WASHINGTON, DC-With the economy looking up, the commercial real estate market is looking up, too, so says the National Association of Realtors. The organization's leaders presented the forecast report to attendees of the National Association of Realtors Midyear Legislative Meetings & Trade Expo.
WASHINGTON, DC-The Mandarin Oriental makes its official "society" debut with a recent grand opening celebration and gala to benefit a charity for seriously ill children. The 400-room luxury hotel, which occupies a parcel on the waterfront, cost $150 million to develop.
FREDERICK, MD-The Riverside Technology Park signs on a new tenant, BBI Biotech Research Laboratories, to a 65,000-sf flex office space. For the biotechnology company, the leasing of space in one of the park's six buildings represents a relocation and expansion.
RESTON, VA-Government Scientific Source takes on 36,600 sf at Sunrise Technology Park, a four-building business compound containing of office and R&D space. The scientific equipment distributor will relocate from its current location in the Tysons Corner area.
WASHINGTON, DC-A recent National Association of Realtors study finds that a majority of the voting population is unhappy with the Treasury Department's Office of the Comptroller of the Currency rule, which exempts banking institutions from real estate lending regulations.
BETHESDA, MD-Hotel REIT LaSalle Hotel Properties plans to pocket more than $55 million from a public offering of 2.7 million of its common shares of beneficial interest. The proceeds will be directed toward the reduction of a $215 million senior credit facility.
ARLINGTON, VA-It's a done deal. Leading hotel REIT MeriStar Hospitality Corp. is now the official owner of the super ritzy Ritz-Carlton, Pentagon City. The 366-room luxury hotel property, developed 14 years ago, cost MeriStar $93 million to acquire.
WASHINGTON, DC-Fannie Mae reveals in its first quarter report to the Securities and Exchange Commission that it recorded a $1.9-billion profit for the three months ending March 31. However, the mortgage lender's stockholder equity slipped by $1.5 billion.
ARLINGTON, VA-A big chunk of the office segment of the mixed-use Arlington Gateway project, currently in development, will go to Watson Wyatt & Co. The global consulting firm is pre-leasing 120,000 sf at the 350,000-sf office building, leaving behind its Washington, DC digs.
GAITHERSBURG, MD-West Deer Park Apartments gets snapped up by a new joint venture. In exchange for about $17 million, Philadelphia's AMC Delancey Group and Bethesda, MD's Ross Development & Investment take over ownership of the 198-unit property.