J Street Leverages Randall Hagner Services

WASHINGTON, DC-J Street Development is counting on the newly appointed president at Randall Hagner, a local real estate firm that it acquired earlier this year to help it leverage the company’s wide range of services as J Street expands its own operations. Petch Gibbons, former president and CEO of GVA Advantis, has joined Randall Hagner as president. Bruce Baschuk, who is owner and principal of Randall Hagner, and CEO of J Street Development, has now assumed the role of chairman of Randall Hagner.

Gibbons–with whom Baschuk has worked in the past–led, among other accomplishments, the Advantis Real Estate Services buy-out from the St. Joe Co. Perhaps more importantly, Baschuk tells GlobeSt.com, Gibbons’ appointment is expected to lead to a tighter integration between the two firms, allowing him to more fully leverage Randall Hagner’s resources as J Street grows.

For instance, Randall Hagner assisted J Street in placing a $30-million construction loan for one of its NoMa office buildings–111 K St., now under development. When the building is complete, Randall Hagner will handle the leasing. “We couldn’t have done that–we didn’t have the resources in house,” Baschuk says. The company will break ground on 111 K St. in November, he adds. Going forward, J Street will leverage Randall Hagner’s expertise in site location and acquisitions, and leasing management–some of which, such as the site acquisition, Baschuk previously did on his own.