Federal Realty Should Be Announcing New CFO Soon

Federal Realty’s Pike & Rose development

ROCKVILLE, MD—Federal Realty Investment Trust should be announcing shortly who will be replacing its departed CFO James Taylor Jr. Taylor has joined New York City-based Brixmor Property Group as CEO. Federal Realty CEO Don Wood told listeners during the REIT’s Q1 earnings call at the start of May that he hoped to make an announcement in the next 30 to 45 days. He said he has met with “a number of terrific prospects who would be awesome partners to me and our senior team.” The company has also recruited James Milan, portfolio analyst at APG, as vice president and director of finance for the mixed-use division, Wood said. Milan is relocating to Rockville for the position. Melissa Solis will assume some of his Taylor’s duties as the company’s principal accounting officer until a replacement is named.

The Signet

JBG Cos. Breaks Ground on McLean, VA Mixed-Use Community McLEAN, VA—In between its deal to acquire New York REIT , JBG Cos. continues its development activities. The company broke ground last week on a mixed-use retail and residential building in Downtown McLean. It also is the first new project for the submarket in several years. The building, which is called the Signet, is located at 6900 Fleetwood Rd. It will consist of 123 luxury condominiums and 5,000 square feet of street-level storefronts and restaurants. There will also be gardens, walking paths and a public park in keeping with the residents’ desire for a pedestrian-friendly Downtown. It will also serve as a transition between the active commercial core of McLean and residential neighborhoods. Franck Lohsen Architects designed the building and Page Architects is the architect of record. Bill Rooney Studios designed the interiors. Davis Construction is the general contractor for the development. Sales are anticipated to begin in the fall of 2016. JBG currently has a construction pipeline consisting of eight assets, a pre-development pipeline consisting of 12 assets and a land bank comprised of 41 future development parcels, according to the filing New York REIT made with the Securities and Exchange Commission.

Linden Business Center

NGKF to Lease the Manassas Portion of Finmarc’s First Potomac Acquisition TYSONS, VA— Newmark Grubb Knight Frank will be leasing the Manassas buildings that Finmarc Management acquired as part of First Potomac Realty Trust ‘s 26-building, 950,000-square foot office and industrial Northern Virginia portfolio for $96 million recently. The portfolio, which is 76% leased in total, is located throughout Reston, Herndon, Manassas, Merrifield and Chantilly. There are more than 70 tenants in the portfolio, including General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lennox Industries and US Home Corporation. NGKF’s Larry FitzGerald and Cole Spalding will be leading leasing efforts for approximately 368,000 square feet of that portfolio, namely the Gateway Centre, Linden Business Center and Windsor @ Battlefield, along with three acres of adjacent land for built-to-suit options. Principal Puts 790,349-SF Industrial Portfolio on Market BALTIMORE—Principal Real Estate Investors is putting a three-asset industrial portfolio located in Baltimore on the market. The portfolio consists of three buildings totaling 790,349 square feet. Cushman & Wakefield is representing Principal Real Estate Investors in the deal.