Award URL: http://awards.bisnow.com/creba/?w=13
Award URL: http://awards.bisnow.com/creba/?w=13
Architecture: OTJ Architects
Construction Contractor: Bognet Construction
Furniture Company: Washington Workplace
Landlord: JBG SMITH
Law Firm: Greenstein, DeLorme & Luchs
Moving Company: JK Moving Services
Developer: Douglas Development
Project of the Year: Central Place
Project Management: Cushman & Wakefield
Name: Michael Zacharia
Title: SVP
Company: CBRE
Age: 46
Hometown: Potomac, MD
Alma mater: Colorado State
Years in real estate: 25
Years with current firm: 23
What contributed to your success this year?
My incredible team as well as the strength of the DC retail market.
What will be the biggest factors affecting the regional market in 2018 and beyond?
The biggest factor will be on line shopping and the ways it continues to change the retail landscape.
14th & G Street
One of the most recognizable landmarks in Washington's old financial district, the National Bank of Washington building was constructed in 1926. As the grand headquarters to the Federal-American National Bank, the building was universally admired as an architectural gem, but ultimately played a role in bank’s demise due to the cost of constructing the elaborate building. The building then became the headquarters for the National Bank of Washington until the institution collapsed in 1990, and thereafter it sat vacant.
The National Bank of Washington building, including its interior, is protected as an historic landmark and is one of only 15 properties in the District with an historic interior designation. In order to redevelop the site, the buyer needed approval from the Board of Zoning Adjustment and the Historic Preservation Review Board. Retention of the historic bank building created design and construction cost challenges for developers.
Solutions: The marketing process targeted a wide range of developers interested in developing the site as office, hotel and residential. Additionally, due to the site’s quintessential location just two blocks from the White House and a half block from Metro Center, the site received interest from local, national, and international groups. Ultimately Lincoln Property Company, backed by foreign capital, was selected. Plans to construct a trophy office building on the vacant land parcels with the historic bank building serving as the main entrance and lobby to the building. Team members included Bill Collins, Paul Collins, Drew Flood, Eric Berkman, and Shaun Weinberg of Cushman & Wakefield.
The Boro
Phase I CBRE’s Mid-Atlantic Debt & Structured Finance Group arranged the non-recourse construction financing of $536 million for Phase I of The Boro, a 4 million square foot master planned development located in the heart of Tysons, VA, in 2017. The Financing for Phase I was broken up into four different components/debt facilities and included 10 lenders. i) 537 Apartments and 222,500 SF of Retail & Office with 4 senior lenders and a mezzanine lender; ii) 425,500 SF Spec Office Tower with a senior lender and a mezzanine lender; iii) 140 Condominium Tower on a shared podium with a senior lender and a mezzanine lender; iv) 99,000 SF ShowPlace ICON Theatre and Retail with a senior lender; In addition to the size of the financing request, the largest in the region for the year, the project faced multiple hurdles during the successful capital raise. Issues ranged from the complexity of multiple ownership entities building on a shared podium with numerous cross easements and covenants, to financing a specialty theater operated by a recently formed company. Additional challenges included convincing banks to lend non-recourse debt on spec office construction and condominiums, two of the more challenging product types, in the most difficult time period for construction financing due to the (then) new Dodd Frank regulations. CBRE team members included David Webb, Maxi Leachman, and Will Wilkins.
Alamo Drafthouse Cinema
Tasked with an expeditious, 2-month lease negotiation timeframe, the JBG SMITH Retail Leasing team sought a movie theatre anchor tenant with dynamic, placemaking capabilities for the Crystal City submarket. With Alamo Drafthouse Cinema serving as the retail anchor, the movie theatre not only provides standard entertainment, i.e. screenings with stadium seating for an optimal view, but also innovative content and programming: custom pre-shows in place of advertisements, elevated dining options, highlighting seasonal ingredients and local breweries, partnerships with the local, public school system, and signature programs such as Alamo for All, screenings adapted for young families and special needs, all aimed to create an unparalleled experience and drive synergy amongst patrons and the greater community.
Maryland Leasing Transaction of the Year - Marriott International, Inc. Headquarters Relocation
Marriott’s commitment to stay in Maryland signifies the largest private sector real estate deal ever completed in Maryland. This deal reinforces and continues Marriott’s legacy as a leader in the area for years to come.
First, this will be transformational for Marriott. This stunning new Class A office building will enable Marriott to consolidate its two HQ operations in a vibrant, walkable urban neighborhood in the heart of Bethesda. Second, this deal will single-handedly breathe new life into the Bethesda CBD while preserving the heart and soul of many of the city’s beloved institutions. The adjacent flagship full-service Marriott hotel, with its food and beverage outlets, rooftop lounge and bar, and meeting and event space, will enhance the leisure and business travel. Third, the project will deliver a significant mixed-use commercial project in the Wisconsin Avenue Corridor that enhances the County’s commercial tax base and creates employment opportunities and prospects for the surrounding retail/service establishments.
Additionally, the project allows Montgomery County to retain its largest private employer in the core of downtown Bethesda and is expected to accommodate approximately 3,500 direct or contract employees for the office building component. The headquarters project will include an 825,000-square-foot, 300-story office building to be developed by Boston Properties at 7750 Wisconsin Ave. and a 230-room, 12-story Marriott hotel developed by Bernstein at 7707 Woodmont Ave. Marriott was represented by JLL’s Robb Johnson, James Cahill, Morgan Sullivan and Chris Molivadas.
Monday Properties' 1812 North Moore Street
In February 2017, Monday Properties announced, alongside Governor McAuliffe, that Nestlé USA, Inc., the world’s largest packaged food company, would relocate its U.S headquarters from California to Rosslyn, Virginia. In this historic move, Nestlé leased 252,000 SF at Monday’s 1812 North Moore Street, the region’s tallest and first LEED Platinum trophy tower.
To stand out from the competition and satisfy Nestlé's criteria of a standalone building, Monday developed numerous renderings to demonstrate a "building within a building" concept. The building’s 2-story restaurant space was converted into a private lobby with a visitor center that provides access to the Nestlé-dedicated office tower elevator bank. 1812’s parking garage design also allowed Nestlé a dedicated, secure garage with access to one high-speed elevator bypassing the lobby for direct access to their floors. Nestlé also required a state-of-the-art building amenity package. Monday designed a premiere 7,600 SF health and wellness studio and a 12,300 SF sky lounge and event space on the 24th floor with epic views of D.C.’s monument core. The final component was signage and unparalleled brand visibility atop 1812, providing exposure to over 20 million views annually.
Marking one of the largest corporate relocations in Northern Virginia, Nestlé will initially invest $40 million to relocate, and estimates over 750 new jobs will be created. Nestlé was represented by CBRE brokers Lou Christopher and R. Todd Doney. Tim Helmig, Austin Freeman, and John Wharton of Monday Properties and Evan Behr and Doug Mueller of JLL represented the landlord.
Yelp HQ at Terrell Place
Beacon Capital Partners' investment at Terrell Place not only reinvigorated a historic Class A downtown office building but also made it a relevant Trophy asset drawing in one of the world’s most innovative social media companies, Yelp.
Terrell Place was not only able to sell Yelp on its property, but also the nation’s capital. In the fall of 2016, Terrell Place made a short list for Yelp's next office. With a final tour in March 2017, it was Terrell Place’s forward-thinking approach to design, where workday meets vacation, that sold Yelp. The first proposal was sent in March 2017, and the deal moved extremely quickly with the letter of intent signed two months following, the lease by July 2017, and Yelp occupying the space in December of that same year.
Through Beacon Capital Partners ’forward-thinking approach to real estate, they were able to successfully lease 52,703 square feet to one of the hottest tenants in the market in 2017. Yelp was represented by Rob Faktorow of CBRE. The JLL team of Amy Bowser, Kate Griffin and Tom Golsen represented the landlord.
Host Hotels & Resorts, 4747 Bethesda Ave.
In the summer of 2017, JBG SMITH broke ground on a brand-new 280,000 SF trophy office building in the heart of downtown Bethesda at 4747 Bethesda Avenue.
After a through market search, Host selected 4747 Bethesda as the preferred location with a 16.5 year lease for 55,000 square feet. However, they were 1 of 3 anchor tenants pursuing a deal at the site. Further, the building’s targeted delivery date of summer 2019 was well in advance of the Tenant’s 2022 lease expiration, posing a challenge to the deal structure. The deal teams worked quickly and creatively to structure an economic deal with a successful outcome for all parties, and to give Host anchor tenant status in the building, while still allowing the Landlord to land two other anchor preleases simultaneously. Dave Ritchey and Andrea Murray represented JBG SMITH and Host Hotels & Resorts was represented by Lou Christopher, Jordan Brainard and Brad Wilner of CBRE.
Shaun Weinberg is an Associate Vice President and member of the Capital Markets Group for Cushman & Wakefield. Since joining Cushman & Wakefield, Shaun has been influential in all stages of the investment sales process, including proposals for new business, asset underwriting, due diligence and marketing of assets. Shaun is predominantly focused on providing clients with disposition services for commercial assets and land in the Greater Washington, DC area. Over the past five years, Shaun has assisted in the closing of more than 40 assets worth over $4 billion.
Shaun’s value was immediately apparent when he began as an intern in 2009. His value continued to increase and he was hired full time after graduating from the University of Michigan. Firm leaders note his discipline and relentless work ethic. Sean was fast tracked from analyst to brokerage in 6 years and worked on incredibly complex deals for Cushman & Wakefield during his time as an analyst. Shaun has accomplished more in his short time in the industry than many do in a career. Firm leaders see Sean as a rare, special talent who has much to bring to this industry in the coming years. Shaun is a true team player and will do whatever it takes to get the deal done. He exudes confidence and earns trust from clients. In addition to his professional success, Shaun takes the time to mentor younger team members, patiently explaining concepts and analyses to foster their industry knowledge and development.
Shaun joined the brokerage team in 2016 and has made significant impact on running major deals including – One Dulles Tower in Feb 2018, an Amazon leased building on the Dulles Toll Road, which sold for $226M and Sentinel Square I & II, representing one of the most complicated DC sales transactions of 2017
As Vice Chairman - Director of Government Services Group for Cushman & Wakefield, Darian LeBlanc has represented building owners pursuing federal interests. Darian brings 20 years of experience during federal interests. Darian brings 20 years of experience during which he has overseen federal real estate transactions nationwide valued at over $6.5 billion. Darian is a member of Cushman & Wakefield’s Board of Directors. His colleagues and firm leaders note Darian's unquenchable, strong work ethic, personal discipline, and is a tireless and insightful professionalism. He is known for his optimism, and sense of vision. These qualities which afford Darian the ability to excel in all aspects of his life.
Ryan Lopez is an Associate with Cushman & Wakefield’s Tenant Advisory Group, where he specialized in office tenant representation in the Washington DC Metro area with a focus on Northern Virginia. Mr. Lopez’s role includes business development, lease negotiation, transaction management and strategic planning. Ryan has successfully negotiated complex and time sensitive deals, often times ending up with far better results for all parties than originally anticipated.
Ryan is a loyal team player who is known for getting involved with events or causes that give back to our community. Whether it is a Cushman & Wakefield sponsored event or a not-for-profit organization needing volunteers, Ryan is there nights, weekends or holidays to help serve meals to the needy, deliver turkeys to community centers and offer support any way he can. Ryan is also one of Cushman & Wakefield's Future Leaders (CWFL) Committee Chair People. In 2017, Ryan spearheaded several initiatives including fundraising and volunteering for the Race for Hope, volunteering at the JDRF Real Estate Games, volunteering at the Boys and Girls Club of Greater DC (BGCGW) Thanksgiving Event and working with the Salvation Army.
Ryan is also actively involved with the Enzler Society at Catholic Charities, where he volunteers at the Spanish Catholic Center, which provides medical care, job training, and additional resources to immigrants in the DC area, and the Youth Transitional Program at Catholic Charities’ East Men's Shelter, which provides temporary housing and support for homeless adolescent males. Ryan continues to impress all who know him with his professional growth and ability to give back to his community.
Name: Andrea Murray
Title: VP
Company: JBG SMITH
Age: 33
Hometown: Martinsville, VA
Alma Mater: University of Virginia, BA; Georgetown University, Master's
Year in Real Estate: 12
Years with current firm: 12
What contributed to your success this year?
I attribute success in 2017 to working at JBG SMITH on a great team and to our partnerships throughout the brokerage community. I also credit the opportunity to work specifically on our development project at 4747 Bethesda Avenue, where location, cutting edge design and ripe market dynamics drove the success of our preleasing efforts.
What will be the biggest factors affecting the regional market in 2018 and beyond?
The transformation of Crystal City!
Anyone you want to thank?
I would like to thank my family, my colleagues, my friends in the industry, and my team members and mentors from throughout the years.
Name: Bill Collins
Title: Executive Vice Chairman
Company: Cushman & Wakefield
Age: Old enough to quality for Social Security Checks (62)
Hometown: Bethesda, MD
Alma mater: University of Maryland
What contributed to your success this year?
This year, last year, every year - the 30 person team known as Capital Markets. It sounds trite but the truth is the machine doesn't work without the efforts of everyone!
What will be the biggest factors affecting the regional market in 2018 and beyond?
Federal Gov't spending - budget and increase in technology/life sciences businesses.
Name: David F. Webb
Title: Vice Chairman
Company: CBRE
Age: 58
Hometown: Petersburg, VA
Alma mater: University of Virginia
Years in real estate: 30
Years with current firm: 4 1/2
What contributed to your success this year?
Strong Partner support from our Finance Team and the other CBRE Investment Sales brokers.
What will be the biggest factors affecting the regional market in 2018 and beyond?
Rising Interest Rates, Increased Military Spending, and Amazon's HQ2 decision to come here!
Anyone you want to thank?
My family for putting up with the long hours. My partners Maxi and Will and the rest of our Finance Team.
Name: Maxi T. Leachman
Title: VP
Company: CBRE
Age: 29
Hometown: Atlanta, Georgia
Alma mater: Georgetown University
Years in real estate: 8
Years with current firm: 4
What contributed to your success this year?
Working hard and loving my job and the people I get to work with - my partners, my teammates (both DSF and Sales), and my clients!
What will be the biggest factors affecting the regional market in 2018 and beyond?
Interest rates and Amazon - obviously!
Anyone you want to thank?
My entire team and my family - in particular David Webb, Will Wilkins, Shelby Klock, Bill Roohan, and my husband Tommy!
Name: Brad Wilner
Title: SVP
Company: CBRE
Age: 35
Hometown: Cabin John, MD
Alma mater: Univerisity of Pennsylvania
Years in real estate: 13
Years with current firm: 13
What contributed to your success this year?
Having great partners and a dedicated team of best in class people was a major driver for the shared success we all achieved in 2017.
What will be the biggest factors affecting the regional market in 2018 and beyond?
It's hard not to mention Amazon's decision given all three jurisdictions of the DC Metro area having an opportunity, as well as the impact of the new federal spending bill, but I think the imbalance between the amount of new supply under construction with the amount of tenant demand given the focus on efficiency in the workplace will be a major driver for the foreseeable future.
Anyone you want to thank?
Everyone I have the pleasure of working with at CBRE as well as my family and the support they provide.
Name: Darian LeBlanc
Title: Managing Director
Company: Cushman & Wakefield
Age: 46
Hometown: Washington, DC
Alma mater: Cal Poly
Years in real estate: 24
Years with current firm: 13
What contributed to your success this year?
A winning roster of clients and an amazing team of colleagues!
What will be the biggest factors affecting the regional market in 2018 and beyond?
The recently passed federal spending bill should drive growth in government related and contractor activity - particularly in Northern Virginia.
Anyone you want to thank?
Scott Johnston, Scott Killie, Howard Traul, Austin Sanders and Liz Cumberpatch - thank you all for having my back through a very difficult year. You're the best!!
Name: Lou Christopher
Title: Vice Chairman
Company: CBRE
Age: 52
Hometown: Bethesda, MD
Alma mater: Denison University
Years in real estate: 29
Years with current firm: 6
What contributed to your success this year?
Great clients, a lot of luck, and CBRE's consistent investment in our platform of services. With more services and a deeper bench, I like our chances.
What will be the biggest factors affecting the regional market in 2018 and beyond?
Let's hope Amazon - that would be the ultimate "Hail Mary" for what feels like a progressively soft market. Otherwise, the continued downsizing of tenants (law firms, corporations and the federal government) coupled with the addition of new supply will keep the market tenant favorable for the foreseeable future (3-4 years minimum).
Anyone you want to thank?
We always want to thank our clients first - thank you. Then a special thank you to my wife Stacie and our incredible team: Jordan Brainard, Liz Foley, Chris Ruschaupt, Donald Lutt, Tim Whitebread and Sarah Kenney.
Name: James Cahill
Title: Managing Director
Company: JLL
Age: 56
Hometown: Newark, NJ
Alma mater: University of Maryland
Years in real estate: 27
Years with current firm: 10
What contributed to your success this year?
Surrounding myself with very smart teammates who work very hard and have the clients' best interests in mind. There is no "I" in "Team."
What will be the biggest factors affecting the regional market in 2018 and beyond?
Communting and marrying up a company's location with where their talent can afford to live.
Anyone you want to thank?
Executive leadership at JLL who have the vision to know what services our clients will need from us and making the financial commitment to deliver those services so that we may remain the leader in our industry.
Name: Paul Collins
Title: Executive Vice Chairman
Company: Cushman & Wakefield
Hometown: Bethesda, MD
Alma mater: University of Maryland College Park (Go Terps!)
What contributed to your success this year?
The incredible team contributed. Without them the work would not have been able to be completed in such an efficient and thorough manner. I sincerely thank them for their professionalism while still maintaining a fun and positive attitude.
What will be the biggest factors affecting the regional market in 2018 and beyond?
The biggest factors are hi tech businesses seeing the Washington DC area as a great price to operate and expand.
Anyone you want to thank?
I want to thank my team, my wife Ana for her support and guidance. We look forward to a great 2018.
