Case Studies

CityVista

Mixed-Use Public Private Partnership – New Development, 5th and K Streets, NW, Washington, DC

843,000 SF Total

116,000 SF Retail with Safeway grocer as anchor

244 Apartments units and 411 Condominiums

Lead Developer: Lowe Enterprises

Created in a public private partnership venture with the District of Columbia’s National Capital Revitalization Corporation, CIM Group, Bundy Development and Neighborhood Development Group on a 6 acre site acquired on both fee simple and a ground lease basis at a very low $ per FAR. A 20% affordable housing component was included in addition to 35% LSDBE contracting and significant minority equity partnership. A property tax abatement was achieved with special legislation. High 30%+ IRRs achieved. CityVista received numerous awards for being a top project of economic merit in the City of Washington, DC.

Services: RFP submission and competitive bid award, joint venture structuring, A/E and GC team selection, entitlements, design, value engineering, development project management, community engagement, LSDBE compliance reporting, proforma and project budgets, vendor contract administration and payments, construction requisition review, lender and investor reporting, District of Columbia public partner reporting, retail lease negotiations, CC&R documents for condominium regime, contract management.

Financial Services Corporation Headquarters

Mixed-Use | Corporate Headquarters – New Development, McLean, VA

1.4 million SF Total

940,000 SF Office in Three Towers

125,000 SF Performing Arts Center

80,000 SF Wegmans

25,000 SF Retail

Owner: (Disclosure Withheld)

Significant mixed-use project in Tysons Corner in Fairfax County, VA on the campus of the corporate headquarters of a leading financial services firm. One of the Principals led a large project management team delivered by a national commercial real estate services firm.

Services: development project management during the Phase 1 portion of the project. Included A/E and GC team management, LSDBE compliance reporting, proforma and project budgets, cash flow forecasting, vendor contract administration and payments, construction requisition review, lender and ownership reporting.

L’Enfant Plaza

Existing Asset – Repositioning and Renovation, Washington, DC

1,100,000 SF Total

650,000 SF Office

110,000 SF Retail

330,000 SF Hotel

1,000,000 SF FAR Density

Owner: JBG Companies

Major repositioning of a 1.1 million SF mixed-use complex with two office buildings, a hotel, and retail/food court area of 110,000 SF.  Additional 800,000 SF of office development FAR approved. Directed $75M of renovations to the common areas of the North Building and retail food court.  Refinanced a $253M loan with GE Capital.  Managed the legal document replacement of the entire complex CC&Rs for a total of 2 million SF of existing and future development on the site, which was located above four METRO stations.

Services: asset management with oversight over property management and leasing performance, annual business plans, operating and capital budgets, rebranding, renovation project management of A/E and GC team, lease transactions, lender and investor reporting, parking garage lighting retrofit, LEED EB O&M sustainability certifications, and tenant engagement.

3 Second Street

Existing Class A Office – Value-Add Repositioning, Jersey City, NJ

594,000 SF

Owner: Black Creek Diversified Property Fund

Major asset repositioning of a prominent office tower on the Hudson Waterfront that was transitioned from a single tenant master lease structure to a top tier multi-tenant project with 20+ office tenants, including Mizuho Bank. New 15,000 SF restaurant and event space tenant added.   Completed re-branding, major CAPEX of common areas and flood mitigation infrastructure installation and signed new leases for over 160,000 SF. 

Services: asset management with oversight over property management, new branding, marketing, leasing strategy and leasing team onboarding, negotiated major lease transactions, investment performance, annual business plans, operating and capital budgets, common area renovation and TI project management of A/E and GC team, REIT net asset valuation reporting and tenant engagement.

80 M Street, NE

New Office – Development, Washington, DC

285,000 SF

Developer: Spaulding & Slye Investments

Development project initiation, site acquisition and predevelopment of a new Class A commercial office initiated on a speculative basis in a pioneering location for tenancy by private sector defense contractors associated with the NAVSEA relocation to the Washington Navy Yard.  The project was 90% pre-leased at rates 35% over pro forma and returned over a 30% IRR.

Services: site acquisition, project feasibility and investment underwriting, market research, A/E and brokerage team formation, entitlements, project management, pre-leasing, equity financing, budgets, pro forma, and design.

1300 Connecticut Avenue, NW

Existing Asset – Repositioning and Renovation, Washington, DC

129,000 SF Total

Owner: Black Creek Diversified Property Fund

Asset management and repositioning of a boutique Class A commercial office building located in Washington DC’s CBD. Completed a rebranding and new marketing strategy in addition to a lobby, fitness center and rooftop terrace renovation. Signed new retail and office tenants. Achieved 99% occupancy.

Services: asset management, business plans, capital and operating budgets, renovation project management, net asset valuation (NAV) reporting, lease negotiations, property management and leasing teams oversight, and tenant engagement.

The Hepburn

New Multifamily – Development, Washington, DC

240,000 SF luxury apartments

Developer: Lowe Enterprises

Initiation of a ground-up 12-story luxury residential tower on excess land in front of the Washington Hilton Hotel near Dupont Circle. Project required extensive entitlements and approvals from the Historic Preservation Review Board. The tower was built overtop hotel parking and conference structures underground.

Services: project feasibility, market research, entitlements, concept and schematic design, approvals, proformas, budgeting, A/E and GC team formation, underwriting for equity joint venture.

WeWork|WeLive

Renovation – 2221 S. Clark Street, Arlington, VA

252 WeLive Apartment Units

21,000 WeWork Offices

Developer: Vornado | Charles E. Smith Management, LLC

Project involved the conversion of an obsolete 1960’s office building in Crystal City, Arlington, VA into an innovative co-living and co-working environment targeted at millennials.

Services: lease execution, A/E design team management, proformas and budgeting.

Walltown Neighborhood

Affordable Housing Program – New Development and Existing Home Renovations, Durham, NC

77 homes

Developer | Lender: Self-Help Credit Union

As a Director for a not for profit low-income single-family home ownership program in the mid-Atlantic, one of the Principals managed a multi-year affordable housing finance program at Self-Help. Self-Help completed a process of deep community engagement and major revitalization in Walltown, a Durham, North Carolina neighborhood that was struggling with economic and physical decline. During a decade of work, Self-Help built or rehabilitated 77 affordable homes for low-income families. Duke University, the City of Durham and the Walltown Communication Association were active partners.

Services: project feasibility studies, budgets and proformas, financial reporting, and Community Development Block Grants.

Bureau of Public Debt HQ

GSA Build-to-Suit – New Development, Parkersburg, WV

182,000 SF

Developer: Lowe Enterprises

Commercial office project that competed as the successful bidder under a GSA Design Excellence competition as a federal build-to-suit for the Bureau of Public Debt.  Three phases were developed, constructed and pre-sold. 96% debt financing was achieved. The project received LEED certification.

Services: RFP submission and award, lease negotiation with GSA, A/E and GC team selection and oversight, entitlements, design, pro formas, budgeting and cashflow forecasts, debt financing, lender reporting, contract management project and construction management, sustainability certifications, close-out and pre-sale disposition.

District of Columbia – Former Convention Center Site

Peer Development Advisor – 10 Acre Site at 9th, 10th and G Streets, NW , Washington, DC

Owner: District of Columbia

Public Development Competition:  Hired by the District of Columbia Mayor’s Office of Economic Development to oversee and run a major advisory assignment for the RFP and selection process for the redevelopment of the city’s 10-acre former convention center site for an $800M mixed-use project.  Conducted a 12-month interview and submission review process with the initial bidders as well as the four finalist development teams which included Hines, Related, Forest City and Millennium.

Services: oversight of a public design/RFP competition, review and scoring of developer financial proformas, proffers and joint venture bids, evaluation of program and design proposals by the teams of international architects.

National Institutes of Health – Division of Mail Management Facility

New Development – 301 N. Stonestreet Avenue, Rockville, MD

48,316 SF Light Industrial Facility

Owner: Potomac Capital Investment Corporation

New development of an industrial / warehouse facility for NIH in Rockville, Maryland on excess land owned by PEPCO’s investment subsidiary. Project involved ground-up development, lease award, tenant fit-out and disposition.

Services: entitlements, design, value engineering, A/E and GC team, project management, construction management, financing, tenant improvements and disposition to a family fund office.

Embassy of the People’s Republic of China Residence

New Development – Entitlements and Approvals, 2310 Connecticut Avenue, NW, Washington, DC

160 units

Owner: People’s Republic of China

Partial new development and historic renovation on a challenging site within a historic district near Dupont Circle, Washington. The complex was designed to house Chinese Embassy workers and included specialty amenities, common areas and food service elements.

Services: entitlements and development management for the redevelopment of a historic embassy building in Washington, DC, including FMBZA, HPRB, and Fine Arts Commission. 

Gonzaga College High School

Strategic Real Estate Plan – Excess Urban Property, Washington, DC

Strategic real estate analysis for private school that balanced financial goals with mission and school needs. Analyzed realized holdings, prepared highest and best use analysis, coordinated entitlement analysis, and prepared budgets for all options.

Services: development budget, entitlements analysis, site analysis, needs assessment, highest and best use analysis strategic real estate plan,

Howard University

Interdisciplinary Research Building – Site Evaluation and Selection, Washington, DC

81,000 SF

Howard University was seeking a location for its new science building which was planned as the future home to the University’s core science and research facilities. The selected site was targeted as an important piece of the University’s Academic Renewal Program, and served as a catalyst to spur development of the southern end of University’s Central Campus. 

Services: site analysis, needs assessment, site evaluation, entitlements analysis, selection of the design A/E consultants, cost analysis.

Museum of Popular Culture NYC

Historic Renovation – Museum |Commercial Condominium Interest, 188 Madison Avenue, Manhattan, NY

106,000 SF

Owner: Vulcan Real Estate

Pre-development and entitlements for a major shell & core renovation to create a specialty museum project within a historic landmark property, the former B.F. Altman Department Store, in mid-town Manhattan. The project involved planning and design for complex technology and exhibit design infrastructure. Historic landmark approvals in NYC were obtained for facade changes. Condominium regime approvals were required for the proposed major structural and interior work.

Services: development project management, team onboarding and engagement, project charter, proformas, budgets and cash flow forecasting, historic landmark entitlements, core & shell and tenant interior design through DDs, value engineering, reporting, budgets, GC oversight during probes, field investigations, and executive reporting.

Harmon Center for the Arts, Shakespeare Theatre

New Development – Cultural Performing Arts Center, 450 7th Street, NW and 6th and F Streets, NW, Washington, DC

775 Seat Theatre

Owner: Washington, DC Shakespeare Theatre Company

Development of a new 775 seat $90 million theatre for The Shakespeare Theatre Company’s Harman Center for the Arts on a mixed-use site in downtown Washington DC.  Secured a $20 million in Tax Increment Financing from the District of Columbia to fund construction of The Shakespeare Theatre. Prepared detailed project budgets and financing plans including bond financing.

Services: development project management, land acquisition contracts, cross easements and joint development agreements, management of international A/E design team and specialty consultants including acoustician, theater planner and technical engineers, proformas, financing, mixed-use co-development and easement agreements.

The Washington Hilton Hotel Renovation

Major Renovation and Addition – Iconic Landmark, 1919 Connecticut Avenue, NW, Washington, DC

1,100 Rooms

New Ballroom and Meeting Facilities

Developer: Lowe Enterprises

Major Renovation of a 1,100 room hotel acquired with a plan for a complete room and public space upgrade with major convention center space addition. The 40-year old Washington Hilton received Historic Landmark status in 2008 creating additional entitlement and approval challenges. The site contained excess FAR which was developed separately for a residential tower. Involved complex structural work and construction sequencing.

Services: financial project management, budgets, pro forma, audits, construction cost control and requisitions with the GC, reporting and accounting team interface for the $600M investment.

Candlewood Suites

Project Management – Suites Hotel, Glen Allen, VA

Owner: The Generation Companies

Managed the site selection and development of five extended stay hotels in the South and Mid-Atlantic as a development project manager for a regional hotel group. One of the projects was the Candlewood Suites near Richmond, VA.

Services: development project management, A/E team and consultant oversight, proformas and cash flow forecasting.

City of Frederick, MD – Department of Economic Development

Feasibility Analysis – Downtown Hotel and Meeting Facility

Client: City of Frederick, Maryland

The City of Frederick, MD was underserved in terms of full-service hotel facilities with group meeting space. A feasibility, financial and jurisdictional study was completed to analyze potential sites in the downtown area, review property ownership and to propose the optimum structure for a development public private partnership.

Services: site analysis, entitlements and infrastructure review, proformas, project concept budgets, community and stakeholder outreach, PPP venture structuring, plan for tax-increment financing, and management of the RFP process.

JBG Green Portfolio Strategy and Four Year Implementation Plan

Nine Opportunity Funds ($6B AUM ) Located in the Washington, DC Metropolitan Area

12 million SF of Commercial Office

6,000 Multifamily Units

13 Hotels

Developed a comprehensive, four-year sustainability plan to transform a leading development and investment firm into a green building commercial real estate leader. Implementation included a major strategic plan involving ten areas of focus: energy management, utility procurement, building assessments, demand response, benchmarking, data tracking, training, tenant engagement, waste management and green certifications. JBG achieved a heightened corporate position for environmental stewardship, a reduced carbon footprint, over $49 million in savings and 78% of its real estate assets in certification under green building programs.

Services and Strategies: bulk energy supply contract purchases for electric and gas, utility bill management system for 1,000 accounts, creation of individual asset and portfolio benchmarking scorecard reports, participation in DOE Better Building Alliance and retro-commissioning program, DOE electric vehicle pilot program partner with Blink, Limelight wireless control system parking garage retrofits, USGBC LEED Volume EB O&M program for 20+ office assets, JBGgreen web site for tenant engagement, utility demand response participation, hotel sustainability audits for operations and purchasing.

Kaiser Permanente

Operating Budgets and Financial Review

33 Mid-Atlantic Healthcare and Operational Facilities

Kaiser Permanente’s Mid-Atlantic Region needed assistance in developing a financial plan for its annual operations. The assignment involved completion of a $90M annual operating budget for its operations. Monthly financial and variance reports were prepared.

Services: operating and capital budgets, cash flow forecasting and reporting, property tax analysis and strategy of its property portfolio.