NEWS & NOTABLES
ROCKVILLE, MD–Federal Realty Investment Trust has received the inaugural Best Sustainability Program award from the NAIOP DC | MD Chapter. The award is given to an organization that “demonstrates a strong commitment to sustainable business practices and solutions that contribute to environmental responsibility and economic success.”
RICHMOND, VA–Virginia Commonwealth University announced a $2.5 million gift from real estate data firm CoStar Group to establish the CoStar Group Endowed Chair in Real Estate Analytics in the VCU School of Business. “In establishing the CoStar Group Endowed Chair in Real Estate Analytics, we aim to bring the intersection of big data and real estate together to bring more transparency, velocity and efficiency to the global commercial real estate market,” said Andrew C. Florance, founder and CEO of CoStar.
WASHINGTON, DC–NAIOP DC/MD has named 1101 Sixteenth Street as 2016's Best Real Estate Transaction. Akridge and Stars Investments partnered to acquire 1101 and 1111 Sixteenth Street, which previously served as the site of the American Association of University Women and the American Beverage Association, and will combine the two buildings into one 100,000-square-foot building.
COLUMBIA, MD–For the third year in a row, Corporate Office Properties Trust earned a Green Star rating in the Global Real Estate Sustainability Benchmark survey. The GRESB annual survey assesses sustainability performance, and its Green Star rating represents high achievement in each of the survey's seven aspects. COPT's 2017 overall score ranks the REIT 9th out of the 12 listed office REITs in the United States who participated in the survey, 26th among 49 North American office participants, and 96th among 183 operating office portfolios that participated worldwide. Globally, COPT's overall GRESB score in 2017 earned four out of five stars, and ranked 327th out of 823 total GRESB participants.
BETHESDA, MD–Walker & Dunlop announced that its commercial mortgage servicing portfolio has grown by $10 billion in just ten months, surpassing $70 billion. Walker & Dunlop added each incremental $10 billion of portfolio volume in less time, while steadily expanding the weighted average servicing fee from 23 to 26.5 basis points as of June 30, 2017. In addition, more than 85% of the Company's commercial mortgage servicing rights (MSRs) recognized are prepayment protected. “Growth in the portfolio since 2012, when Walker & Dunlop generated $41 million in servicing revenues, has translated into an annualized run rate of nearly $170 million of servicing fees in the first half of 2017,” said CFO Stephen Theobald.
DEAL TRACKER
NEWPORT NEWS, VA–A private equity firm has acquired of 827 41st St., a 250-unit multifamily property here for $4.8 million. The seller was a private investor. Marcus & Millichap brokered the deal. “By continuing the current schedule of capital improvements, the new owner could unlock value by significantly increasing occupancy and achieving higher rents,” according to Christopher Chadwick, first vice president investments in Marcus & Millichap's Washington, DC office. Altay Uzun, a Hampton Roads Marcus & Millichap investment specialist also participated in the deal.
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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.
