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Is The Window of
Opportunity Closing?At the halfway point, 2011 is looking like a mixed year for the Washington
Metropolitan area, with vacancies and rental rates first increasing and then
dropping slightly as the optimism of the new year gave way to political and
economic concerns. One area of significant concern, especially for urban-
focused tenants, is Washington, DC’s high unemployment rate, standing at
10.2 percent as compared to the Metro Area’s 5.7 percent rate and the nation’s
8.7 percent.
Second quarter 2011 represented a benchmarking change in our methodology
for the UGL Services Washington, DC office. The changes, which allowed
us to expand to a broader data set, is reflected in this quarter’s results. One
important addition to this new data is that of government owned and leased
buildings. Given the government’s significant presence in Northern Virginia,
Suburban Maryland, and especially Washington, DC, it is important to account
for its impact on the commercial real estate market. This is clearly evident when
comparing 2010 with YTD 2011. With the government rethinking their use of
space and consolidating, 2011 looks to show significantly less absorption as
opposed to 2010, where the government accounted for a large majority of
the absorption.
Considering our expanded data set, our results show second quarter 2011
Washington, DC vacancy to be almost 300 basis points (bps) lower than
the Metro area which stands at 12.6 percent and almost $11 per square foot
rental rate premium over the Metro area, at $43.14. While the Washington, DC
shows strength over the Metro area, with decreasing vacancy, tenants should
be prepared to see rental rates increase, especially if vacancy continues to
decrease as expected. With slightly more than $2 million in troubled assets
and trades occurring near record levels in Washington, DC, the local market
is showing solid signs of recovery and tenants should be aware that time may
be running out to take advantage of the market.
WASHINGTON, DCSECOND QUARTER 2011
CHANGE FOR THE QUARTE
INVENTORY SF
OVERALL VACANCY
SUBLEASE VACANCY
AVERAGE ASKING RATE
NET ABSORPTION
UNDER CONSTRUCTION
UNEMPLOYMENT
WASHINGTON, DC RESEARCH
Daniel J Russell, Senior Research [email protected]
www.ugl-equis.com
UGL Services encourages commentary
feedback concerning corporate real es
issues and trends impacting the ofmarkets. Please submit your inquirie
expert representation via:
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THE ECONOMY. Nationally,
unemployment in May decreased year
over year from 9.3 percent to 8.7
percent, a sign of national economic
growth. However, Washington DC’s
year over year change was not as
promising, rising from 9.4 percent
to 10.2 percent. This is a reflection,
of the government’s downsizing and
reductions in staff.
The addition of only 54,000 jobs
nationally in May —a staggering
178,000 jobs behind April— shows
that the economy, while improving over
the long run, has yet to find its legs
with weighing concerns of government
budget cuts, the ongoing debate over
the debt ceiling, slumping stocks, and
a sluggish housing market. However, in
May, when local governments slashed
29,000 jobs, growing sectors likeprofessional and business services
and health care added 44,000 and
17,000, jobs respectively. Overall, the
private sector gained 83,000 jobs in
May, making it the 14th straight month
for private sector employment growth.
With the Government being the primary
employer in Washington, DC, there
is growing concern regarding the
potential of significant budgets cuts
that would result in further reductions
in government employment. Allaying
this fear is the reality that the growing
professional and business services
sector is the second largest employment
sector in Washington, DC. Furthermore,
with many government agencies unable
to fulfill their obligations with limited
staff, private contractors will fill manyof those voids and most likely expand
their employee base to do so.
VACANCY. Vacancy in Washington
DC continues to decrease as it has
steadily since its peak a year ago.
Through the recession, employers were
attracted to Washington, DC’s stability
and strong employee and consumer
base. This, along with limited deliveries,
has driven the ongoing decrease invacancy we’ve seen. The increase in
availability shown through our revised
data may show the significant amount
of space currently occupied by the
government that has yet to be vacated.
The Northern Virginia market continues
to improve steadily with vacancies
decreasing since a year ago, while
Suburban Maryland’s vacancy has
UNEMPLOYMENT.
The U.S. Bureau of Labor
Statistics reports that as of M
the Washington,DC is trailingthe nation by 150 bps. While
both Maryland and Virginia
exhibited a year over year dro
in unemployment, Washingto
DC has seen an increase.
Virginia showed the only
positive non-farm employme
gain year over year in the Me
area, but still trailed the natio average of .7%.
Market Overview
O F F I C E | 2 Q 2 0 1 1P a g e 1
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DC, there is a $14 Per square foot
difference between Class A and
Class C and a $13 Per square foot
gap between Class A and Class B. This
arbitrage opportunity is something
that building owners and investors
can take advantage of as the market
exhibits strength and growth potential
in the coming year. Should vacancy
continue to decrease as expected,
this gap will more than likely expand
further, providing even more incentive
to upgrade. Many owners have already
begun this process with renovations
already underway at properties like
1200 New Hampshire Ave NW and
the proposed renovation/expansionof properties like 1140 and 1146 19th
Street, Federal Office Building 8, and
2100 M Street NW.
Northern Virginia and Suburban
Maryland, while garnering lower rental
rates, saw an increase in rates over last
quarter. Northern Virginia has been
seeing a gradual increase for multiple
quarters since its bottom in late 2009.
Data shows a significant increase in
Suburban Maryland’s asking rates
over 1Q, the majority of this increaseis accounted for in benchmarking
changes, our focus now being the
inner suburbs. This higher rate is a
more accurate reflection of this market.
begun to rise again. Changes from first
quarter 2011, especially in Suburban
Maryland overstate these changes,
given benchmarking differences,
however vacancy is expected to
continue to decline in Washington, DC
and Northern Virginia, while Maryland
will continue to see higher vacancy
rates.
RENTAL RATES. At the close of the
second quarter, quoted rental rates
for the Washington, DC, Northern
Virginia, and Suburban Maryland Metro
area were at a weighted average of
$32.58 per square foot. Washington,
DC showed a premium of over $10
per sqaure footaveraging $43.14 Per
square foot while Northern Virginia
and Suburban Maryland trailed with
Metro average at $29.53 and $27.19
respectively.
The Washington, DC, in comparison
to the Northern Virginia and Suburban
Maryland markets, showed a rate
premium, it was the only of the three
to decrease from first quarter 2011.
Looking specifically at Washington, DC,
an examination of rental rates exhibits
a significant difference between
submarkets and even classes within
submarkets. Overall, in Washington,
“Long run estimates show Washington DC
maintaining its low vacancy rate while showing
slight rental rate growth.”
LEASING ACTIVITY.
[Market Overview Continued]
Comptroller of the Currency2
250 E Street SW
Southwest
337,788 SF
U.S. Department of Education2
830 1st Street NE
Capitol Hill Area
247,337 SF
Skadden, Arps, Slate, Meagher
Flom2
1440 New York Ave NW
Downtown DC
198,640 SF
Unknown Tenant
15030 Conference Center Drive
Greater Fairfax County
156,040 SF
Holland & Knight LLP
800 17th Street NW
Downtown DC
123,057 SF
ICF Marco
530 Gaither Road
I-270 Corridor
97,495 SF
General Services Administratio
12501 Aredennes AvenueI-270 Corridor
74,179 SF
Navigant Consulting1
1200 19th Street NW
Downtown DC
73,758 SF
SAIC
7990 Science Applications Court
Greater Fairfax County
65,136 SF
Paetec Communications Inc.
1764A Old Meadow RoadGreater Fairfax County
62,000 SF
AARP1
401 & 505 9th Street NW
East End
57,070 SF
1. UGL Services Client
2. Renewal/Expansion
O F F I C E |
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ASKING RENT VS
VACANCY
—DC, VA, MD Metro
DELIVERIES VS
NET ABSORPTION
—DC, VA, MD Metro
LEASING ACTIVITY
—DC, VA, MD Metro
O F F I C E | 2 Q 2 0 1 1P a g e 3
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ASKING RENT VS
VACANCY
—Washington, DC
VACANCY VS
AVAILABILITY
—Washington, DC
ASKING RENT VSVACANCY
—Class A & B Washington, DC
O F F I C E |
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ASKING RENT VS
VACANCY
—Northern Virginia
NET ABSORPTION VS
ASKING RENT
—Northern Virginia
ASKING RENT VS
VACANCY
—Northern Virginia
O F F I C E | 2 Q 2 0 1 1P a g e 5
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ASKING RENT VS
VACANCY
—Suburban Maryland
NET ABSORPTION VS
ASKING RENT
—Suburban Maryland
ASKING RENT VS
VACANCY
—Suburban Maryland
O F F I C E |
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Opportunities & Challenges
LOOKING FORWARD.
With the government looking
to slim their operations, the
resulting drop in demand will slow improvement of the
market. However, as opposed
to more sensitive markets,
Washington, DC has the
strength to weather a decrea
in demand without significan
changed to rental rates.
A slowing in the demand
for space will also providetime for building owners
and developers to upgrade,
renovate, and build preparing
for a stronger 2012 and 2013.
Additionally, Trophy and new
amenity-filled Class A buildin
will continue to draw a
premium and drive competit
to upgrade and improve the
building stock.
Recognizing the trends and
noting an improving building
stock, tenants should expect
vacancy to decrease and ren
rates to increase as the year
progresses.
The big challenges in decision making
are seeing what’s coming down the line
and knowing when to jump. For building
owners and investors, investing now totake advantage of future growth should
be the plan. However, some high Per
square foot prices, lengthy entitlement
processes and aged infrastructure,
owners will need to act soon to ensure
advantageous timing.
For the time being, users continue to
have more power to be selective about
where they locate. As companies,
—especially large forward-looking
firms— recognize a shift in office
culture brought on by a new generation
of employees the notion of “location,
location, location” becomes more
complex. It’s no longer that space users
prefer a particular part of town, now
it is a consideration of proximity to
transit and where employees want to
live, amenities for employees, and the
life employees lead outside the office.
As the economy improves and
employers look to grow and expand,
they will need more space. Havingweathered the recession and learned
from those struggles, employer tenants
will need to be more savvy in their
space use and real estate choices. Cost
cutting will be important in not just the
acquisition of space, but also its use
as it pertains to employee retention.
Given Washington, DC’s skilled
workforce, employee retention
continues to be a priority because
of the high cost of replacement. As
employees demand more of their
employers in regards to space,
employers will need to meet these
demands and adjust their real estate
decisions as such.
The continued move from the suburbs
to more dense, transit-oriented areas,
the increasing push to sustainable
building and operation, and the
ongoing integration of technology
and services will require a more
sophisticated approach to space use
and comprehensive approach to real
estate. The opportunities currently lie
in getting ahead of the curve before
your current space doesn’t meet your
needs and rental rates have increased.
With building owners positioning for
a stronger 2012 and 2013, tenants
should be prepared for decreasing
vacancy rates and increasing rental
rates as demand ticks up and properties
are improved. So, is the window of
opportunity closing? It’s starting to
slowly close; the market is positioned
to strengthen and tenants considering
changes in their space needs should
be aware that time is running out.
Assess and Adapt.
O F F I C E | 2 Q 2 0 1 1P a g e 7
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RECENT TRADES.
Investment Properties
Commercial real estate in the nation’s
capital is poised for a significant
comeback in 2012 and 2013, and
building owners and investors arepreparing for it. Investor interest has
led to an increase in the number and
size of transactions, some high-priced
transactions reaching record prices
like the March sale of Market Square
for $905 Per square foot.
Investors who are disappointed in the
stock and bond markets are turning to
high-yield assets in strong markets like
Washington, DC. With this increased
investor interest limited primarily to
Class A and trophy assets, owners
are fielding competitive offers and
cashing in. Class B property owners
are recognizing the recent drop in Class
B rental rates and vacancies and are
positioning to upgrade their properties,
attempting to take advantage of the
increasing in demand for Class A
properties. This is especially the case
in the Washington, DC, where the
difference between Class A and Class
B averages around $13 per square foot.
Among the many areas of improvement
the most popular are technology
infrastructure upgrades, aesthetic
improvements, and LEED or “green”advancements. With pressure
mounting from space users, political
interests, international competition,
and investors, there will be a continued
and considerable push for office
buildings to progress in their style,
use, and sustainability.
Given its dated infrastructure and
large number of historic or outdated
structures, Washington, DC is
positioned well to take advantage
of this movement and see an influx
of capital and tenants which would
lead to increases in value and overall
market strength.
1100 4th St SW
Southwest
Class A
635,000 SF$356m / $560.63 Per square foot
B: USAA Real Estate Company
S: Bresler & Reiner, Vornado Rea
Trust, Forest City Enterprises
June 2011
100% Occupancy
700 6th St NW
East End
Class A
300,000 SF
$191m / $636.67 Per square foot
B: USAA Real Estate CompanyS: Akridge
June 2011
90% Occupancy
529 14th St NW
East End
Class B
378,000 SF
$167.5m / $443.12 Per square foo
B: AEW Capital Management
S: Resource America, Quadrang
Development
June 201196% Occupancy
325 7th St NW
East End
Class A
157,285 SF
$139m / $883.75 Per square foot
B: Paramount Group
S: Beacon Capital Partners
June 2011
97% Occupancy
9801 Washingtonian Boulevard
GaithersburgClass A
315,000 SF
$90m / $286 Per square foot
B: CB Richard Ellis Investors
S: LaSalle Investment
Management
April 2011
85% Occupancy
Trends in Trades.
O F F I C E |
*2Q11 represents sales figures based on available data through May 2011
*
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Quarterly Statistics
(1) Inventory defined as existing Class A, B and C of fice properties, 5,000 square foot minimum rentable base area inclusive of government owned and/or leased, own
occupied, medical (<75%), single, and multi-tenant buildings. (2) Overall vacancy inclusive of vacant direct and sublease space. (3) Net absorption defined as the chan
in physical occupancy from one period to the next. (4) Weighted average asking rents are gross per square foot, per year. Average asking rents are direct and weighte
against the overall rentable building area.
Leasing Fundamentals.
O F F I C E | 2 Q 2 0 1 1P a g e 9
SUBMARKETINVENTORY (1) OVERALL VACANCY (2) SUBLEASE VACANCY NET (3) UNDER AVERAGE (
SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING REN
Capitol Hill Area 32,604,150 2,776,940 8.5% 40,830 0.1% 94,273 625,133 $49.17
Class A 23,867,959 2,283,853 9.6% 37,130 0.2% 263,524 625,133 $50.69
Class B 7,208,852 438,022 6.1% 3,700 0.1% (145,727) 0 $42.44
Class C 1,527,339 55,065 3.6% 0 0.0% (23,524) 0 $39.48
Downtown DC 93,496,829 9,601,008 10.3% 1,307,208 1.4% (369,831) 2,854,692 $51.30
Class A 58,757,718 7,143,811 12.2% 1,015,952 1.7% (210,717) 2,854,692 $54.54
Class B 29,956,105 2,240,486 7.5% 263,144 0.9% (131,083) 0 $42.24
Class C 4,783,006 216,711 4.5% 28,112 0.6% (28,031) 0 $38.11
Georgetown/Uptown 15,423,380 1,322,102 8.6% 197,022 1.3% (27,298) 179,107 $39.02
Class A 4,198,944 640,602 15.3% 144,713 3.4% (1,199) 179,107 $44.28
Class B 8,056,215 527,877 6.6% 49,785 0.6% (17,625) 0 $34.37
Class C 3,168,221 153,623 4.8% 2,524 0.1% (8,474) 0 $33.07
Northeast/Southeast 1,985,729 359,124 18.1% 0 0.0% 449 0 $23.14
Class A 63,000 1,400 2.2% 0 0.0% 0 0 $45.93
Class B 1,308,249 238,900 18.3% 0 0.0% 2,400 0 $23.92
Class C 614,480 118,824 19.3% 0 0.0% (1,951) 0 $21.30
DISTRICT OF COLUMBIA 143,510,088 14,059,174 9.8% 1,545,060 1.1% (302,407) 3,658,932 $43.14
Class A 86,887,621 10,069,666 11.6% 1,197,795 1.4% 51,608 3,658,932 $46.97
Class B 46,529,421 3,445,285 7.4% 316,629 0.7% (292,035) 0 $33.58
Class C 10,093,046 544,223 5.4% 30,636 0.3% (61,980) 0 $32.99
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Quarterly StatisticsLeasing Fundamentals.
O F F I C E |
SUBMARKET INVENTORY (1) OVERALL VACANCY (2)
SUBLEASE
VACANCY NET (3) UNDER AVERAGE
SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING RE
Alexandria/I-395 32,604,150 2,776,940 8.5% 40,830 0.1% 94,273 625,133 $49.17
Class A 23,867,959 2,283,853 9.6% 37,130 0.2% 263,524 625,133 $50.69
Class B 7,208,852 438,022 6.1% 3,700 0.1% (145,727) 0 $42.44
Class C 1,527,339 55,065 3.6% 0 0.0% (23,524) 0 $39.48
Dulles Corridor 93,496,829 9,601,008 10.3% 1,307,208 1.4% (369,831) 2,854,692 $51.30
Class A 58,757,718 7,143,811 12.2% 1,015,952 1.7% (210,717) 2,854,692 $54.54
Class B 29,956,105 2,240,486 7.5% 263,144 0.9% (131,083) 0 $42.24
Class C 4,783,006 216,711 4.5% 28,112 0.6% (28,031) 0 $38.11
East Falls Church 15,423,380 1,322,102 8.6% 197,022 1.3% (27,298) 179,107 $39.02
Class A 4,198,944 640,602 15.3% 144,713 3.4% (1,199) 179,107 $44.28
Class B 8,056,215 527,877 6.6% 49,785 0.6% (17,625) 0 $34.37
Class C 3,168,221 153,623 4.8% 2,524 0.1% (8,474) 0 $33.07
Greater Fairfax County 1,985,729 359,124 18.1% 0 0.0% 449 0 $23.14
Class A 63,000 1,400 2.2% 0 0.0% 0 0 $45.93
Class B 1,308,249 238,900 18.3% 0 0.0% 2,400 0 $23.92
Class C 614,480 118,824 19.3% 0 0.0% (1,951) 0 $21.30
Greater Fredericksburg 143,510,088 14,059,174 9.8% 1,545,060 1.1% (302,407) 3,658,932 $43.14
Class A 86,887,621 10,069,666 11.6% 1,197,795 1.4% 51,608 3,658,932 $46.97
Class B 46,529,421 3,445,285 7.4% 316,629 0.7% (292,035) 0 $33.58
Class C 10,093,046 544,223 5.4% 30,636 0.3% (61,980) 0 $32.99
Manassas/Rt 29/I-66 5,441,344 788,064 14.5% 27,333 0.5% 8,472 200,950 $21.74
Class A 987,949 218,218 22.1% 0 0.0% 13,760 200,950 $24.74
Class B 3,837,955 524,631 13.7% 26,983 0.7% (15,167) 0 $20.74
Class C 615,440 45,215 7.3% 350 0.1% 9,879 0 $18.85
Rosslyn-Ballston Corridor 23,763,999 3,105,269 13.1% 395,136 1 .7% (604,965) 1,329,086 $35.28
Class A 16,221,111 1,672,439 10.3% 372,197 2.3% (76,930) 1,329,086 $40.90
Class B 6,207,768 716,415 11.5% 22,939 0.4% 88,685 0 $36.13
Class C 1,335,120 716,415 53.7% 0 0.0% (616,720) 0 $21.32
SE Fairfax County 7,192,849 769,107 10.7% 23,320 0.3% (16,704) 637,582 $27.54
Class A 1,634,418 114,467 7.0% 13,860 0.8% (46,510) 637,582 $37.84
Class B 4,565,893 621,587 13.6% 9,460 0.2% 9,481 0 $26.10
Class C 992,538 33,053 3.3% 0 0.0% 20,325 0 $19.02
Woodbridge/I-95 Corridor 3,171,007 480,850 15.2% 7,352 0.2% 52,900 23,537 $21.48
Class A 543,993 90,746 16.7% 3,272 0.6% 18,502 23,537 $25.54
Class B 2,132,010 293,133 13.7% 4,080 0.2% 7,734 0 $20.24
Class C 495,004 96,971 19.6% 0 0.0% 26,664 0 $21.44
NORTHERN VIRGINIA 198,891,890 27,507,855 13.8% 2,111,135 1.1% 782,184 2,611,028 $29.53
Class A 113,499,707 16,371,807 14.4% 1,526,722 3.7% 965,764 2,611,028 $32.12
Class B 73,419,785 9,593,006 13.1% 570,013 1.5% 287,374 0 $26.31
Class C 11,972,398 1,543,042 12.9% 14,400 0.1% (470,954) 0 $22.07
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Quarterly Statistics
(1) Inventory defined as existing Class A, B and C of fice properties, 5,000 square foot minimum rentable base area inclusive of government owned and/or leased, own
occupied, medical (<75%), single, and multi-tenant buildings. (2) Overall vacancy inclusive of vacant direct and sublease space. (3) Net absorption defined as the chan
in physical occupancy from one period to the next. (4) Weighted average asking rents are gross per square foot, per year. Average asking rents are direct and weighte
against the overall rentable building area.
Leasing Fundamentals.
O F F I C E | 2 Q 2 0 1 1P a g e 1 1
SUBMARKETINVENTORY (1) OVERALL VACANCY (2) SUBLEASE VACANCY NET (3) UNDER AVERAGE (
SQ FT SQ FT RATE SQ FT RATE ABSORPTION CONSTRUCTION ASKING REN
Bethesda/Chevy Chase 11,554,196 1,009,892 8.7% 181,474 1.6% 116,362 0 $33.74
Class A 5,530,361 467,979 8.5% 150,954 2.7% 6,014 0 $37.87
Class B 5,127,283 400,366 7.8% 27,720 0.5% 103,979 0 $32.26
Class C 896,552 141,547 15.8% 2,800 0.3% 6,369 0 $24.24
I-270 Corridor 41,709,123 6,293,309 15.1% 342,041 0.8% (137,340) 588,440 $27.98
Class A 20,752,976 3,677,034 17.7% 294,381 1.4% 227,464 588,440 $30.87
Class B 16,984,912 2,359,062 13.9% 40,260 0.2% (440,464) 0 $24.22
Class C 3,971,235 257,213 6.5% 7,400 0.2% 75,660 0 $21.27
N Prince George's County 18,630,578 3,482,962 18.7% 41,573 0.2% (103,602) 268,762 $20.27
Class A 7,419,228 1,544,637 20.8% 29,799 0.4% (16,606) 268,762 $20.77
Class B 9,114,542 1,768,730 19.4% 11,774 0.1% (64,689) 0 $20.03
Class C 2,096,808 169,595 8.1% 0 0.0% (22,307) 0 $18.24
SE Montgomery County 12,663,884 1,596,202 12.6% 182,753 1.4% (324,937) 0 $25.34
Class A 5,648,955 587,105 10.4% 131,352 2.3% (79,697) 0 $30.11
Class B 5,489,112 795,439 14.5% 34,274 0.6% (251,128) 0 $22.93
Class C 1,525,817 213,658 14.0% 17,127 1.1% 5,888 0 $21.17
SUBURBAN MARYLAND 84,557,781 12,382,365 14.6% 747,841 0.9% (449,517) 857,202 $27.19
Class A 39,351,520 6,276,755 16.0% 606,486 6.9% 137,175 857,202 $29.91
Class B 36,715,849 5,323,597 14.5% 114,028 1.5% (652,302) 0 $24.86
Class C 8,490,412 782,013 9.2% 27,327 1.6% 65,610 0 $21.23
DC-VA-MD METRO 426,959,759 53,949,394 12.6% 4,404,036 1.0% 30,260 7,127,162 $32.58
Class A 239,738,848 32,718,228 13.6% 3,331,003 1.4% 1,154,547 7,127,162 $36.33
Class B 156,665,055 18,361,888 11.7% 1,000,670 0.6% (656,963) 0 $28.25
Class C 30,555,856 2,869,278 9.4% 72,363 0.2% (467,324) 0 $25.43
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UGL Services
WHO WE ARE. A multidiscipline, integrated corporate real estate services
firm that focuses exclusively on the users of space. Our strategic solutions
align our clients’ real estate with their business strategies, creating competi-
tive advantage.
ABOUT US. UGL Services, through its affiliated companies, is a global cor-
porate real estate firm that focuses exclusively on the business space user.
With more than 40,000 affiliated employees in nearly 100 locations around
the world, Chicago-based UGL Services provides comprehensive real estatesolutions through portfolio strategy and management, transaction advisory,
corporate finance, project services, workplace integration, data management,
facility management and audit & recovery services for national and global
companies with office, industrial and retail opportunities throughout the United
States, Mexico, Asia Pacific, Europe and the Middle East. UGL Services is a
subsidiary of UGL Limited, (ASX: UGL).
OWNERSHIP. UGL Services acquisition by UGL Limited has created the
world’s largest conflict-free corporate real estate services firm. Our union
combines the strengths of both American and Australian firms while it brings
added financial stability and increased executive leadership. We remain com-mitted to maintaining the quality, processes, procedures, approach and other
expertise for which UGL Services built its renown while increasing our global
services reach.
CLIENTS. UGL Services manages more than 80 client real estate portfolios
covering 43 countries and totaling nearly 650 million square feet.
SERVICE LINES.
Portfolio Management
We optimize corporate real estate
assets by focusing on overall perfor
mance of client portfolios.
Transaction Advisory
As the world’s largest corporate rea
estate firm exclusively focused on
users of business space, we assure
you of conflict-free representation.
Data Management
Our data management professionals
turn data into actionable information f
reducing occupancy costs, managing
dates, and tracking asset inventories.
Audit & RecoveryWe help recover funds and prevent fu
overpayments, enabling our clients
invest more into their businesses.
Corporate Finance
Our finance professionals bring a
powerful combination of capital ma
agement, corporate finance expertis
and negotiating skills to financial
structuring and transaction process
Facility Management
We offer a single point of contact
for optimizing the operations ofcomplex facilities.
Workplace Integration
Our professionals develop and exec
solutions that maximize space usag
by aligning our client’s organizationa
processes and cultural sensitivities
with their business objectives.
Project Services
Our project teams manage and cont
capital outlays for maintenance, rep
and operations in order to meet
performance objectives.
Strategic Consulting
The portfolio analyses we provide
allows the optimal real estate plan to
be engineered for specific markets,
goals or industries.
Site Selection & Incentives Consult
Location analysis and applicable
government incentive programs.
O F F I C E |
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© Copyright 2011 UGL Services. The aforementioned information was obtained from sources deemed reliable. UGL Services makes no representation or warranty concethe accuracy or completeness of the information. Data Sources: UGL Services Research, CoStar Group, REIS, Real Capital Analytics, Bureau of Labor Statistics and Moo
Transaction Advisory
WASHINGTON DC3000 K Street, NW, Suite 200
Washington, DC 20007
T: 202.293.9556 F: 202.293.9557
BROKERAGE TEAM
Craig Estey, EVP, Managing Director
202.721.2341
Michael Christian, EVP
202.721.2341
Matthew Siegel, SVP
202.721.2348
Catherine Jones, SVP
202.721.2358
Brian Liss, SVP
202.280.6982
Aaron Pomerantz, SVP
202.293.9556
Daniel Rasmussen, SVP
202.721.2342
Junius Tillery, SVP
202.721.2351
Michael Wiley, SVP
202.721.2345
Chet Rao, VP
202.721.2347
Stephen Ross, VP
202.721.2352
Will Courtney, Senior Assoc
202.721.2343
Reza Ghassabeh, Senior Assoc
202.721.2359
Greg Millwater, Senior Assoc
202.280.6983
Mary Catherine Williams, Senior Assoc
202.293.9556
Brian Dickerson, Assoc
202.293.9556
Colin Oppenheimer, Assoc
202.721.2350
CAM TEAM
Peter Brohoski, SVP
202.280.6984
Bill Evans, SVP
202.293.9556
Christopher Reutershan, SVP
202.721.2380
Susan Stoudt, SVP, SPM
202.721.2344
David Lamore, VP
202.293.9556
Denise Harris, Transaction Specialist
202.721.2381
Matthew Attaway, AVP
202.721.2340
Erika Gilmore, AVP
202.721.2354