NEWS & NOTABLES
WASHINGTON, DC–Urban Pace is offering leasing services for smaller multifamily projects now. Its first project, The Aspen — a 133-unit building in the Mt. Vernon Triangle neighborhood that was built by Ellisdale Construction — is close to full lease-up with 120 units rented.
Urban Pace is using a proprietary technology platform to run the service. Tony Lucadamo, who has worked for Bozzuto, Archstone, Riverstone, and RED Multifamily and was hired last year as VP of Leasing, will head the service.
WASHINGTON, DC–Perkins+Will has announced that the headquarters of the Summit Foundation has earned Living Building Challenge Petal Certification from the International Living Future Institute. The certification is the most advanced measurement of sustainability in the built environment and recognizes projects in performance categories called Petals. The Summit Foundation achieved certification in the categories of Place, Materials, Equity, and Beauty. It is the first project in the DC area to earn the distinction.
The Summit Foundation's new headquarters opened last year. It is one of 22 Living Building Challenge Petal-Certified projects. The other in the Perkins+Will global portfolio is the VanDusen Botanical Garden Visitor Centre in Vancouver, British Columbia, which earned the distinction in May 2016.
WASHINGTON, DC–Mike Balaban has joined the J Street Cos.' development team. He will hold the position of development executive and be responsible for generating, underwriting, and managing new ground up and value add development opportunities for J Street.
He was most recently with msb Urban LLC and SB Urban. Prior to that, Balaban headed Lowe Enterprises' non-hospitality east coast activities and was with Washington Real Estate Investment Trust (now Washington REIT).
DEAL TRACKER
BALTIMORE, MD–KLNB's Chris Kubler represented Korth Investment Properties in its acquisition of the Offenbacher industrial property portfolio which includes properties in Rockville and Gaithersburg, Md. The 110,710-square-foot Offenbacher portfolio consists of three properties: a 29,998-square-foot small bay warehouse on Taft Street in Rockville, a 29,307-square-foot small bay service center on East Diamond Avenue in Gaithersburg, and a 51,405-square-foot, three-building small bay industrial project also in Gaithersburg. The portfolio was 77% leased when Korth Investment Properties bought it.
HANOVER, MD–Feldman Bergin Development and Kenwood Management Co. have acquired 1334 Ashton Rd, a single-story, 38,000 square foot flex/office building for $2.3 million.
The seller, Corporate Office Properties Trust, was represented by Cristopher Abramson of Newmark Knight Frank. Lee & Associates Chesapeake Region will be the exclusive leasing company for the property, which is currently 40% leased and occupied.
This is the first project for Washington, DC.-based Feldman Bergin Development, which was founded last November by Evan C. Feldman, formerly with Archstone-Smith and Washington Property Co. and Robert Bergin, who was previously associated with Corporate Office Properties Trust.
Kenwood Management Co., based in Bethesda, Md., is a 20-year old commercial real estate investment and property management company.
NEWS & NOTABLES
WASHINGTON, DC–Urban Pace is offering leasing services for smaller multifamily projects now. Its first project, The Aspen — a 133-unit building in the Mt. Vernon Triangle neighborhood that was built by Ellisdale Construction — is close to full lease-up with 120 units rented.
Urban Pace is using a proprietary technology platform to run the service. Tony Lucadamo, who has worked for Bozzuto, Archstone, Riverstone, and RED Multifamily and was hired last year as VP of Leasing, will head the service.
WASHINGTON, DC–Perkins+Will has announced that the headquarters of the Summit Foundation has earned Living Building Challenge Petal Certification from the International Living Future Institute. The certification is the most advanced measurement of sustainability in the built environment and recognizes projects in performance categories called Petals. The Summit Foundation achieved certification in the categories of Place, Materials, Equity, and Beauty. It is the first project in the DC area to earn the distinction.
The Summit Foundation's new headquarters opened last year. It is one of 22 Living Building Challenge Petal-Certified projects. The other in the Perkins+Will global portfolio is the VanDusen Botanical Garden Visitor Centre in Vancouver, British Columbia, which earned the distinction in May 2016.
WASHINGTON, DC–Mike Balaban has joined the J Street Cos.' development team. He will hold the position of development executive and be responsible for generating, underwriting, and managing new ground up and value add development opportunities for J Street.
He was most recently with msb Urban LLC and SB Urban. Prior to that, Balaban headed Lowe Enterprises' non-hospitality east coast activities and was with Washington Real Estate Investment Trust (now Washington REIT).
DEAL TRACKER
BALTIMORE, MD–KLNB's Chris Kubler represented Korth Investment Properties in its acquisition of the Offenbacher industrial property portfolio which includes properties in Rockville and Gaithersburg, Md. The 110,710-square-foot Offenbacher portfolio consists of three properties: a 29,998-square-foot small bay warehouse on Taft Street in Rockville, a 29,307-square-foot small bay service center on East Diamond Avenue in Gaithersburg, and a 51,405-square-foot, three-building small bay industrial project also in Gaithersburg. The portfolio was 77% leased when Korth Investment Properties bought it.
HANOVER, MD–Feldman Bergin Development and Kenwood Management Co. have acquired 1334 Ashton Rd, a single-story, 38,000 square foot flex/office building for $2.3 million.
The seller, Corporate Office Properties Trust, was represented by Cristopher Abramson of Newmark Knight Frank. Lee & Associates Chesapeake Region will be the exclusive leasing company for the property, which is currently 40% leased and occupied.
This is the first project for Washington, DC.-based Feldman Bergin Development, which was founded last November by Evan C. Feldman, formerly with Archstone-Smith and Washington Property Co. and Robert Bergin, who was previously associated with Corporate Office Properties Trust.
Kenwood Management Co., based in Bethesda, Md., is a 20-year old commercial real estate investment and property management company.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
