FALLS CHURCH, VA-A 350,000-sf building in the multi-structure Fairview Park office complex welcomes a new tenant as Howrey Simon Arnold & White LLP signs on for 52,300 sf. The law firm committed to the class A space under a lease agreement effective through 2016.
ALEXANDRIA, VA-Carlyle Gateway I and II, two class A buildings that account for 250,000 sf, find a new owner in Grosvenor. The international property development and investment group acquired the six-story structures from Cousins Properties Inc. for a rumored price between $75 million to $85 million.
BALTIMORE-Demolition of an old building on Key Highway Downtown will mark the start of development for the Ritz-Carlton Residences, a $155-million endeavor. The 165-unit condominium property will occupy the 5.6-acre on which the former Bethehem Steel Warehouse sits.
WASHINGTON, DC-The Coalition to Insure Against Terrorism speaks out at a hearing today before the Senate Committee on Banking, Housing and Urban Affairs, calling for an extension of the Terrorism Risk Insurance Act. The legislation is scheduled to expire on December 31, 2005.
BALTIMORE-Ashford Hospitality Inc. wraps up its purchase of the SpringHill Suites at Baltimore Washington International Airport. In exchange for the 133-room hotel, the seller, the Buccini/Pollin Group, walks away with nearly $16 million, $9 million of it in cash.
ROCKVILLE, MD-Medifacts International makes the move to bigger digs with its recent relocation to a 30,000-sf space in the 130,000-sf building at 2101 Gaither Rd. The clinical development consulting firm leaves behind a space half the size of its new home.
ALEXANDRIA, VA-Development of the Royalton Condominiums takes a significant step forward with the selection of Clark Residential to build the 116-unit multifamily property. The developers expect the $28-million project to reach completion some time next summer.
BALTIMORE-The US Attorney's Office finds itself happy at 36 S. Charles St. and decides to expand its space by 7,000 sf to a total of 62,000 sf. The government office's commitment to additional space leaves the 300,000-sf office building leased to 85% capacity.
WASHINGTON, DC-The former site of the Pitts Hotel will soon become home to the Fedora at Meridian Hill, a 103-unit condominium property, at a development cost of $35 million. The half-century-old hotel had fallen into disrepair over the last 20 years, devolving into a downtrodden eyesore.
WASHINGTON, DC-The Mortgage Bankers Association cheers the Senate's introduction of the Real Estate Mortgage Investment Conduit Modernization Act of 2004, legislation that would ease the movement of capital to commercial endeavors. REMIC is a companion bill to the measure introduced by the House of Representatives in April.
