In the world of commercial office space, a market with a vacancy rate of 10 percent is considered stable; anything below that percentage is to be coveted. Logically, developers should flock to a market with a low office inventory, especially one with short supply of Class-A office space. After all, someone is leasing all that space right?
Can you believe that there are school-aged children that have no idea where tomatoes come from? Did you know that chicken doesn’t just “come from the store?” These questions were raised at a conference held last weekend at the Universities at Shady Grove in Rockville, MD.
After a brief hiatus, the renowned Washington, D.C. Green Festival returned to the nation’s capital during the last weekend of September. Thousands of visitors flocked to the Walter E. Washington Convention Center to see what they could learn about living sustainably, in a world where every action matters.
The nation's largest lodging REIT reported earnings and acquisitions for its second quarter of 2011.
The Bethesda-based Host Hotels & Resorts, Inc (NYSE: HST) said revenues totaled $1.37 billion and net income for the quarter of $83 million or $0.11 cents per diluted share, besting $64 million in the same quarter last year.
NAREIT Funds From Operations (“FFO”) per diluted share was $0.32 cents per share. The average analyst estimate was a penny higher at $0.33 per share on revenues of $1.36 billion.
Rockville-based, Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) has purchased an office building in the Ballston-Rosslyn corridor of Arlington, Va.
The eight-story, Fairgate at Ballston was built in 1988 and contains 147,000 square feet. It provides three-levels of underground parking for tenants that have leased 82 percent of the useable space in the building.
Washington Real Estate Investment Trust paid $52.25 Million for the building at 1005 N. Glebe Road, in an all cash transaction.
Bethesda-based RLJ Lodging Trust (NYSE: RLJ) expanded its portfolio of hotel properties with the acquisition of the Residence Inn by Marriott Bethesda Hotel Downtown and the Courtyard New York Manhattan/Upper East Side.
Marriott Bethesda Hotel Downtown is located in the Bethesda central business district close to RLJ's corporate headquarters at 3 Bethesda Metro Center. The property has 187 guest-rooms and was purchased for $64.5 million or $345,000 per room-key.
Gaylord Entertainment Co. (NYSE: GET) and Marriott International, Inc. (NYSE: MAR) have come to an agreement over the management of Gaylord's self-branded hotels.
The Nashville-based company will hand over operation of its four large hotels to hospitality giant Marriott with headquarters in Bethesda. The company which also owns several brands including the Ritz Carlton, based in Chevy Chase; will add the Gaylord Hotels brand to its portfolio for $210 million.
Bethesda-based commercial real estate finance company Walker & Dunlop, Inc (NYSE: WD) Executive Vice President, Chief Financial Officer and treasurer made the following stock transactions on April 20, 2012.
Deborah A. Wilson disposed of 2,500 common stock shares at an average price of $13.00, totaling $32,500 under general transaction code S (Open market or private sale of non-derivative or derivative security). 114,386beneficially and directly owned shares remained after the transaction.
Bethesda-based LaSalle Hotel Properties (NYSE: LHO) reported first quarter results for the period ended March 31, 2012.
The lodging real estate investment trust brought in $172.3 million in revenues compared to $138.4 million in the same period last year. That reduced its net loss to $16.1 million from $19.3 million a year ago. Net loss to common shareholders per diluted share was $0.19 cents for the first quarter 2012 versus $0.26 cents.
While the nation's capital continued its usual lead in office space construction, another surprise quarter occurred with the Maryland National Capital region leading the surrounding region.
According to March data from the Bethesda, Mid-Atlantic regional office of Transwestern and its research subsidiary, Alexandria-based Delta Associates, there was an estimated 7,204,726 square feet of office space under construction or reconstruction in the D.C. area.
Inside the boundaries of Alexandria's historic districts developers must comply with strict design rules for approval but outside those areas, apparently anything goes.
New townhomes by Prolandian Corp are planned for the northern section of the city at 101 and 103 East Reed Avenue. A dilapidated 15,287 square foot plot of land will be turned into five townhomes with architecture that's being coined as "contemporary urban chic".
Bethesda-based Walker & Dunlop, Inc. (NYSE: WD), through its subsidiary Walker & Dunlop, LLC, reported that it completed a financing deal for the Hunt Valley Towne Centre in north central Baltimore County.
The $90 million arrangement was made possible through a loan from American International Group, Inc (AIG). Terms of the loan include 8-years interest-only payments.
A planned residential and retail project by real estate developer JBG was met with mostly heavy opposition from community residents who live in the Twinbrook area of Rockville, where the project would be developed.
The site plan for 1800 Rockville Pike came before the City of Rockville planning board Wednesday night seeking approval from the commission. The approval of the site plan would have been the final step before permits are issued and construction starts for the urban style, low-rise project designed by architectural firm, Hord Coplan Macht.
McLean-based senior housing and services provider, Sunrise Senior Living Inc (NYSE: SRZ) Chief Executive Officer, Mark S. Ordan made the following stock transactions on March 23, 26 and 27, 2012 under a Right to Buy, Employee Stock Option plan.
Arlington-based apartment developer, AvalonBay Communities (NYSE:AVB), Executive Vice President of Operations, made the following stock transaction on February 13, 2012.
Leo S. Horey, III disposed of 12,614 shares of Common Stock at a par value $.01 per share. The shares had an average price of $135.2517, for a total of $1,706,064.94 under code S (Open market or private sale of non-derivative or derivative security). 65,718.7376direct and beneficially owned shares remained February 13, 2012.
Bethesda-based Host Hotels & Resorts, Inc. (NYSE: HST) announced fourth quarter and 2011 full year financial results today that met expectations of financial analysts.
The lodging real estate investment trust (REIT) increased total revenues and reversed to a net income in the fourth quarter 2011 from a net loss on a diluted earnings per share basis in the fourth quarter 2010. The jump in revenues was the result of 14 hotel property acquisitions since July 2010.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) plans to make its second hotel acquisition in New York City.
The Hotel Lodging real estate investment trust (REIT) has entered a definitive agreement to buy the Hyatt Place New York Midtown South. Located at 52-54 West 36th Street,New York, New York, the property is less than a mile from Madison Square Garden and Radio City Music Hall.
Chesapeake Lodging Trust is expected to purchase the 185-room Hyatt brand hotel for $76.5 million or $414,000 per room key.
The fifth Vida Fitness center will open its doors to customers Tuesday, January 24 at 12:30 p.m.
The high-end gym Located at 445 K Street, NW, is at the ground floor of the City Vista residential-retail project which includes apartments above and is anchored by a Safeway grocery store. The two-level space was formerly occupied by a Results Gym.
Developer of the North Bethesda Center and the U.S. Patent and Trademark Office, in Alexandria, was presented with five awards for Marketing and Advertising Excellence (MAE) at the 2011 annual Property Management Association event.
The Southwest Waterfront has experienced different periods of transition and is now in a new phase of development. The city’s smallest quadrant is bounded by the Southwest Freeway to the North, Fort McNair to the South, and South Capitol Street to the East.
Columbia-based Corporate Office Properties Trust (COPT) (NYSE: OFC), has sold several properties in the Baltimore areas of Woodlawn and White Marsh, both in Baltimore County.
Rutherford Business Center in Woodlawn was sold for $32.5 million; the flex office/industrial center consists of 13 buildings totaling 365,407 square feet. The oldest structure was built in 1972 and the remaining throughout the 80s. Rutherford is 79 percent leased to 29 tenants.
Times was running out for a major lease set to expire in 2013 at the Silver Spring Metro Center, but the anchor tenant -- the National Oceanic and Atmospheric Administration (NOAA) -- has decided to stay and renew its lease for another 15 years. The administration has called the urban high-rise office buildings home since 1990.
Columbia Heights has been an evolving and dramatically changing area since the start of the 20thcentury. The area is bounded by 16thstreet to the west, Georgia Avenue to the east, Florida Avenue to the south, and Spring Road to the north. In the early 1900s, Columbia Heights was a highly desirable residential area, and it even had several streetcar lines connecting it to the central business district of Washington, DC.
Chevy Chase-based GEICO, one the largest insurance companies in the nation and with primary offices across the Maryland/D.C. border in Montgomery County is set to appear in front of the Montgomery County Planning Board on November 17, 2011 but for reasons not to the liking of either side.
The Planning Board is set to vote on the validity of an extension request for plans to redevelop GEICO's headquarters, and depending on which way the board votes could be a lose-lose situation for both parties.
A Virginia residential developer is proposing to tear down an existing office building on Key West Avenue in Rockville, and replace it with as much as 650 multi-family residential units that would most likely end up as apartments.
McLean-based Freddie Mac (OTC: FMCC) a key player in what led to a national housing crisis, reversed course as economist and general sentiment hoped for a recovery in the housing market.
The quasi-government agency in Tysons Corner, Va, posted a net loss of $4.4 billion. The company said the net interest income of $4.6 billion was more than offset by derivative losses of $4.8 billion and provision for credit losses of $3.6 billion.
Gaylord Entertainment Co. (NYSE: GET), the parent company of the Gaylord National flagship hotel at National Harbor in Prince George’s County, reported overall improved performance in its consolidated financial results today.
Columbia-based Corporate Office Properties Trust (COPT) (NYSE: OFC) reported earnings that fell well below analyst estimates and were down compared to a year ago quarter.
The average analyst estimate for earnings for the third quarter which ended September 30, 2011 was $0.30 cents per share. COPT actual earnings came in at $0.03 cents per share or $2.5 million which was even below the $4.8 million or $0.08 cents per share reported last year.
Reston-based Access National Corporation (NASDAQ: ANCX) which is the parent to Access National Bank reported year-over-year increase of 27.8 percent in the third quarter ended September 30, 2011 net income, which amounted to $3.1 million in third quarter 2011 or $0.30 cents per diluted shareversus $2.4 million or $0.23 cents per diluted share. The nationally chartered bank posted a decline in total assets, amounting to $765.5 million compared to $831.8 million at the end of December 31, 2010.
With no opposition from residents, the development at 10914 Georgia Avenue won unanimous approval from the Montgomery County Planning Board Thursday.
The project will be the latest residential development from downtown Bethesda-based Washington Property Company, which is also building the residential high-rise at 1150 Ripley Street in downtown Silver Spring.
Bethesda-based First Potomac Realty Trust (NYSE: FPO) continues to be one of the most active real estate investment trusts in the region conducting large transactions from in the past several months from the NoMa district in D.C. to Sourthern Virginia and now in the Baltimore area.
The office and industrial focused company said it has completed a lease transaction with a large chunk of space in Hanover, Md.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) has finalized its acquisition of the 613-room Denver Marriott City Center from Walton TCC Hotel Investors V LLC. The Denver Marriott City Center is located in downtown Denver, Colorado. The final purchase price is approximately $194,000 per key at a grand total of $119 million.
Rockville-based Washington Real Estate Investment Trust (WRIT) (NYSE: WRE), which recently purchased an office park in Alexandria on September 15th, announced the purchase of another Virginia property in the Tysons Corner area.
The John Marshall II was purchased for $73.5 million and is 100% leased to anchor tenant, Booz Allen Hamilton Inc which is also headquartered in the McLean / Tysons Corner area.
National Harbor, the mixed-use development that became an overnight success continues to diversify and expand with the addition of a brand-new apartment project.
The Bozzuto Group and The Peterson Companies teamed up to announce in late 2010, plans to develop an apartment building at the $4 Billion National Harbor along the Potomac River in Prince George's county. Now more details of the project have surfaced.
Rockville-Based Washington Real Estate Investment (WRIT) (NYSE: WRE), which announced plans to dump industrial properties as well as some outside the beltway, has purchased an office complex on the north side of Old Towne Alexandria.
Built in 1985, Braddock Place office park contains 345,000 square feet and is adjacent to the Braddock Road Metro Station. Washington Real Estate Investment paid $101 million in cash for the four building property at 1310, 1320, 1330 and 1340 Braddock Place.
A long-anticipated grocery store will open at the Rockville Town Square in spring 2012.
After several attempts to lure such an anchor to the mixed-use development, Rockville-based Federal Realty Investment Trust (NYSE: FRT) announced yesterday that Ellwood Thompson's has finalized its lease for a grocery store with organic offerings.
Bethesda-based commercial real estate and financial firm Walker & Dunlop, Inc. (NYSE: WD), announced that it has provided a loan to a primarily luxury residential apartment development in D.C. through its subsidiary Walker & Dunlop, LLC.
Vaughan Place at McLean Gardens was refinanced through a $93 Million Life Company Refinance Loan which closed on August 12, 2011. Terms of the loan include a 10-year tenure with 1-year interest only and 30-year amortization.
Rockville Town Center is continuing to take shape with a much needed office project breaking ground in Montgomery County's seat of operations.
Choice Hotels International (NYSE:CHH) will move 400 employees from 10750 Columbia Pike in Silver Spring to Rockville Metro Plaza II at 121 Rockville Pike, under a 15 year lease. The project is being developed, managed and owned by Foulger-Pratt.
Annapolis-based Chesapeake Lodging Trust (NYSE: CHSP) has made another core hotel property purchase in a major city.
One of the many lodging real estate investment trusts based in Maryland has entered into a definitive agreement to acquire the Denver Marriott City Center in downtown Denver, Colorado from WTCC City Center Investors V, L.L.C.
Forest City Washington, a subsidiary of Cleveland-based Forest City Enterprises Inc., (NYSE:FECA and FCEB) recently announced the pre-leasing for the Foundry Lofts — part of The Yards in Washington DC master development, near Nationals Park and Navy Yard Metro.
Sunrise Senior Living, Inc. (NYSE: SRZ), with headquarters in Tysons Corner, continued the trend of fluctuating quarterly results. Operating revenue was reduced to $322.0 Million in the quarter versus $348.1 Million in the same period last year.
The senior community operator managed to post a net income of $1.8 Million ($0.02 cents per diluted share) but that was down drastically from the $46.3 Million ($0.81 cents per diluted share) profit delivered in the second quarter ended June 30, 2010.
Annapolis, Md., based Chesapeake Lodging Trust (NYSE:CHSP), announced that in the second quarter of 2011 it has doubled the number of properties in its holdings. The lodging real estate investment trust (REIT) is also in the process of acquiring a hotel under construction in midtown Manhattan, New York, New York, the company has already committed $52.2 Million to the property.
Revenue for the second quarter ended June 30, 2011 totaled $29.8 Million, a big jump from last year's period when $8.7 Million in revenue was reported.
Gaylord Entertainment Company(NYSE: GET),the owner of the center piece development, Gaylord National at the $4 Billion National Harbor project in Prince George's County, Maryland reported positive earnings today.
First Potomac Realty Trust (NYSE: FPO), based in downtown Bethesda announced that CareFirst BlueCross BlueShield will extend its lease of 204,000 square-feet for its D.C. headquarters.
The 12 story building is located at 840 First Street, NE in the NoMa (North of Massachusetts Avenue) district. The largest health care insurer in the Mid-Atlantic region will continue to be the anchor tenant.
Bethesda, Md based DiamondRock Hospitality Company (NYSE: DRH), a lodging real estate investment trust (REIT) reported a net loss of $556,000 for the second quarter ended June 17, 2011 versus a net income of $839,000 in the same period of 2010.
The report was released after market hours.
Total revenue for the quarter was $169.5 Million, up from $151.1 Million in the second quarter of 2010. For the past two quarters ended June 17, 2011, revenue totaled $291.8 Million.
LaSalle Hotel Properties (NYSE: LHO), one of the many Lodging Real Estate Investment Trusts (REITs) based in Maryland reported a big jump in revenues as well as more than doubling its net income in the second quarter ended June 30, 2011.
Total revenue was $202.6 Million compared to $165.7 Million in the quarter ended June 30, 2010, an increase of $36.9 Million.
The number one global hospitality company is blaming its home market for lackluster second quarter sales that it says could have been better if it wasn't for disagreements in congress and predicts the same dismal environment for the next quarter.
Bethesda based Marriott International is holding "a shorter Congressional calendar and concerns regarding government budgets" responsible for the weak hotel room demand in the Washington, D.C. metro area compared to other major markets in North America.
Bethesda based hospitality giant reported its' second quarter 2011 results after hours and posted a profit totaling $135 Million.
The world's largest hotel management company measured by market value said net income increased 13% compared to $119 Million profit for the 2010 second quarter . Diluted earnings equated to $0.37 per share, a 19% increase on 369.4 Million shares outstanding compared to 377.4 Million shares for the same time last year. Basic earnings per share for Q2 2011 were $0.38 per share compared to $0.33 per share for Q2 2010.
More details have come to surface on Silver Spring based Choice Hotels International, Inc (NYSE:CHH) new headquarters in Rockville. The agreement is between Choice Hotels and Foulger.Pratt. Rockville II Limited Partnership.
Choice Hotels International, Inc (NYSE:CHH) has completed a lease agreement to move its global corporate headquarters to Rockville.
The popular hotel management company will take up an entire building to be constructed at 121 Rockville Pike. The 130,000 square foot Class A office building is expected to break ground shortly, for a projected spring 2013 move in.
Annapolis Based Chesapeake Lodging Trust (NYSE: CHSP) has purchased its tenth hotel with the acquisition of Hotel Adagio in San Francisco, California.
The 171 room hotel cost $247,000 per room or $42.25 million. Built in 1929 the 16 story historic building located at 550 Geary Street, has a 24 hour fitness and business center, 2,000 sq/ft meeting space, food service at Bar Adagio and average room space of over 400 sq/ft.