enterprises, Shalom Baranes, Shalom Baranes Associates, and Edward Rog-ers and Debra Yogodzinski, Reed Smith, LLPThe sale of 1100 and 1101 4th Street marked the largest office sales transaction to ever occur in the southwest submarket of Washington, DC. Built in 2010, 1100 and 1101 4th Street are com-prised of two brand new, state-of-the-art, LEED® Gold office and retail buildings totaling 639,546 square feet located at the Wa-terfront-SEU Metro Station. Their development marked a transfor-mation of the neighborhood and Southwest DC. The transaction demonstrated the rarity of a waterfront location
with access to public transit in the Washington, DC market. The building sold for an impressive $356 million or $557 per square foot. Cassidy Turley identified an all cash buyer that was look-ing for a long-term, credit deal, and believed in the future of the southwest submarket. While the southwest submarket has proved its ability to attract high quality tenants, the sale of 1100 and 1101 4th Street demonstrates the ar-ea’s ability to attract top investors to this submarket.
2 0 1 1 D E V E L O P E R C L U B
Q U A L I F Y I N G L I F E M E M B E R S
F I F T E E N T O T W E N T Y Y E A R S• Robert Donohoe, Donohoe Real Estate Services• Patricia Jurgonis, Washington Real Estate Investment Trust• Irving Lieberman, Manulife Financial
Q U A L I F Y I N G L I F E M E M B E R S
T E N T O F O U R T E E N Y E A R S• Carla Cavanaugh, Borger Management Inc• Andrew Eichberg, Tishman Speyer• Matthew Gannon, Vornado/Charles E. Smith• Sandy Michaels, Vornado/Charles E. Smith• Douglas Olson, Monument Realty• Wilbur Pace, Akridge
Q U A L I F Y I N G L I F E M E M B E R S
F I V E T O N I N E Y E A R S• Gary Cook, Vornado/Charles E. Smith• Jill Goubeaux, The JBG Companies• Benjamin Meisel, Akridge• Gregory Redding, Vornado/Charles E. Smith• Steven Solomon, Blake Real Estate• Gregory Tomasso, Akridge• Claressa Wright, Vornado/Charles E. Smith
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• Andrew Abramson Vornado/Charles E. Smith• Evan Behr, Tishman Speyer• Leanne Berthiaume, Vornado/Charles E. Smith• Owen Billman, Blake Real Estate• Daniel Dooley, Tishman Speyer• Scott Franklin, Tishman Speyer• Katie Gorretta, Akridge
• Amy Kaufman, Tishman Speyer• William Kuntz, Vornado/Charles E. Smith• Andrea Murray, The JBG Companies• Quinn Rounsaville, The JBG Companies• Donald Sigmund, Vornado/Charles E. Smith• Neil Simon, Blake Real Estate
2 0 1 1 R E TA I L C L U B
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• Matthew Alexander, Cushman & Wakefield• David Dochter, Cushman & Wakefield• Henry Fonvielle, Rappaport Companies
2 0 1 1 G O V E R N M E N TL E A S I N G C L U B
Q U A L I F Y I N G L I F E M E M B E R S
T E N T O F O U R T E E N Y E A R S• Scott Johnston, Newmark Knight Frank• Brian Sullivan, Cushman & Wakefield
Q U A L I F Y I N G L I F E M E M B E R S
F I V E T O N I N E Y E A R S• Scott Killie, Cassidy Turley• Darian LeBlanc, Cassidy Turley• Peter Marcin, Cushman & Wakefield
Q U A L I F Y I N G L I F E M E M B E R S
O N E T O F O U R Y E A R S• William Hill, Jones Lang LaSalle• Lucy Kitchin, Jones Lang LaSalle• Marcy Owens-Test, Jones Lang LaSalle
16 | Bisnow Commemorative Edition - April 19 | 2012
2011 GWCAR COMMERCIAL AWARDS
L E A S I N G T R A N S A C T I O N S O F T H E Y E A R
V I R G I N I A
WRIT Washington, DC Metro Portfolio by James Cassidy, Paul Collins, Bill Collins, Drew Flood, Jud Ryan, Cassidy Turley, Steven Wolf, AREA Property Partners, Matthew Adler, Adler Group, Thomas Regnell and Thomas Morey, Washington Real Estate Investment Trust, Daniel Lopez, Arent Fox, and Richard Levin, Grossberg, Yochelson, Fox & Beyda
Totaling 3.1 million square feet and 56 buildings, the WRIT Portfolio rep-resents one of the largest portfolios ever offered in the Washington, DC metropolitan area, and the largest portfolio sales transaction in 2011. 80% leased at the time of sale, the buildings were leased to a diverse tenant base of 191 tenants, including well known tenants such as GE Healthcare, MedImmune, Raytheon, L-3 Communications, ITT Educa-tional Services and American Honda Motor Company. This large scale portfolio consists of multiple product types, including office, industrial/flex and warehouse facilities.
1440 New York Avenue & 700 14th Street/1420 New York Av-enue by Andrea Reid, Axis Realty Advisors, LLC, Elizabeth Cooper, Thomas Doughty, Phillip Leibow, Holly Davis, Carroll Cavanagh, Greg McCavera, and Alex Lassar, Jones Lang La Salle, Dan Dooley and Scott Franklin, Tishman Speyer, Marc DeLuca, Clarion Partners, and David Bevirt, Brookfield Office PropertiesThe Skadden, Arps, Slate, Mea-gher & Flom LLP transaction at 1440 New York Avenue and 700 14thStreet/1420 New York Avenue represented one of the largest pri-vate sector leases ever signed in Washington, DC. This 402,554 RSF transaction took almost three years to complete and was a complex situation involving two landlords and three buildings. This transaction required focus, tenacity, cooperation, teamwork and creativity and re-sulted in a successful long-term renewal solution which included the development of a comprehensive renovation plan that was exception-ally detailed and coordinated to give the three buildings a unified cam-
pus design. Additionally, despite two ownership structures, all par-ties agreed to negotiate one lease document with similar provisions between the buildings and com-mon service providers so that the buildings would also function as a one-building complex. Despite the scarcity of large blocks of space in the core DC submarkets, this criti-cal transaction allowed Skadden to remain at its current premier location in Washington, DC while enjoying a significantly improved atmosphere.
D C
M A R Y L A N D
U.S. Department of Health and Human Services by Darian LeBlanc and Allison Berry, Cassidy Turley, Brian Sullivan and Peter Marcin, Cushman & Wakefield, Henry Chapman, Chad Habeeb, and Jarrett Morrell, CB Richard EllisOn August 24, 2011, the General Services Administration (GSA) announced that the JBG Com-panies’ (JBG) 5600 Fishers Lane building in Rockville had been officially awarded a 15-year, 935,386 SF lease renewal for the U.S. Department of Health and Human Services (HHS). Thanks to assistance from Cassidy Turley and Cushman & Wakefield as the landlord representatives and CB Richard Ellis as the tenant repre-
sentative, JBG was successful in winning a deal that was the larg-est lease renewal in Montgomery County at $435 million and one of the DC Metro area’s largest overall deals in 2011. The HHS lease was significant in that it enabled the project team to showcase the kind of superior effort and ability that was nec-essary to navigate a drawn out, highly political procurement pro-cess that lasted for more than three years. JBG teamed up with Cassidy Turley and Cushman & Wakefield to successfully analyze the existing market and put forth an offer that yielded a building of the highest caliber at a rent that was below the prospectus cap.
April 19 | 2012 - Bisnow Commemorative Edition | 17
2011 GWCAR COMMERCIAL AWARDS
V I R G I N I A
V I R G I N I A
D C
800 North Glebe Road by Thomas Fulcher Jr., Art Greenberg, and Adam Brecher, Studley,Inc., Jill Goubeaux, The JBG Compa-nies, and John McEvilly, Avison YoungIn September, 2011, Accenture signed a lease for approximately 100,000 square feet in JBG’s 800 North Glebe project, anticipating a move from Reston Town Center where they had leased as much as 260,000 square feet. While their space has been reduced by over 60%, using a cutting-edge new space concept, the num-ber of employees who will call
this “home” will increase by over 300% (from 2,000 to an an-ticipated 6,000). Studley started working with Accenture in late-2007 evaluating the different options and completed numer-ous space reports for different-sized buildings in DC, Maryland, and throughout Northern Virgin-ia along with tours. The delays in the internal process resulted in the scrambling to negotiate the lease and create a build-out process that got them in their new space “only” 30 days after their lease expired along with the short-term extension in Reston.
CityCenterDC by Joe Donato, Maury Zanoff, Bill Prutting, and Bill Kaye, CB Richard EllisCB Richard Ellis assembled a com-prehensive team consisting of members of Debt & Equity Finance (Joe Donato and Maury Zanoff), Institutional Sales (Bill Prutting and Bill Kaye) and Development (Campbell Smith – Trammell Crow Company) to advise TFI U.S. Real Estate Fund on a $700 million eq-uity investment to facilitate the development of CityCenterDC.CityCenterDC represents one of the largest financing transac-tions in Washington, D.C.’s history. CityCenterDC is expected to yield 3,700 permanent jobs; CityCen-
F I N A N C E T R A N S A C T I O N S O F T H E Y E A R
Monument View by Michael Darby and Doug Olson, Monu-ment Realty, and Stephen Conley, Bill Asbill, and Dan McIntyre, HFFMonument Realty, and its part-ners, Square Mile Capital Man-agement Group and Atlas Capital Group, retained HFF to assist with the financing of Monument View, a 317,000 SF office development in Arlington, Virginia. Monument and HFF were able to arrange a 90% loan-to-cost, $116.5 million con-struction loan that was agented by RBS Citizens, N.A. with partici-pation from Sovereign Bank.
Due for completion at the end of 2013, the development is a build-to-suit for The Boeing Company. Monument View will consist of a seven-story, 186,000 SF building and a five-story, 131,000 SF build-ing. This signature development is located on a 4.7-acre site along South Old Jefferson Davis High-way adjacent to the Pentagon, Reagan-National Airport and In-terstate 395 at the north end of Crystal City. The site offers unpar-alleled views of the Potomac Riv-er and Washington’s monuments, memorials and federal buildings.
terDC contributed $9.2 million to the District’s Housing Production Trust Fund; and will have provided contracting opportunities esti-mated at nearly $200 million to over 90 separate small D.C. busi-nesses. Once fully built, CityCen-
terDC is estimated to provide $30 million in annual property and sales tax revenue to the District of Columbia. Ground breaking took place on April 4, 2011 and the proj-ect is expected to deliver in 4th Q 2013.
April 19 | 2012 - Bisnow Commemorative Edition | 19
L E A S I N G F I R M O F T H E Y E A R
S A L E S / F I N A N C I N G F I R M O F T H E Y E A R
Athleta by David Dochter and Matthew Alexander, Cushman & Wake-fieldAthleta (GAP, Inc.’s new women’s activewear concept) was looking for a flagship retail store in the DC market. Athleta hired Dave Dochter and Matt Alexander of Cushman & Wakefield’s DC Retail Services to identify a single-story high profile location in the market. After evaluating re-gional malls, the team decided to focus on a Georgetown flagship store before expanding in the rest of the region. They identified an underper-forming store - Tommy Hilfiger - and approached the tenant directly about subleasing, structuring a complicated deal that involved assum-ing the sublease from Tommy Hilfiger and LCI Holdings and simultane-ously executing an early direct deal with the landlord for an additional 63 months.
2011 GWCAR COMMERCIAL AWARDS
R E TA I L T R A N S A C T I O N O F T H E Y E A R
MULTIFAMILY SALES TRANSACTION OF THE YEARLEASING TRANSACTION OF THE YEAR (UNDER 75,000 RSF)
8 Property VA/MD Multifamily Portfolio by Al Cissel and Scott Melnick, Jones Lang LaSalleIn the largest multifamily transac-tion industry wide and nationally of 2011, Al Cissel and Scott Mel-nick of Jones Lang LaSalle (JLL) arranged the sale of an 8-prop-erty multifamily portfolio in the Washington, DC Metro area. The 2,580-unit portfolio was sold for $460 million on behalf of RREEF, the real estate investment arm of Deutsche Bank and Bainbridge Companies. RREEF and Bain-bridge engaged JLL to market the portfolio to potential buyers who would have interest in such a large transaction. The transaction was not only the largest multifamily sale nationally in 2011, but the largest since 2008, an acknowledgment of JLL’s abil-
1616 N Ft Myer Drive, Arlington VA by Erik McLaughlin, Malcolm Schweiker, CB Richard Ellis, Jeff Groh, Ken Patton, Jones Lang La-Salle CBRE began a renewal discus-sion with the tenant JSI in April of 2010 and quickly realized that the only way to keep them was to find expansion space that CBRE didn’t have at the time. At the same time, EADS had just signed a major lease in Herndon and was beginning the process of trying to sublease their remaining space. CBRE approached EADS about a termination of their obligation. Once it was determined that the space could work for JSI, CBRE
began a three-party negotiation of the lease renewal/expansion of JSI parallel to the termination of the EADS lease. From start to finish CBRE successfully executed on all parts of the transaction in only four months. The result was great for all parties: EADS saved money in executing a successful termination; JSI got a market deal and successfully accommodated their expansion needs; Beacon Capital achieved a better sales price based on the stronger fi-nancial stabilization of the asset; TIAA-CREF(contract purchaser) achieved a high-class stable ur-ban asset with long-term credit tenants.
ity to kick start movement in a re-covering sector of the market. JLL leveraged its experience with large transactions and represented the sellers through the complex terms of the deal. The sale closed with a new price and a reduced debt of $390 million.
Akridge is proud to be a long-term sponsor of GWCARand we congratulate all of tonight’s winners!
WATCH FOR
THESE GREAT
PROPERTIES AT
NEXT YEAR’S
AWARDS DINNER…
Leasing + Property Management + Acquisitions + Construction Management + Asset Management + Development
202.638.3000 akridge.com
THE HOMER BUILDING 7550 WISCONSIN AVENUE UNION SQUARE
April 19 | 2012 - Bisnow Commemorative Edition | 21
T H I R T Y Y E A R S L AT E R , R E A L E S TAT E C H A N G E S B U T S TAY S T H E S A M E
B I S N O W E D I T O R I A L B Y M I K E L E O N , B I S N O W R E A L E S TAT E C O L U M N I S T
Akridge is proud to be a long-term sponsor of GWCARand we congratulate all of tonight’s winners!
WATCH FOR
THESE GREAT
PROPERTIES AT
NEXT YEAR’S
AWARDS DINNER…
Leasing + Property Management + Acquisitions + Construction Management + Asset Management + Development
202.638.3000 akridge.com
THE HOMER BUILDING 7550 WISCONSIN AVENUE UNION SQUARE
Do things ever really change? The J. Edgar Hoover Building is still ugly, the PUD process is still...stressful, and the Redskins still make us pull out our hair. (‘92 not withstanding.) Which explains why the Washington real estate industry has stayed essentially the same since GWCAR’s founding in 1982. What we’re referring to, of course, are the relationships. The closing dinners. The scoop groups. And, of course, the after-hours “meetings” at The Palm. (Not that you know anything about that) . Just look how GWCAR got started: “In the early ‘70s, the brokers needed to cooperate, so the commercial leasing committee of the Washington Board of Realtors® decided to do something about keeping track of space,” says former Studley broker Fern Barrueta. “At first there was some resistance, but it became more and more social. People started hanging out together.” That commercial leasing committee grew into the organization whose food you’re eating tonight. Brokers have been arguing about who signed the biggest deal ever since.
It can’t be denied that Washington is a different town. Thirty years ago, “no one wanted to go east of 15th Street,” says Akridge boss Chip Akridge. Now that area includes the Verizon Center, burgeoning neighborhoods in NoMa and the Capitol Riverfront, and $700 million in Qatari equity at CityCenter. It was all fueled by an expanding government, exploding population, and DC growing into a first-tier world city. Although world-class brokers like Petch Gibbons, Adam Singer, Jon Kaylor, Bruce Baschuk, and Ken McVeery might have had something to do with it, too.
The industry is also more sophisticated now. “It used to be that you’d have an LOI signed, the lawyers would mess around with the lease, and that would be it,” Fern says. “Selling is still 95% of being a broker, but now it includes things like architecture and project management. It’s become incredibly complex.” Thankfully, it still doesn’t involve calculus.
We at Bisnow write this column in jest, because we know that Washington wouldn’t be the town it is today without the hard work and dedication of the always-dapper and never-dull men and women attending tonight’s dinner. Buildings don’t build, lease, sell, and refinance themselves, so drink wine tonight. Have dessert. Talk through the speakers. Argue over who really had the biggest deal. You deserve it.
Just don’t let ‘80s fashion come back. That was really bad.
C A P I T O L
C O N C I E R G Econsider it done!sm
CCapItOl CONCIERGE
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Finalist, 2011 National Capital Business Ethics Award
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9 to 5 or 24/7: Tell us what you need, and Consider It Done!
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C A P I T O L
C O N C I E R G Econsider it done!sm
CCapItOl CONCIERGE
1400 I StREEt NW, SuItE 400
WaShINGtON, DC 20005
202.223.4765
WWW.CapItOlCONCIERGE.COm
Inc. 5000’s Fastest Growing Companies 2009, 2010, 2011
Finalist, 2011 National Capital Business Ethics Award
As the nation’s leading provider of concierge services,
we give 100%, 100% of the time.
Capitol Concierge helps clients lead more relaxing, more manageable,
more fulfilling lives.
9 to 5 or 24/7: Tell us what you need, and Consider It Done!
th
ServICe IS Our PASSIOn– And Our STAndArd!
24 | Bisnow Commemorative Edition - April 19 | 2012
T H A N K Y O U F O R R E A D I N GA N O T E F R O M M A R K B I S N O W, F I R S T B A N A N A O F B I S N O W M E D I A .
Wow, the average age of our employees here at Bisnow is around 14, so it’s really humbling to be associated with such a pioneering and distinguished organization as GWCAR, and also because as practitioners of short-form journalism we have a severe case of acronym-envy. But some of us don’t need history books to know what an exceptional force it’s
been in Washington real estate, promoting community and interaction long before those were even buzzwords, and helping make this one of the nation’s most livable and desirable regions. We salute GWCAR on three decades of model values and leadership, and look forward to the next 300. Thank you all for letting us be a part of this year’s memorable program.
Mark Bisnow
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