greater washington commercial association of realtors®

GWCARGWCAR2013

THANK YOU

WE WOULD LIKE TO THANK THE FOLLOWING BEACON CAPITAL PARTNERS VIP MEMBERS FOR THEIR CONTRIBUTIONS TO OUR VIRGINIA PORTFOLIO IN 2012.

WE TRULY VALUE YOUR PARTNERSHIP AND LOOK FORWARD TO ANOTHER SUCCESSFUL YEAR OF LEASING.

THIS PROGRAM WAS DEVELOPED AND PRODUCED BY CASSIDY TURLEY ON BEHALF OF BEACON CAPITAL PARTNERS.

THE BEACON VIP PROGRAM WILL CONCLUDE IN 2014.

TO LEARN MORE ABOUT THE BEACON VIP PROGRAM PLEASE VISIT WWW.BEACONVIP.COM

DRUSKIN REALTY

Brian Druskin

JONES LANG LASALLE

David HouckCreighton Armstrong

MCBRIDE CORPORATE REAL ESTATE

Todd Sherbacow

MOHR PARTNERS

Kim Vo

CBRE

Emily Smith

NEWMARK GRUBB KNIGHT FRANK

Susan Sonley

CUSHMAN & WAKEFIELD

Bart DrummondJude Collins

USI REAL ESTATE ADVISORS

Patrick McCambridge

UNIWEST COMMERCIAL REALTY

Ken Goldberg

POTOMAC REALTY

Norm Corkhill

TRANSWESTERN

Josh Masi

RBJ REAL ESTATE

Robert Richards

CASSIDY TURLEY

Michael Altman

VERITY COMMERCIAL, LLC

Robert Long

April 18 | 2013 - Bisnow Commemorative Edition | 01

P R ES I D E N T ’ S W E LC O M E

2012 Commercial AwardsGreater Washington Commercial Association of REALTORS®

Mark Sullivan2013 GWCAR President

I n keeping with our long standing tradition, The Greater Washington Commercial Association of REALTORS® (GWCAR) is pleased to honor tonight the best in our industry and to celebrate the many accomplishments in our region’s commercial real estate in-dustry over the past year. Not only do we recognize many of the largest transactions and outstanding firms, but we also acknowledge many of the individual brokers who were integral in making these transactions a reality within our community.

The level of hard work, persistence, and creativity each of these individuals brings to the table, often with their own unique sense of style and diligence, helps to highlight the high degree of professionalism that makes our association more dynamic and vibrant every year.

Again this year we are also recognizing many of our other industry affiliates who serve our com-mon clients with a degree of excellence that deserves recognition from our GWCAR members. Nominated by the industry’s leading brokers and our members, this distinction is a true honor and we are pleased to acknowledge their contribution to our combined success.

We also continue to recognize individuals within our industry who challenge us to work within our profession with the utmost respect for our fellow colleagues and to “raise the bar” in our daily lives, not only within our business environment but within our community.

We are proud to also recognize our 2012 Broker of Year, Arthur “Art” Greenberg from Studley, and our Brendan McCarthy Memorial Award winner, Mitchell Schear from Vornado/Charles E. Smith. On behalf of Mitchell, GWCAR is pleased to donate a portion of the proceeds from this year’s Awards Dinner to Higher Achievement in his honor.

As the 2013 GWCAR President, please join me in congratulating tonight’s honorees, many of whom are profiled on the following pages. On behalf of GWCAR we salute you all and our as-sociation is honored to serve you as we continue to help shape the future of the Washington, DC metropolitan area commercial real estate community.

Best Regards,

THANK YOU

WE WOULD LIKE TO THANK THE FOLLOWING BEACON CAPITAL PARTNERS VIP MEMBERS FOR THEIR CONTRIBUTIONS TO OUR VIRGINIA PORTFOLIO IN 2012.

WE TRULY VALUE YOUR PARTNERSHIP AND LOOK FORWARD TO ANOTHER SUCCESSFUL YEAR OF LEASING.

THIS PROGRAM WAS DEVELOPED AND PRODUCED BY CASSIDY TURLEY ON BEHALF OF BEACON CAPITAL PARTNERS.

THE BEACON VIP PROGRAM WILL CONCLUDE IN 2014.

TO LEARN MORE ABOUT THE BEACON VIP PROGRAM PLEASE VISIT WWW.BEACONVIP.COM

DRUSKIN REALTY

Brian Druskin

JONES LANG LASALLE

David HouckCreighton Armstrong

MCBRIDE CORPORATE REAL ESTATE

Todd Sherbacow

MOHR PARTNERS

Kim Vo

CBRE

Emily Smith

NEWMARK GRUBB KNIGHT FRANK

Susan Sonley

CUSHMAN & WAKEFIELD

Bart DrummondJude Collins

USI REAL ESTATE ADVISORS

Patrick McCambridge

UNIWEST COMMERCIAL REALTY

Ken Goldberg

POTOMAC REALTY

Norm Corkhill

TRANSWESTERN

Josh Masi

RBJ REAL ESTATE

Robert Richards

CASSIDY TURLEY

Michael Altman

VERITY COMMERCIAL, LLC

Robert Long

Mark Sullivan2013 GWCAR President

CASSIDY TURLEY

1300 S 17TH STREET12 FEBRUARY 2012 LEVEL - ROOFTOP AXONOMETRIC


B R E N D A N M C C A R T H Y AWA R D W I N N E R

2012 GWCAR COMMERCIAL AWARDS

P L AT I N U M

B O G N E T C O N S T R U C T I O N

W A S H I N G T O N W O R K P L A C E

G O L D

C O S TA R G R O U P

T I S H M A N S P E Y E R

S I LV E R

A K R I D G E

B R O O K F I E L D O F F I C E P R O P E R -

T I E S

C A S S I D Y T U R L E Y

F I R S T P O T O M A C R E A LT Y T R U S T

J K M O V I N G S E R V I C E S

J O N E S L A N G L A S A L L E

V O R N A D O / C H A R L E S E . S M I T H

B R O N Z E

C O O L E Y L L P

D AV I S C O N S T R U C T I O N

C O C K TA I L

C R E S A W A S H I N G T O N D C

B R E N D A N M C C A R T H Y

M E M O R I A L A W A R D

T R A N S W E S T E R N

S P O N S O R S

A R C H I T E C T U R E F I R M

A S D , I N C .

C O N S T R U C T I O N C O N T R A C T O R

C O A K L E Y W I L L I A M S

D E V E L O P E R

A K R I D G E

F U R N I T U R E V E N D O R

W A S H I N G T O N W O R K P L A C E

L A N D L O R D

V O R N A D O / C H A R L E S E . S M I T H

L A W F I R M

C O O L E Y L L P

M O V I N G C O M P A N Y

O F F I C E M O V E R S , I N C .

P R O J E C T O F T H E Y E A R

7 5 5 0 W I S C O N S I N AV E N U E ,

B E T H E S D A , M D

B E S T I N I N D U S T R Y

Mitchell N. Schear is the President of Vornado/Charles E. Smith. He directs the performance and growth of Vornado’s extensive 20+ million square foot portfolio in the Washington, DC region.

Prior to joining Vornado in April 2003, Mitchell spent 15 years at The Kaempfer Company, where, as President, he oversaw all of the company’s development, leasing, and management ac-tivities.

A few years ago, Mitchell became passionately involved with Higher Achievement – a nationally-recognized program that pro-vides rigorous after-school academies for middle schoolers in “at risk” neighborhoods, at the most crucial time in their lives.

Mitchell was introduced to Higher Achievement by retired Studley Vice-Chair Steve Goldstein. Since that time, Mitchell has become a game changer for this organization. In 2011, he was honored by Higher Achievement Metro Washington with the Gannon Achievement Award for his leadership and commitment to helping at-risk youth excel and succeed.

Under Mitchell’s enthusiastic leadership, Higher Achieve-ment’s Gala fundraiser grew from $350,000 in 2009 to $1,060,000 in 2012 - exceeding his own “million dollar challenge”. His tireless energy and passion for the heroic Higher Achievement scholars has inspired the real estate community in a big way. In 2012, over 70 real estate-related companies (including a special Broker’s Circle) joined Mitchell in rallying for Higher Achievement. Together, over 3 years, more than $2.5M was raised for Higher Achievement.

Thanks to Mitchell’s support, Higher Achievement has a pro-found impact on more than 500 scholars. The program gives their scholars their best opportunity to succeed in middle school – and in life. 96% of Higher Achievement graduates finish high school, and 76% graduate from college. In a city where 59% finish high school and only 9% get a college degree, these are extraordinary results—made possible through the tremendous commitment of Mitchell and many others.

In addition to Higher Achievement, Mitchell has served on a number of boards on behalf of the real estate industry and the community, including: The Washington Convention and Sports Authority, Executive Committee member of the Federal City Council, the Downtown DC Business Improvement District, the Corporate Board of Arena Stage, Theatre Washington, the Field School, and the Lowell School.

In 2007, Mitchell was recognized by the District of Columbia Building Industry Association (DCBIA) with its highest honor, the Achievement Award, for his contribution to the Washington, DC real estate community.

Mitchell SchearVornado/ Charles E. Smith

1300 S 17TH STREET12 FEBRUARY 2012 LEVEL - ROOFTOP AXONOMETRIC

Cassidy Turley congratulates tonight’s GWCAR Award honorees and wishes them continued success.

Discover Success.

Discover Cassidy Turley.www.cassidyturley.com

Tenant Representation / Capital Markets / Project Leasing / Corporate Services / Property Management / Project & Development Services


Anyone you would like to thank? My team at Studley -- David Lipson, Art Green-berg, Julie Rayfield, Adam Brecher, Bie Chu Lee, and Charles Steelman -- they rock!


L E A S I N G A G E N T S O F T H E Y E A R

What contributed to your success in this challenging year? Being part of a great team and a great firm. The transactions we work on are the larger, more complicated ones and it is key to have strong partners and associates you can trust to do a great job for our clients.

What will be the biggest factors affecting the regional market in 2013 and beyond? Everyone is getting smaller as new technolo-gies and approaches to working evolve. This will continue to make the market favorable to tenants and leave buildings that can’t ef-fectively accommodate the new approaches obsolete way before they would have been expected to. The solution will be lower rents and aggressive concessions.

Thomas Fulcher, Jr.Executive Vice PresidentSTUDLEY

Rob FaktorowExecutive Vice PresidentCBRE

Age: 54Hometown: Falls Church, VAAlma Mater: William & Mary (BS) & University of Virginia (MBA)Years in real estate: 27 Years with current firm: 27

R E G I O N A L & D C ( C O - W I N N E R )

What contributed to your success in this challenging year?Great teammates and the resources and sup-port of the world’s finest commercial real es-tate company – CBRE.

What will be the biggest factors affecting the regional market in 2013 and beyond? The growth and expansion of technology companies will fuel our economy and jump start demand for office space over the next 18 months. Washington, DC is on the top of the list as a preferred location by the bright-est young professionals. Employers recognize that this exceptional talent pool is unique to our region. This will have a positive impact during the remainder of this decade. On the negative side, perception - I think the market has already adjusted for defense cut backs and if you really study the market this industry hasn’t expanded in our region since 2003. As such, we won’t see any material impact on our region from this sector going forward.

Anyone you would like to thank?Our clients for being great clients and allow-ing us to be trusted advisors! And of course, my teammates for being best-in-class profes-sionals and partners.

M A R Y L A N D

V I R G I N I A

Age: 55Hometown: Philadelphia, PAAlma Mater: University of MarylandYears in real estate: 28 Years with current firm: 28

Arthur “Art” Greenberg

Studley

B R O K E R O F T H E Y E A R AWA R D W I N N E RL E A S I N G A G E N T O F T H E Y E A R , R E G I O N A L & D C ( C O - W I N N E R )

Arthur “Art” Greenberg, born and raised in Wheaton, Maryland and a gradu-ate of the University of Maryland, embarked on his professional life as a

CPA at Touche Ross at 1900 M Street. Feeling con-strained by the limits of the accounting profession and wanting to explore his love of real estate, he moved on to become the chief financial officer of a real estate developer in Northern Virginia. In the mid-‘80’s, this was a good place to be. When his friend, Tom Fulcher, told him he was joining tenant rep firm Studley, Art told him that was a good place to get started and with that experience, he could get a “real job” with a developer in a few years.

The early-‘90’s real estate bust happened and Art moved on to become the CFO of an aircraft leasing company. After a few years, he realized that, once again, he had to scratch that real estate itch. Tom, who still had not gotten a real job, sug-gested he join Studley.

In September of 1994, with nothing to lose but his low opinion of real estate brokers, he came over and immediately started working on some of the largest and most complicated transactions in the area. The restructuring of Marriott’s 775,000 square foot headquarters lease came first, fol-lowed by the representation of AARP in the pur-chase of their building and many others such as NPR, Covington & Burling, and the Washington Post. Art has become one of the go-to guys in Washington real estate for the area’s largest, hairi-est, and most interesting transactions.

Now, partnered with Tom Fulcher, David Lip-son, and Julie Rayfield, he works way too hard, sees his wife and children way too little and, despite not being the best golfer on the course by any means, has enjoyed the experience of watching his ball drop into the hole while still standing on the tee.

Congratulations to Art Greenberg, GWCAR’s 2012 Broker of the Year.

J. Andrew MastersManaging Director

JONES LANG LASALLEAge: 57

Hometown: Chevy Chase, MDAlma Mater: Boston University

Years in real estate: 33 Years with current firm: 3

What contributed to your success in this challenging year? A combination of loyal clients and great part-ners at Jones Lang LaSalle.

What will be the biggest factors affecting the regional market in 2013 and beyond? Political impact on business investment.

Special toastJones Lang LaSalle wishes to congratulate our real estate colleagues around the region for their significant contributions past and present. We are exceptionally proud to recognize our own team members’ wins and honors this year.

Leasing | Management | Investment Sales | Sales | Finance | Tenant Representation | Construction | Project and Development Services

+1 202 719 5000Washington, D.C. | Virginia | Marylandwww.jll.com/dc

© 2013 Jones Lang LaSalle IP, Inc. All rights reserved.


R E G I O N A L , D C , & VA

M A R Y L A N D

SALES AGENT OF THE YEAR

RETAIL AGENTS OF THE YEAR

FINANCE AGENT OF THE YEAR


Age: 57Hometown: Charleston, SCAlma Mater: George Washington UniversityYears in real estate: 30 Years with current firm: 8

Age: 53Hometown: Petersburg, VAAlma Mater: University of Virginia (BA) & University of Richmond (JD)Years in real estate: 25 Years with current firm: 6

Age: 49Hometown: Springfield, VAAlma Mater: Virginia Tech & Carnegie MellonYears in real estate: 24 Years with current firm: 14

Age: 47Hometown: Severna Park, MD Alma Mater: University of North Carolina- Chapel HillYears in real estate: 25 Years with current firm: 5

D E V E L O P E R / L A N D L O R D

A G E N T O F T H E Y E A R

What contributed to your success in this challenging year?There is something to be said for working for the strong Bender family ownership and our ability to meet the market and maintain low vacancy throughout our portfolio. I owe my success to all of my colleagues at Blake.

What will be the biggest factors affecting the regional market in 2013 and beyond? The ongoing Congressional stalemate and the sequester will continue to impact hiring decisions and business growth in the months ahead. Demand for space is presently flat to negative. Supply is still outpacing demand with a large supply of older Class A and B properties, especially in Washington, DC and Virginia. Congress’ ability to reach consensus on a balanced budget will clearly have posi-tive impact on our regional market.

Anyone you would like to thank? I would like to give special thanks to Jeff Sh-rago and Stephen Goldstein who gave me my start at Julien Studley and Stephen Lustgar-ten presently at Blake. The have been great friends and mentors throughout my career.

What contributed to your success in this challenging year?A great team in our Cassidy Turley Structured Finance Group, and a lot of perseverance and determination in finding the right solution for our clients.

What will be the biggest factors affecting the regional market in 2013 and beyond? Uncertainty over the impact of sequestration, BRAC and other government cut-back issues – I think they will collectively go the way of Y2K but it will take some time for investors and developers to realize this, so in the mean-time we will likely go sideways.

Anyone you would like to thank?Clearly our clients who gave us the opportuni-ties to help them with their challenging debt and equity requirements.

What contributed to your success in this challenging year?Great team!

What will be the biggest factors affecting the regional market in 2013 and beyond? The Federal Reserve.

Anyone you would like to thank?Tom Gentner, Brian Watts, Cheryl Washington, and Molly Benson.

What contributed to your success in this challenging year? Smart clients that were decisive during these uncertain times, the most talented team members, and hard work.

What will be the biggest factors affecting the regional market in 2013 and beyond? Provided the Federal Government can final-ize and pass a budget, the capital markets will stabilize resulting in an expansion phase of the economy. With continued job growth in the region, we will see absorption and even-tual rental growth in the commercial sector. These market factors will lead the way in the recovery of the suburban markets and contin-ued strength in the downtown market.

Anyone you would like to thank?Most of all our clients. Also my family for put-ting up with the long hours and my team for being so dedicated. Lastly, I would like to thank all of my Transwestern team members for making Transwestern a great place to work.

Steven Solomon Managing Director, LeasingBLAKE REAL ESTATE

David Webb Vice Chairman, PrincipalCASSIDY TURLEY

Gerald Trainor Executive Managing DirectorTRANSWESTERN

Mark Glagola Senior Vice PresidentTRANSWESTERNR E G I O N A L

R E G I O N A L

Special toastJones Lang LaSalle wishes to congratulate our real estate colleagues around the region for their significant contributions past and present. We are exceptionally proud to recognize our own team members’ wins and honors this year.

Leasing | Management | Investment Sales | Sales | Finance | Tenant Representation | Construction | Project and Development Services

+1 202 719 5000Washington, D.C. | Virginia | Marylandwww.jll.com/dc

© 2013 Jones Lang LaSalle IP, Inc. All rights reserved.

David DochterSenior DirectorCUSHMAN & WAKEFIELD

R E G I O N A L ( C O - W I N N E R )

What contributed to your success in this challenging year? Surrounding myself with a very strong capable team and work ethic. What will be the biggest factors affecting the regional market in 2013 and beyond? What effect sequestration will have on the local economy is still a looming question for the region. However, retailers will continue to follow households, density, and incomes so we expect the retail market in most of the re-gion and specifically the urban core to remain stable. Anyone you would like to thank? My family and team members.

Age: 33Hometown: Bel Air, MDAlma Mater: Towson University /Johns Hopkins Years in real estate: 12Years with current firm: 9

08 | Bisnow Commemorative Edition - April 18 | 2013


R I S I N G S TA R AWA R D

Mark WootersVORNADO/

CHARLES E. SMITHAge: 32Hometown: New Canaan, CTAlma Mater: Georgetown University (Undergraduate & MBA)Years in real estate: 3Years with current firm: 3

What contributed to your success in this challenging year? The entirety of the team at Vornado. I am lucky to be surrounded by world-class individuals. The leadership, deal creativity, and personal drive of each of my colleagues is inspirational and makes us all perform at our highest level.

What contributed to your success in this challenging year?The team’s hard work and commitment to providing great service and results for our clients. What will be the biggest factors affecting the regional market in 2013 and beyond? The impact of an unpredictable global econ-omy and the effects on our region creating general economic unrest. We will continue to see market fundamentals drive development and retail growth with a flight to quality and safety.

Matthew AlexanderSenior Director CUSHMAN & WAKEFIELD

R E G I O N A L ( C O - W I N N E R )

Age: 37Hometown: Bethesda, MDAlma Mater: University of DelawareYears in real estate: 15Years with current firm: 3

What will be the biggest factors affecting the regional market in 2013 and beyond? The uncertainty surrounding sequestration combined with the innovative ways space us-ers are designing their offices are combining for a fundamental demand shift in the imme-diate future. That said, we are lucky to be in DC. The Capitol will not be relocated and will remain a hub of activity for our industry.

Anyone you would like to thank?I would like to thank the entire leasing team at Vornado, in particular, Sandy Michaels, Matt Gannon, Jim Creedon, and Brendan Owen. They are a true pleasure to be with each day. Since joining Vornado, I haven’t gone to “work” once.

C R E D I T S

Concept Design: Kelsey E. Jones, CBRE

Editorial & Production: Bisnow

Printing: Falcon Printing, Fairfax, VA

Anyone you would like to thank?My wife Melissa and children, Brandon, So-phie, and Gabrielle, and the rest of the C&W DC Retail Team.


M U LT I - M I L L I O N D O L L A R C L U B


2 0 1 2 L E A S I N G C L U B

Q U A L I F Y I N G L I F E M E M B E R S

T W E N T Y Y E A R S O R M O R E

• Audrey CramerCushman & Wakefield

• Paul DeFilippesSummit Commercial Real Estate

• Andrew Felber CBRE

• Moe HamiltonCushman & Wakefield

• Thomas HilleyTranswestern

• Aaron KatzNewmark Grubb Knight Frank

• J. Andrew MastersJones Lang LaSalle

• Glenn MeltzerThe Ezra Company

• Patrick NallsNewmark Grubb Knight Frank

• Brian RaherCushman & Wakefield

• Mark RichardsonTranswestern


F I F T E E N T O N I N E T E E N Y E A R S

• John AlexanderAMR Commercial LLC

• Brett DiamondNewmark Grubb Knight Frank

• John DuffySummit Commercial Real Estate

• Keith FoeryTranswestern

• Randolph Harrell CBRE

• Walter HowellJones Lang LaSalle

• Michael KatcherCushman & Wakefield

• Eugene KenneyCushman & Wakefield

• Patrick Marr CBRE

• Phillip McCarthyTranswestern

• John MyersCassidy Turley

• Bruce Pascal CBRE

• Robert SchwartzCassidy Turley

• Mark SullivanCassidy Turley

• Phillip ThomasCassidy Turley

• Susan ThomasCushman & Wakefield

• Richard TonnerCassidy Turley

• Eric WestWest Lane & Schlager LLC


T E N T O F O U R T E E N Y E A R S

• James ClarkCassidy Turley

• Robert DickmanMcShea & Co Inc

• Thomas FulcherStudley

• Paul KernCassidy Turley

• Richard LaneWest Lane & Schlager LLC

• Meredith LaPier CBRE

• E Randall LennonCushman & Wakefield

• Malcolm MarshallCushman & Wakefield

• John McSheaMcShea & Co Inc

• Christopher SowickCassidy Turley

• Spencer StoufferCassidy Turley


F I V E T O N I N E Y E A R S

• Michael AltmanCassidy Turley

• Eli BarnesCassidy Turley

• Amy BowserJones Lang LaSalle

• Todd BrinkmanCassidy Turley

• Paul DarrCassidy Turley

• Arthur GreenbergStudley

• Scott HoffmanCushman & Wakefield

• Scott KillieCassidy Turley

• Matthew LevinWest Lane & Schlager LLC

• Erik McLaughlin CBRE

• Kerri Mulligan SalihCassidy Turley

• Dale PowellCassidy Turley

• Arthur SantryCassidy Turley

• David ScullyCassidy Turley

• William SternCassidy Turley

• Jonathan WellbornCassidy Turley

• Sally Wilson CBRE

Q U A L I F Y I N G L I F E M E M B E R SO N E T O F O U R Y E A R S

• Edwin Clark CBRE

• Christopher CoccaroJones Lang LaSalle

• P. Brian Connolly, Jr.Jones Lang LaSalle

• Cathy Delcoco CBRE

• Bob Gibbs CBRE

• Scott GoldbergCassidy Turley

• Edward HarrellCassidy Turley

• Stephen Hoffeditz CBRE

• Sarah HubbardSkanska USA Development Inc

• Daniel KluegerCresa Washington DC

• Bie LeeStudley

• Chau Leung CBRE

• Eugene MartinThe Ezra Company

• Brian McCarthyMcShea & Co Inc

• Laurie McMahonCassidy Turley

• Joseph MichelTranswestern

• Jenna PolivkaCassidy Turley

• Kurt RichterCassidy Turley

• Jeffrey Roman CBRE

• Michael RoyceCassidy Turley

• Lisa Stoddard CBRE

• Matthew SullivanCassidy Turley

• Tim SummersCassidy Turley

• Larry Thau CBRE

• Brian TuckerCushman & Wakefield

• Christina Weaver CBRE


2 0 1 2 S A L E S C L U B


T W E N T Y Y E A R S O R M O R E

• William CollinsCassidy Turley

• Paul CollinsCassidy Turley

• James DarbyTranswestern


F I F T E E N T O N I N E T E E N Y E A R S

• Niel BeggyCushman & Wakefield

• Jayne ShisterCassidy Turley


F I V E T O F O U R T E E N Y E A R S

• James CassidyCassidy Turley

• Drew FloodCassidy Turley

• Mark GlagolaTranswestern

• Jud RyanCassidy Turley

• Gerald Trainor Transwestern


O N E T O F O U R Y E A R S

• Rob Faktorow CBRE

2 0 1 2 F I N A N C I N G C L U B



• David WebbCassidy Turley


F I V E T O N I N E Y E A R S

• Christian MilesCassidy Turley

• Phillip MuddCassidy Turley


O N E T O F O U R Y E A R S

• Jamie ButlerCassidy Turley

• John CampanellaCassidy Turley

• Bradley GeigerCassidy Turley

• Paul SpellmanCassidy Turley

2 0 1 2 D E V E L O P E R C L U B


F I F T E E N T O T W E N T Y Y E A R S

• Robert DonohoeDonohoe Real Estate Services

• Irving LiebermanManulife Financial



• Carla CavanaughBorger Management Inc

• Andrew EichbergTishman Speyer

• Matthew GannonVornado/Charles E. Smith

• Benjamin MeiselAkridge

• Sandy MichaelsVornado/Charles E. Smith

• Douglas Olson Monument Realty LLC

• Wilbur PaceAkridge

Q U A L I F Y I N G L I F E M E M B E R S F I V E T O N I N E Y E A R S

• Gary CookVornado/Charles E. Smith

• Katie GorrettaAkridge

• Jill GoubeauxThe JBG Companies

• Daniel PurringtonBrookfield Office Properties

• Gregory Redding Vornado/Charles E. Smith

• Steven SolomonBlake Real Estate

• Gregory TomassoAkridge

• Claressa WrightVornado/Charles E. Smith

Q U A L I F Y I N G L I F E M E M B E R S O N E T O F O U R Y E A R S

• Andrew AbramsonVornado/Charles E. Smith

• Leanne BerthiaumeVornado/Charles E. Smith

• Owen BillmanBlake Real Estate

• Daniel DooleyTishman Speyer

• Scott FranklinTishman Speyer

• Andrew JonesBrookfield Office Properties

• Amy KaufmanTishman Speyer

• Kaitlyn MulveyThe JBG Companies

• Andrea MurrayThe JBG Companies

• George PearceVornado/Charles E. Smith

• Quinn RounsavilleThe JBG Companies

• Neil SimonBlake Real Estate

• Melanie Stehmer-Towsend

Brookfield Office Properties• Mark Wooters

Vornado/Charles E. Smith

2 0 1 2 R E TA I L C L U B

Q U A L I F Y I N G L I F E M E M B E R S F I V E T O N I N E Y E A R S

• John AsadoorianAsadoorian Retail Solutions

Q U A L I F Y I N G L I F E M E M B E R S O N E T O F O U R Y E A R S

• Matthew AlexanderCushman & Wakefield

• David CrowleyCapital Properties Group LLC

• David DochterCushman & Wakefield

• Lance Marine CBRE

• Michael Zacharia CBRE


S A L E S T R A N S A C T I O N S O F T H E Y E A R


D C

The sale of Washington Office and Design Center is one of the largest office sales transactions to ever occur in the southwest submarket of Washington, DC. The two build-ings, offered to the market by Vor-nado, totaled 811,000 SF and sold for $200M+.

Built in the 1920s, the Wash-ington Design Center is 81% show-room/designer space and repre-sents the only Design Center in the region. Offered together with the Washington Office Center, the sale offered an opportunity for a buyer to take control of an entire block on Metro—just blocks from the Capitol. Most importantly, it offered a creative opportunity to

reposition and redevelop the ag-ing Design Center into a new use.

The major challenge of the sale was selling an asset that historically had been a special purpose asset with windows on just one side of the building. Ultimately, the Design Center was sold to an owner-user that wanted to redevelop the building for a museum use, particularly due to its location in the nation’s capital, a destination known for its world-class museums. As part of the sale, the buyer also pur-chased the neighboring asset, Washington Office Center, to con-trol the entire block and facilitate the renovation.

Washington office and design center

by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, John Benziger, Cassidy Turley; Ernie Wittich, Vornado Realty Trust;

John Olson, Lincoln Property Company

GWCAR 2012 PRojeCt of the YeARfor leasing opportunities, contact jones Lang LaSalle at 301.214.1144



L E A S I N G T R A N S A C T I O N O F T H E Y E A R

M A R Y L A N D

D CRockville Corporate Center is com-prised of two newly-renovated, 100% leased, Class A office build-ings, totaling 220,539 square feet in North Rockville, Maryland. Located at the intersection of Route 355 and W. Gude Drive, the buildings are fully leased to the Montgomery County Board of Education and AARP. The sale also included a 9.71 acre develop-ment site, currently site-permit approved by the City of Rockville for two buildings of approximate-ly 110,000 square feet each.

The transaction demonstrated Cassidy Turley’s ability to under-stand the current tenants’ business models and offer guidance on long-term growth for these tenants and expansion opportunities within the development site. In addition, Cas-sidy Turley leveraged the newly-completed Intercounty Connector (ICC) as a major activity booster for northern Montgomery County along with the revitalization efforts along the Rockville Pike corridor, which will transform the region into a technology corridor.

The sale of 13820 Sunrise Valley Drive marked the largest single building office sale in Virginia in 2012. Built in 2008, the Class A as-set is 100% leased to Time Warner Cable, the second largest cable and internet provider in the United States. Under the occupancy of Time Warner Cable, the building has been transformed into a state-of-the-art cable/telecommunica-tions facility with all of the tenant interior spaces LEED Gold certified. Totaling 268,240 square feet, the

asset is adjacent to Washington Dulles International Airport and situated in the Dulles Corner office park, 0.5 miles from the future Sil-ver Line Metro station.

The transaction demonstrated Cassidy Turley’s ability to utilize internal resources and market knowledge which ultimately led to the building sale in March 2012 for $91.1 million or $340 per square foot, accomplishing the highest sales price for a single building in Herndon since 2008.

V I R G I N I A

rockville corporate center

by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, Cassidy Turley; Mark Matan, Matan Companies; and John Norjen,

Corporate Office Properties Trust

south lake at dulles corner

by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, Cassidy Turley; Patti Morris, Wells Real Estate Funds; and Mike Cooper,

Brandywine Realty Trust

covington & Burling llp

by Thomas Fulcher, Arthur Greenberg, Adam Brecher, Studley; John Waters, Bruce Wilson, Bob Gage, Heather Haberl, Tammi Curran, Covington; Bill Alsup, Richard Nelson, George Kelly, Jason Phillips, Hines;

and Connie Simmons, Baker Botts



M A R Y L A N D

V I R G I N I A

R E G I O N A L

F I N A N C E T R A N S A C T I O N O F T H E Y E A R

The Intelsat lease at Tysons Tower marked the most significant new lease transaction to be complet-ed in Northern Virginia in recent memory. The lease represents an acknowledgement of the tremen-dous value being created by the enormous infrastructure invest-ment Virginia and Fairfax County have made in the Tysons Corner area. It is unlikely this lease trans-action would have occurred at Tysons Tower without the Metro-rail extension and construction of the Express Lanes. Intelsat’s lease marks the beginning of what will be the long-term transformation

of Tysons Corner into a pedestrian-friendly urban submarket.

The transaction was a complex multi-faceted deal involving a par-allel track. Executing the sale of In-telsat’s million square foot Wash-ington, DC office complex, CBRE simultaneously indentified a buyer for the DC building, arranged a short-term leaseback, investigated relocation opportunities in Wash-ington, Maryland, and Virginia, and negotiated a complex 15-year lease as part of the three building, mixed-use 1.3 million square foot development being completed by Macerich.

Sodexo, Inc. had leased 190,000 square feet at 9801 Washing-tonian Boulevard through 2018. However, Sodexo also had the right to terminate its lease ef-fective December 31, 2013 upon 18 months notice and without penalty.

Sodexo’s base rent had esca-lated to a level that was signifi-cantly above market and after 15 years their space had grown dys-functional. In addition, proximity to Dulles Airport was desirable. Sodexo conducted an extensive review of the market in Maryland

and Virginia and, when initial dis-cussion with its Landlord proved disappointing, it elected to exer-cise its termination right and pur-sue relocation options.

Subsequently, Sodexo ne-gotiated a $4 million economic incentive package with the State of Maryland, Montgomery County, and City of Gaithersburg designed to keep Sodexo’s 600 employees in its existing location. Continued negotiations with its Landlord resulted in a new 10-year lease at market rent and included an at-tractive incentive package.

In 2007, Covington retained Stud-ley to assist with its Washington real estate decision in anticipa-tion of the firm’s lease expiration in 2016. The initial desire and intent was to remain in its two buildings at 1201 and 1275

Pennsylvania Avenue, NW. After extended negotiations, Cov-ington came to terms with one landlord, but not the other after it became clear that the one build-ing would not be upgraded to the firm’s standards. Turning its attention to other alternatives,

Covington focused on CityCen-terDC. With the understanding that there was serious interest in the space from another tenant, the bulk of the negotiation of the letter of intent for 420,000 square feet was completed in one 10-hour marathon session. Just as they did with their move to Penn-sylvania Avenue in the 1980’s, Covington is now again proud to be associated with a new District redevelopment initiative that will establish a city center in the heart of the District.

sodexo

by John McShea, Robert Dickman, McShea & Co; Larry Thau, Dave Machlin, Dan McGivney, CBRE; Ben Onderdonk, Mohr Partners

intelsat

by Rob Faktorow, Bruce Pascal, Erik McLaughlin, Jeff Roman, Ryan Miller, Mike Sullivan, CBRE; Tim Steffan, Macerich; Michelle Bryan, Intelsat

portals iii

by David Webb, Jamie Butler, John Campanella, Cassidy Turley; and Steve Grigg, Republic Properties Corp.



R E TA I L T R A N S A C T I O N O F T H E Y E A R

LEASING TRANSACTION OF THE YEAR (UNDER 75,000 RSF)

nike georgetoWn

by D. Wright Sigmund, Vornado, Nicholas Howell, Sherri White, VornadoRealty Trust; Michael Pratt, KLNB Retail; Joanna Podell, Cushman &

Wakefield; Giovanni Scott, Nike

4800 hampden lane, Bethesda, md

by Rich Lane, West, Lane & Schlager Realty Advisors; Michael Katcher, Andrea Regan, Brian Dawson, Cushman & Wakefield; Robert Hinton,

Dennis Owen, CBRE

The Boston Consulting Group (BCG)needed to expand imme-diately but their building, 4800 Hampden Lane in Bethesda, was 100% leased. WLS ap-proached another large tenant, AREVA, about BCG taking their space. WLS initiated negotia-tions among the parties which would eventually yield a lease buyout, a lease termination and a lease expansion and exten-sion. As an additional twist, at the beginning of the negotia-tion, the building was purchased by Spitzer Enterprises.

Although Spitzer was content with the status quo, expanding BCG would strengthen their as-set’s value so they were eager to facilitate the process and work cooperatively with all parties.

The parties entered into a com-plicated three-way negotiation in which AREVA reached buyout terms with Spitzer and was able to terminate 20,000 SF of their existing 28,000 SF, consolidat-ing into the remaining space. BCG expanded to 55,000 SF from their existing 35,000 SF space while negotiating necessary expansion options and enough concessions to renovate their space, and ex-tended their lease term.

What was ultimately achieved was a win for each party, a true rarity in this turbulent market. The entire transaction was expe-ditious, considering the players and the decision making levels that had to be navigated. It took approximately five months and was signed in April 2012.

When Barnes and Noble notified Vornado that they wanted to let their lease terminate at 3040 M Street Vornado went to work in identifying not just a great retailer for the 3-story iconic industrial-style building—but a brand that would add to the fab-ric of the street and the vitality of Georgetown

In January 2012, Nike signed a 10-year lease for 31,500 SF at 3040 M Street for their new brand concept store. Nike Georgetown is more than a flag-

ship store for one of the best brands in the world, it is a cel-ebration of the athletic spirit of the Georgetown community.

The deal transformed a key block in Washington’s most im-portant retail neighborhood into an energetic, new destination. New signage, exciting storefronts, and creative imagery animate M Street. Inside, 3 floors of fitness apparel, educational displays, and interactive showrooms have created a fitness experience like none other in Washington.

Cassidy Turley closed one of the largest and most complicated finance transactions in recent Washington, DC history. The final capital stack negotiated by the broker team included five senior lenders (banks) in a “club” trans-action for $155,000,000, a mez-zanine loan from a national pri-vate equity firm for $57,000,000, and a preferred equity investment of $31,000,000 from a pension fund advisor. The total capitaliza-tion of $243,000,000 was suf-ficient to pay off all existing debt

and provide for “good news mon-ey” to fund future leasing costs.

Portals III is a 509,716 square foot trophy-quality office build-ing located in The Portals De-velopment on the Tidal Basin in Washington, DC. One of the largest projects in the history of the Nation’s Capital, The Portals complex is a $1 billion, 1.5 million square foot, mixed-use develop-ment representing the last ma-jor Urban Renewal project to be constructed on sites in Southwest Washington, DC.

L E A S I N G F I R M O F T H E Y E A RSALES/FINANCING FIRM OF THE YEAR


S TAY I N G S T R O N G I N U N C E R TA I N T I M E S

B I S N O W E D I T O R I A L B Y C H R I S B A I R D , B I S N O W S TA F F C O L U M N I S T

A lot has transpired since we gathered for last year’s GWCAR awards: the election, sequestration, and the saga of RG3’s knee. And if one asks the average DC commercial real estate pro (if there is such a thing--

we have our doubts) to describe the state of the market, things are usually summed up in one word: uncertainty.

One thing is certain: the DC commercial real estate community is strong. Seasoned vets and young go-getters combine to ensure commercial real estate remains a crucial tenet in Washington’s growth.

Think about what’s coming online in the near future. CityCenter. The Mosaic District. 1812 N Moore. (We could go on, but we’ll heed GWCAR President Mark Sullivan’s 2013 awards theme of “brevity.”) These projects have or will transform communities, and you all worked tirelessly to see them through. They’re why GW-CAR is handing out the awards many of you will receive tonight.

While competition was fierce among you this past year to win as-signments, close leases and sales, and secure financing, there’s nothing fierce about the long-lasting relationships the real estate community fosters. And there’s certainly nothing fierce about the giving ways of the industry, which routinely separates itself as one of Washington’s most charitable.

If Daniel Day-Lewis can get an award for playing Abraham Lin-coln, you can get awards for being yourselves. Celebrate what you’ve accomplished as an industry tonight. Catch up with old friends. Make some new ones. Debate which phrase is used more in DC real estate: live-work-play or transit-oriented development. But whatever you do, don’t stop doing your part to transform the nation’s capital into the vibrant, dynamic city it’s become. Wash-ington needs you. (Was this too long? Mark Sullivan really wants to keep things short)

T H A N K Y O U F O R R E A D I N GA N O T E F R O M M A R K B I S N O W, F I R S T B A N A N A O F B I S N O W M E D I A .

W ow, the average age of our employees here at Bisnow is around 14, so it’s really humbling to be associated with such a pioneering and distinguished organization as GWCAR, and also because as practitioners of short-form journalism we have a severe case of acronym-envy. But some of us don’t need history books to know

what an exceptional force it’s been in Washington real estate, promoting community and interaction long before those were even buzzwords, and helping make this one of the nation’s most livable and desirable regions. We salute GWCAR on 31 years of model values and leadership, and look forward to the next 331. Thank you all for letting us be a part of this year’s program.

Mark Bisnow

20 | Bisnow Commemorative Edition - April 18 | 2013Living cities www.grosvenor.com

Grosvenor Americas congratulates the Greater Washington Commercial Association of Realtors® (GWCAR) 2012 award winners.

Grosvenor is a privately owned property group, active in some of the world’s most dynamic cities.

As an active investor and developer of commercial real estate in the Greater Washington area since 1988, we have a vested interest in the future shape of the urban landscape and aim to help create and manage attractive and vibrant cities in which people choose to live and work.

GROSVENOR AMERICAS1701 PENNSYLVANIA AVENUE NW SUITE 1050 WASHINGTON DC 20006

Telephone (202) 293 1235 Facsimile (202) 785 2632 Web www.grosvenor.com

CONGRATULATIONS TO THE GWCARAWARD WINNERS


Living cities www.grosvenor.com

Grosvenor Americas congratulates the Greater Washington Commercial Association of Realtors® (GWCAR) 2012 award winners.

Grosvenor is a privately owned property group, active in some of the world’s most dynamic cities.

As an active investor and developer of commercial real estate in the Greater Washington area since 1988, we have a vested interest in the future shape of the urban landscape and aim to help create and manage attractive and vibrant cities in which people choose to live and work.

GROSVENOR AMERICAS1701 PENNSYLVANIA AVENUE NW SUITE 1050 WASHINGTON DC 20006

Telephone (202) 293 1235 Facsimile (202) 785 2632 Web www.grosvenor.com



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greater washington commercial association of realtors®

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