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Best in Industry

Architecture Firm: Wingate Hughes Architects

Contractor: DFS Construction

Furniture Vendor: Washington Workplace

Landlord: Brookfield Office Properties

Law Firm: Spartin & Planning

Moving Company: Fitzgerald Movers

Developer: The JBG Companies

Project of the Year: The Bartlett

Project Management: Cushman & Wakefield

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Sales/Financing Firm of the Year CBRE

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Leasing Firm of the Year Cushman & Wakefield

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Top Regional Retail Agent (co-winner) Dave Dochter Dochter & Alexander Retail Advisors

Name: David Dochter
Title: Principal
Company: Dochter & Alexander Retail Advisors
Age: 37
Hometown: Maryland
Alma mater: Johns Hopkins
Years in real estate: 16
Years with current firm: 2

What contributed to your success in this challenging year?

I'm very fortunate to be surrounded by a very talented hard working team.

What will be the biggest factors affecting the regional market in 2016 and beyond?

Interest rates, the regional economic uncertainty and the overall unknown's related to retail. The retail/restaurant world is changing quickly and its more important than ever to follow and predict the trends.

Anyone you want to thank?

My family, friends and Uber eats.

 

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Sales Transaction of the Year - Regional

Apex Building, Bethesda, MD

Montgomery County and the Maryland Transit Administration approached The American Society of Health-System Pharmacists (ASHP) about selling its 162,614 square foot building at 7272 Wisconsin Avenue in Bethesda. As the MTA’s new Purple Line light rail is planned to intersect the site, the County flagged the site for redevelopment to accommodate the new station and increased density. Through a transaction brokered by Cushman & Wakefield, Carr Properties was the buyer and is planning a three-building complex on the site. Challenges for the transaction team included the need to achieve the pricing needed to deliver adequate proceeds and a suitable relocation for ASHP to continue its mission; negotiating lease terminations or buyouts for the other building tenants; working with the County and Transit Administration to determine incentives and an approved station design; and finally ensuring the protection of the throughway for the Capital Crescent Trail that runs through a tunnel under the building. With Carr Properties buying the property, a relocation site for ASHP became available in one of their new buildings nearby. This downtown Bethesda sale overcame its many challenges and delivers a positive outcome for all involved. Team members include Bill Collins, Paul Collins, Drew Flood and Shaun Weinberg of Cushman & Wakefield. 

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Finance Transaction of the Year - Regional

LCOR Portfolio

On behalf of LCOR, CBRE closed a $371 million debt and equity recapitalization of 2,700 unit, multi-state apartment portfolio, of which three of the assets ($200 million allocated value, 1,000 units) were located in MD and VA.  The Sponsor was seeking to recapitalize their equity, complete a comprehensive renovation program, and place new debt. CBRE narrowed a list of thousands of equity investors to a targeted list of 75 domestic and foreign investors as the client’s focus was on finding a “like-minded” investor that would partner with the Client on future acquisitions to grow their platform. CBRE ultimately brought in two equity investors, and assisted the client in negotiating two favorable JV structures. CBRE marketed the individual loans to over 50 lenders as the JV determined the appropriate debt structure. CBRE provided multiple term sheets to the Sponsors on each deal, including over 75 quote terms.  The MD & VA assets were financed with 75% LTV Freddie Mac financing totaling nearly $150M.  The loans included pricing and loan-sizing benefits from completing a “green up” report and completing energy-efficient enhancements at the properties. The deal faced a final challenge after the election when interest rates shot up 80 basis points, prior to rate lock, but CBRE was able to keep the deal on track by restructuring the debt to provide lower spreads and shorter terms. Team members include David Webb, Jamie Butler, Maxi Thiels, Bill Roohan, Mike Muldowney, Mike Rudolph, Brian Margerum, and Martha Hastings.

 

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Retail Transaction of the Year - Regional

Saks Off 5th and Nordstrom Rack at 555 12th St NW

Dochter & Alexander Retail Advisors was hired to work closely with MetLife, the owners of 555 12th Street in northwest Washington, DC to reposition the retail component of this premier downtown building. With approximately 100,000 square feet of space over three levels, 555 12th offers the largest contiguous block of retail space in DC. More than a year ago, Barnes & Noble closed its doors and the ESPN Zone shuttered several years prior, leaving the south side of the building a ‘dead’ retail block in need of fresh ideas. Dave Dochter and Matt Alexander’s retail strategy for the office asset capitalized on the latest retail additions to the neighborhood and downtown DC in general – especially at nearby City Center where top retail brands recently located.  Their program ultimately attracted two of the country’s best retailers. At 74,000 square foot, this was the largest retail transaction completed in DC in 2016 and stands to be one of the most significant in the region. Nordstrom Rack, for its third DC location following Chevy Chase and L Street, NW, will take 37,000 square feet on two levels. For its first District location, Saks Off 5th will take the other 37,000 square feet.

 

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Top Regional Retail Agent (co-winner) Matt Alexander Dochter & Alexander Retail Advisors

Name: Matthew Alexander 
Title: Principal
Company: Dochter & Alexander Retail Advisors
Age: 41
Hometown: Bethesda, Maryland
Alma mater: University of Delaware
Years in real estate: 20
Years with current firm: 2

What contributed to your success in this challenging year?

We have a great team.  They work very hard to drive results for our clients.

What will be the biggest factors affecting the regional market in 2016 and beyond? 

The question about the future or Retail and what does that look like.  Create a sense of place is so important to a successful project and/or street and its made the retail experience more relevant than its ever been in my career. 

Anyone you want to thank?

My Family and a dedicated team.

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Leasing Transaction of the Year - MD

ABT Associates at Executive Plaza

With more than two years remaining on its 123,000 square foot lease in Bethesda, Abt Associates, represented by two real estate advisory firms, set out to take advantage of favorable tenant market conditions and solve for its facilities needs over the next 15-20 years. They conducted an exhaustive search of buildings in the I-270 Corridor, Silver Spring and Northern Virginia. The resulting 155,000 square foot lease transaction was challenging because of its size, the timing, the desire to stay in an amenity-rich, 24/7 neighborhood, while reducing occupancy costs. Executive Plaza (EP), is a two building, 338,000 sf project on Executive Blvd. in North Bethesda that had been occupied by NIH for 25 years, but was due to be vacant in a year at the time of the acquisition by a New York based privately held investment firm in 2012. The firm subsequently partnered with local developer for the repositioning that included a $10 million renovation and rebranding campaign. The strategy was to offer EP as a Class A, value alternative to the Bethesda CBD.  Beyond getting a newly renovated, class A building with a high quality sponsor and attractive lease terms including a commencement date of 2018, Abt also has an eye towards the positive transformation of the White Flint Redevelopment District. Avison Young’s Jack McShea, Bob Dickman, Bob Wrightson and Brian McCarthy represented the landlord, Doug Olson with Monument Realty is the owner’s representative and Abt Associates was represented by Kevin McGloon of Cushman & Wakefield and Phil Giunta of Newmark Grubb Knight Frank.

 

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Leasing Transaction of the Year - VA

MC DEAN at Greensboro Station

MC Dean was a hard fought and complex transaction on a variety of fronts.  They had been in the market over the last five years with different brokerage firms. A complex requirement that included lab space kept several office buildings out of the running.  Add to that the fact that the company’s employee base was entrenched in Loudoun County though its business base was growing locally, nationally and internationally.  To find a building that met their needs, didn't overly disrupt the existing employees and gave them a better amenity and transportation base was no easy feat.  The brokers spent more than two years executing workplace strategy and employee and client impact studies. MC Dean was founded in Loudoun County and headquartered there since 1949. The decision to move to a Metro location in Tysons Corner would only be made if it was supported and vetted at every level. An additional challenge came with the fact that the tenant had been in the market multiple times with different brokers and landlords appeared to doubt the company’s willingness to move to a new building, much less away from Loudoun.  However, working closely with MC Dean's executive committee CBRE was able to demonstrate that the move to Tysons would meet all of the existing and future objectives for their company while only minimally impacting the employee base. MC Dean eventually chose 1765 Greensboro Station Place with a 85,859 square foot lease with The Meridian Group. Malcolm Schweiker and JR Redeker of CBRE represented the tenant.

 

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Leasing Transaction of the Year - DC

The Advisory Board Company at 655 New York Avenue, NW

The Advisory Board Company signed a lease for roughly 530,000 square feet at 655 New York Avenue, NW in Mount Vernon Triangle. After a national search, the tenant, who retained JLL in 2014, ultimately decided to stay in DC after receiving a negotiated $60 million tax incentive package from the District in exchange for a commitment of at least 1000 new jobs over the 16-year term of the lease.  A significant economic development win for the District, the deal is expected to return more than $300 million in net new real estate and other taxes to the city.   As well, the Advisory Board is pleased to remain in DC, having operated here for 35+ years. The publicly-traded consulting company has 2,000 local employees, the majority of which are at their 300,000 square foot headquarters in the West End. In 2018, the company will move eastward into its portion of the 756,000 square foot 655 New York Avenue development next to the Washington Convention Center. Also known as Square 450, the development team is a partnership of Douglas Development Corp. and Brookfield Office Properties. Representing the developers was CBRE’s Randy Harrell and Mark Klug. The Advisory Board was represented by the JLL team of Greg Lubar, Trip Howell, Amy Bowser and Marshall Durston.

 

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Leasing Transaction of the Year - Under 75,000 SF

Fish & Richardson at The Wharf

The patent litigation, 59-attorney law firm, now located on K Street, is moving to 1000 Maine Avenue, a 250,000 square foot building and one of three office properties at The Wharf. The 59,300 square foot, 16-year lease will bring the first law firm to the $2 billion, mile-long development on the Southwest Waterfront. Though other office tenants have committed to The Wharf, this K Street law firm lease cements the new development as a premier office location. The transaction, which garners record rents for space outside of the DC core, was signed between landlord Hoffman Madison Waterfront, LLC and Fish & Richardson with Cushman & Wakefield’s Brian Dawson representing the tenant.

 

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Rising Star Award Kayma Liburd JLL

After working on Wall Street, in management consulting and then as an HR recruiter, Kayma Liburd made the successful transition to commercial real estate and JLL just four years ago, quickly rising to the level of vice president. She receives high praise from JLL management and clients alike. JLL colleagues and mentors say she learned the industry largely on her own proactively seeking the resources and skills needed to do her job well. They credit her with sourcing most of her own business and building a strong network in a town where she was still a relative newcomer. Her clients say she is smart demonstrating foresight early in negotiations to create a more competitive position to close the deal. They say she is good at helping both parties understand each other with a true win-win spirit while staying laser focused on the project schedule. She is known to work closely with the client long after the transaction phase, to transition them seamlessly to the landlord and property management team. Her colleagues and competitors outside of JLL regard her astute communications skills, tenacity and poise especially in dealing with some demanding clients. Being involved in the community is clearly important to Kayma. She is on the board of the Network for Teaching Entrepreneurship, a coach for Girls on the Run, on the fundraising committee for the Women and Wine industry event supporting the Georgetown Lombardi Comprehensive Cancer Center and participates in events like Cycle for Survival.  She is on the interview committee for Bowdoin College and is also the social chair for Bowdoins local Club. Kayma does all this while working on her Masters in Real Estate through Georgetown University.  

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James L. Eichberg Broker of the Year Award Elizabeth Cooper JLL

An International Director at JLL, Elizabeth Cooper has negotiated more than 50 million square feet of lease transactions and is the co-chair of JLL’s Global Law Firm Group.  Her colleagues say she works hard with the heart of a servant leader and is at the top of her game.  With her impressive long term client generation and market-leading transactions, it’s no surprise that she consistently performs in the top 97th percentile of all brokerage business from within JLL. And yet, she still gives great time and attention to supporting her colleagues and mentorship. Firm leaders say she is an exemplary role model in the industry.   

The business media hails Elizabeth a “Woman Worth Watching” (Diversity Journal), a “Woman of Influence” and national “Top 20 Leasing Broker” (Real Estate Forum), and one of “DC’s Power Women in Commercial Real Estate” (Bisnow).  Within JLL, she was recognized as a “Top Gun” from 1999-2015 and won the firm’s prestigious “Champion of Excellence Award” in 2004 and currently is the executive sponsor of JLL’s Women’s Business Network.   

Beyond these accolades, Elizabeth is dedicated to her community and the commercial real estate industry. Mentorship is a tremendously important part of Elizabeth’s career. She leads JLL’s mentor protégé program and volunteers as a mentor for many organizations including:  the Economic Club of Washington, DC’s “Scholars to Leaders Mentor Program,” the Network for Teaching Entrepreneurship, Empowered Women International and Girls on the Run.  She’s a past board member of the Washington Tennis and Education Foundation and the incoming President of CREBA where she has served on the executive committee for the past three years.  Elizabeth Cooper is dependable and gets things done. She works hard for her clients and in her volunteer work, she delivers excellence and expects much from her team. She gives of her time to community efforts and to mentoring and supporting the careers of her less experienced colleagues. She’s a tough and smart negotiator. She is very likeable. Demonstrating excellence in all facets of her work, Elizabeth Cooper is most deserving of the James L. Eichberg Broker of the Year Award.  

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YBN Community Service Award Tom Cleaver CBRE

During his career with CBRE, Thomas Cleaver has been involved in some of the Washington Metropolitan area’s most sophisticated transactions, advising on real estate decisions that have helped shape the regional skyline.  His clients turn to him for more than site selection; they look to him for a tactical approach that produces creative, results-driven solutions.  In addition to his representation of many of the world’s most prominent firms, Tom also has extensive experience within the institutional capital markets. He leverages this expertise and ability to understand the financial implications of various lease and sale structures to shape effective strategies for his clients. However, Tom Cleaver is not only a successful commercial real estate broker with over $3 billion in capital markets activity and more than 4.5 million square feet of lease transactions; he also maintains a high level of community and charitable involvement outside the office. Tom serves as the Founder and President of Living Proof, a nonprofit organization devoted to the support of cancer research. He has also worked extensively with the Leukemia & Lymphoma Society in various capacities for more than six years. In 2011, on the 10th anniversary of his own cancer diagnosis, Tom decided to join the LLS Man & Woman of the Year Campaign, a 10-week campaign where 20 individuals compete to raise the most money in support blood cancer research.  Over the course of the 10-week competition, Tom and his campaign team raised $275k for the important work of blood cancer research and he won the Man of the Year title for the DC area LLS Chapter.  Tom was the highest fundraiser in the nation and received the honor of National Man of the Year in 2012.

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Top Leasing Agent of the Year - Developer/Landlord Melanie Stehmer-Townsend Brookfield Office Properties

Name: Melanie <span class="SpellingError SCX211174814" style="margin: 0px; padding: 0px; user-select: text; -webkit-user-drag: none; -webkit-tap-highlight-color: transparent; background-repeat: repeat-x; background-position: left bottom; background-image: url(" data:image="" gif;base64,r0lgodlhbqaeajecap="" 8aaaaaaaaaach5baeaaaialaaaaaafaaqaaaiilgaxcchrtcgaow="=&quot;);" border-bottom:="" 1px="" solid="" transparent;="" background-color:="" inherit;"="">Stehmer-Townsend
Title: Director, Leasing 
Company: Brookfield Office Properties 
Age: old enough that I can't put candles on my birthday cake anymore 
Hometown: grew up moving all over but consider Bethesda my home 
Alma Mater: University of Maryland 
Year in Real Estate: 13
Years with current firm: 7 

What contributed to your success in this challenging year?

I'm incredibly fortunate to be part of the Brookfield team. We have amazing people in all aspects of our company - whether it's our legal, construction, marketing, property management or building engineering teams - and excellent assets. Even in challenging times we are able to attract great tenants and make deals that continue to add value to our portfolio.? 

What will be the biggest factors affecting the regional market in 2017 and beyond?

Uncertainty stemming from our current political situation will influence short & long term businesses decisions that will ultimately have impacts upon their real estate decisions. 

Anyone you want to thank?

My families -I'm lucky to have two - my home family (husband Steve and 3 daughters) and my work family (too many to list here!)?

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Brendan McCarthy Memorial Award Thomas Bakke Washington REIT

Mr. Thomas Q. Bakke was named Executive Vice President and Chief Operating Officer of Washington REIT in April 2014. Prior to joining Washington REIT, he was Senior Managing Director at Cushman & Wakefield where he was the Market Leader for Northern Virginia. From February 2007 to January 2012, Mr. Bakke held the position of Market Managing Director at Equity Office Properties, a national commercial real estate owner and a subsidiary of The Blackstone Group. Over his 20 plus years at Equity Office Properties, Mr. Bakke held a variety of other senior positions with the company and its predecessors including Senior Vice President, National Leasing and Senior Vice President, Field Operations. Mr. Bakke is a graduate of the United States Naval Academy and has an MBA in Finance, attending MIT's Sloan School of Management and Golden Gate University. 

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Top Regional Sales Agent Bill Roohan CBRE

Name: William S. Roohan
Title: Vice Chairman
Company: CBRE
Age: 58
Hometown: Saratoga Spring, NY
Alma mater: Mount Saint Mary's University
Years in real estate: 33
Years with current firm: 33

What contributed to your success in this challenging year?

My prior job at Peat, Marwick and Mitchell; working at one of the Big 8 Accounting firms was tremendous opportunity and I use many of those skills taught then every day. Also, good old fashion 60 hours hour work week and be accessible 24/7.

What will be the biggest factors affecting the regional market in 2016 and beyond? 

The federal budget, some line items are getting cut significantly and some are expanding. We are hoping for a BIG NET POSITIVE.

Anyone you want to thank?

My wife - giving me the time to work and allowing the cell phone to ring 24/7 and my parents who taught me your word is your bond; hard work will pay off; and be humble. 

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Top Regional Finance Agent David Webb CBRE

Name: David F. Webb
Title: Vice Chairman
Company: CBRE
Age: 56
Hometown: Petersburg, VA
Alma mater: UVA
Years in real estate: 30
Years with current firm: 3

What contributed to your success in this challenging year?

Strong team support at CBRE, strong collaborative support from other CBRE brokers, low interest rates!

What will be the biggest factors affecting the regional market in 2016 and beyond? 

Positive: accelerated economic growth, particularly with defense related jobs. Negative: severely constrained construction lending market, fear of rising rates.

Anyone you want to thank?

The deep bench of our CBRE Debt & Structured Finance group, our multi family sales eam, and the Faktorow/Cleaver Sales and Leasing Team.

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Top 35 And Under Regional Sales/Finance Agent Maxi Thiels CBRE

Name: Maxi Thiels
Title: Vice President
Company: CBRE
Age: 28
Hometown: Atlanta 
Alma mater: Georgetown University
Years in real estate: 6
Years with current firm: 3

What contributed to your success in this challenging year?

Teamwork within our DSF team as well as with our sales brokers.

What will be the biggest factors affecting the regional market in 2016 and beyond? 

Interest rates & absorption.

Anyone you want to thank?

Our DSF teammates, multifamily sales team & CBRE platform.

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Top 35 And Under Regional Leasing Agent Mark Wooters Cushman & Wakefield

Name: Mark Wooters
Title: Senior Director
Company: Cushman & Wakefield
Age: 36
Hometown: grew up in New Canaan, CT, lives in Arlington
Alma mater: Georgetown University, undergrad and MBA
Years in real estate: 7
Years with current firm: 3.5

What contributed to your success in this challenging year?

I am fortunate to be surrounded by great partners within Cushman & Wakefield. We have a tremendous team and it is a pleasure to work with each of them. Equally, I have the privilege to work with clients that are both creative and strategic. I can't deny a bit of luck too!

What will be the biggest factors affecting the regional market in 2016 and beyond? 

The continued political polarization causes uncertainty in the market. The uncertainty negatively affects the local economy and, in turn, commecial real estate. That said, we remain among the best education/employment bases in the country which will contine to have a great effect on the local economy as DC continues to lessen its reliance on the government. 

Anyone you want to thank?

Each of my partners at Cushman & Wakefield, my clients and, above all, my wife and three children for their constant support.

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Top Regional GSA Leasing Agent Marcy Owens Test CBRE

Name: Marcy Owens Test
Title: Senior Vice President
Company: CBRE
Age: 50
Hometown: Florham Park, NJ
Alma mater: American University
Years in real estate: 28 (including time at GSA)
Years with current firm: 5

What contributed to your success in this challenging year?

Toward the end of any administration, the Government tries to wrap up procurements it has been working on. GSA has been trying to close deals while the market is still favorable to them. In addition, this past year we also experienced GSA trying to clear out some of the backlog in its portfolio. 

What will be the biggest factors affecting the regional market in 2016 and beyond? 

The National Capital Region real estate market can be largely affected by how quickly the new administration cuts budgets (which may impact new deals being done in the region) and allocated additional budget to Department of Defense and Homeland Security. The growth in DOD and DHS budgets is anticipated to drive substantial increases in Government contracting throughout the region. 

Anyone you want to thank?

My team - CBRE FLAG, and my husband who makes everything work so I can do this crazy job!

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Top Leasing Agent of the Year - DC Randy Harrell CBRE

Name: Randy Harrell
Title: EVP
Company: CBRE
Age: 55
Hometown: Emporia, VA
Alma mater: Hampden-Sydney College
Years in real estate: 32
Years with current firm: 11

What contributed to your success in this challenging year?

The ABC success lesson is "never give up."

What will be the biggest factors affecting the regional market in 2016 and beyond? 

Increased legislative activity.

Anyone you want to thank?

Thanks to ABC, and to the Jemals, who work tirelessly and never, ever give up.

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Top Leasing Agent of the Year - MD Kevin McGloon Cushman & Wakefield

Name: Kevin McGloon
Title: Senior Director
Company: Cushman & Wakefield
Age: 56
Hometown: Darien, CT
Alma mater: Denison University '84
Years in real estate: 30
Years with current firm: 6

What contributed to your success in this challenging year?

Multi discipline transactions and an awesome team at Cushman.

What will be the biggest factors affecting the regional market in 2016 and beyond? 

Positive impacts of transit oriented, amenity driven submarkets.

Anyone you want to thank?

All of our fabulous clients who continue to believe and invest in our practice!

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Top Leasing Agent of the Year - VA Spencer Stouffer Cushman & Wakefield

Name: Spencer Stouffer
Title: Vice Chairman
Company: Cushman & Wakefield
Age: 51
Hometown: Vienna, VA
Alma mater: James Madison University
Years in real estate: 27
Years with current firm: 10

What contributed to your success in this challenging year?

Our team benefitted from our clients' willingness to take calculated risks based on our guidance. We have the good fortune of working with landlords that recognize making a unique or bold decision is the best way to outperform the market, and we benefitted in kind. 

What will be the biggest factors affecting the regional market in 2016 and beyond? 

We anticipate 2017 will be the first year since 2008 since Northern Virginia will absorb in excess of 1 million sf. Also, the distinction between the top and the bottom of the market has never been more prevalent. This dynamic has resulted in our team being very selective regarding which buildings we will represent and which buildings we encourage our clients to acquire. 

Anyone you want to thank?

The clients that have entrusted us to represent them. It is a privilege to partner with the greatest landlords in the market. Thank you also to my partners and team at Cushman & Wakefield. The last ten years at Cassidy/Cushman were amazing, and I believe the next ten will be even better. Thank you everyone who has helped me in 2016, I am truly grateful. 

This Year's Awards