NEWS & NOTABLES
BETHESDA, MD–Capital One announced that Drew Ades has joined its Multifamily Finance team as Senior Vice President and National Head of Originations for the bank's small balance lending and FHA platforms.
Ades joins from Triple Line Strategies, a boutique consulting firm that he founded in 2016. Prior to that, from 2011 to 2016, he was founding president and CEO of the Housing Partnership Equity Trust.
DEAL TRACKER
ALEXANDRIA, VA–Perseus TDC and Four Points LLC have begun construction on the conversion of 200 Stovall St., in Hoffman Town Center. ELV Associates, a Boston-based investment manager with a local DC office, is the majority equity partner. When completed, 200 Stovall will be a mixed-use project consisting of 520 apartment units and 25,000 square feet of ground-floor retail space. Cooper Carry, which is based in Atlanta but has offices in Alexandria, is the project architect, and Balfour Beatty is the general contractor.
CHARLOTTE, NC–Providence has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. Providence earned over a 39% internal rate of return on its investment, not including investment management performance fees.
FALLS CHURCH, VA–Washington Property Co. has begun a $7 million renovation of its 120,000 square foot office building at 3160 Fairview Park Dr. The Class A building, the former headquarters of Computer Sciences Corp., is now available for lease.
ROCKVILLE, MD– KLNB has been tapped as the exclusive agent to sell 17651 Redland Rd., which is under development. Listed at $7 million, the property includes a 25-year absolute net ground lease with CVS Pharmacy. Peter Snell is representing the seller in listing the asset. The 9,965 square foot building is set to deliver in late June 2018.
JESSUP, MD–Lee & Associates Maryland has completed leasing and sales activity totaling nearly 19,000 square feet of space at 10555 Guilford Rd., a 50,000 square foot industrial condominium building.
WASHINGTON, DC–WeWork has signed a lease for the top three floors of 777 Sixth St. NW. Transwestern's Joe Michel and Scott Fetterolf represented building owner Bentall Kennedy in the transaction. JLL's Zach Boroson, and Andy O'Brien, represented WeWork. The expansion marks WeWork's 11th location in the Washington metro area.
BETHESDA, MD–The Donohoe Cos.' Gallery Bethesda II luxury apartments will be opening at 4850 Rugby Ave., this fall. Now under construction, the residential building is next to its sister property, Gallery Bethesda, a high-rise building at 4800 Auburn Ave. that opened in 2014.
OLD TOWN ALEXANDRIA, VA–HFF announced the capitalization of Robinson Landing, a 96-residence, waterfront condominium and townhome development. The HFF team advised a joint venture among affiliates of EYA and JBG Investment Fund IX. Mitsui Fudosan America provided the capital to complete the project. The HFF team representing the owner included Sue Carras, Walter Coker and Brian Crivella.
BALTIMORE, MD–Newmark Knight Frank has been appointed as the exclusive office leasing agent for One East Pratt St.The 356,016-square-foot building was recently purchased by an affiliate of Banyan Street Capital and Oaktree Capital Management.
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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.
