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Husch Blackwell Moving DC Office to Pembroke’s 1801 Penn

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Law firm Husch Blackwell has signed a 22,800-square-foot lease at 1801 Pennsylvania Avenue, a newly renovated, 13-story office building in Washington, D.C., with landlord Pembroke. 

The Kansas City, Mo.-headquartered national law firm will be moving its D.C. office from its current home at 750 17th Street NW in March 2022. The firm will take the entire 10th floor and part of the 11th floor in the building.

“It is important to our firm that our real estate and office design reflect our culture and values, and this space meets or exceeds our expectations,” Bret Chapman, Husch Blackwell’s chief administrative officer, said in a release. 

The 1801 Pennsylvania building is located a block from the Farragut West metro station and is across from Edward R. Murrow Park, The World Bank and the International Monetary Fund

The building features a dual-height lobby with a lounge and coffee bar, floor-to-ceiling windows along the Pennsylvania Avenue corridor, and an open-air cupola. It also offers a 5,000-square-foot fitness center, which was redone in 2019.

As part of its recent capital improvements, Pembroke modernized the building’s mechanical systems to improve performance,  sustainability and air filtration.

 The Cushman & Wakefield team of Michael Katcher, Mark Wooters, John Skolnik and Kyle McFadden represented the landlord in the lease, while the tenant was represented by Colliers brokers Sven Sykes, Bill Zonghetti and Larry Bank.

Requests for comment from the tenant and broker team were not immediately returned.

Keith Loria can be reached at Kloria@commercialobserver.com.  

Original Source: commercialobserver.com

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Finance

Biden: Federal Reserve Should ‘Recalibrate’ Policy As Prices Rise

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WASHINGTON – U.S. President Joe Biden on Wednesday said it was appropriate for the Federal Reserve to recalibrate the support it provides to the U.S. economy, in light of fast-rising prices and the strength of recovery.

‘Given the strength of our economy and recent price increases, it’s appropriate, as … Fed Chairman [Jerome] Powell has indicated, to recalibrate the support that is now necessary,’ Biden told a

Source: bignewsnetwork.com

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Finance

Sinema, Manchin Prove There’s Still a Long Way to Go

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The Black community owes a debt of gratitude to United States Senators Kyrsten Sinema and Joe Manchin. The dynamic duo have managed, by supporting the filibuster and crippling two major voting rights bills, to remind any of us who had any doubts or historic contextual misunderstandings that Martin Luther King Jr. Day is a day …

Original Source: azcapitoltimes.com

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Finance

Fields Holdings Adds Another Retail Center in SoCal

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It’s been a big day for retail real estate in Orange County, Calif.

Commercial Observer can first report that Fields Holdings has agreed to pay $28.8 million for Palm Center, a 92,950-square-foot, grocery-anchored shopping center in the city of Orange. This deal follows the $39.5 million sale of Gateway Center in Orange County, which was also announced today. Additionally, it was announced last week that L.A.-based Fields Holdings acquired the Brentwood Shopping Center in Los Angeles for $30 million.

Colliers announced the Palm Center deal and represented the seller, Corning Development. It’s the first change in ownership since it was developed in 1971.

“The seller was Australia-based, and this was their last owned asset in the U.S.,” said Colliers’ El Warner, who brokered the deal with Charley Simpson. “After our team generated 16 offers, the property was purchased by a Los Angeles-based investor who was in a 1031 exchange from the sale of an apartment property. The buyer plans on renovating the shopping center and holding the property long-term.”

Palm Center is located on 8.1 acres at 934–970 North Tustin Street. Albertsons has been the anchor tenant for more than 30 years. Other tenants include The UPS Store, O’Reilly Auto Parts, UFC Gym, Aqua-Tots Swim Schools and America’s Best Contacts & Eyeglasses. Colliers said the sale represents continued demand for quality retail properties with upside in booming U.S. markets. 

“Eleven billion dollars in retail traded hands across the U.S. in November of 2021, the highest level on record in the last decade,” Warner told CO in a statement. “Demand is robust as both 1031 exchanges increased and institutional capital returned into the retail investment space.” 

He added that the pandemic proved retail’s resiliency with increased buyer demand that significantly outpaced supply, creating cap rate compression and additional competition.

“Accelerated interest and limited supply have created an incredibly bullish market for retail moving into 2022,” he said. “Under the current economic conditions, property owners willing to market an asset will see a tremendous return. Legacy properties remain extremely attractive to buyers looking to capitalize on long-term yield.”

Gregory Cornfield can be reached at gcornfield@commercialobserver.com

Source Here: commercialobserver.com

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