Lerner site in Tysons
Lerner Enterprises let it be known in the summer of 2011 that it was making a bold move in Tysons Corner by beginning construction on a high-end, highly sustainable office building near the Silver Line, 1775 Tysons Blvd., without any tenants or any bank financing.
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After a mass flight of key leaders last year, the firm is looking to rebuild with a smaller budget and revenue expectations.
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Since then, things have been pretty quiet. The site still has no foundation and remains a pit of sod and mud. Meanwhile, across the street, the development firm Macerich actually began construction on its office building and was quickly rewarded when satellite firm Intelsat opted to move its headquarters there.
Douglas on the move
For anyone who has not noticed, Douglas Jemal is back.
During the recession, the cowboy boot-clad District developer was behind on his taxes and floating the possibility of selling some of his nicest buildings.
How things have changed. Jemal and his sons Norman and Matthew inked LivingSocial to a slew of leases and formed joint ventures with other developers that allowed construction to start on some of their long-held properties and put Jemal back into acquisition mode. The family picked up a charter school building in Northeast D.C. and 1401 14th St. NW, in Logan Circle, over the holidays.
Where will the Jemals’ next move come? Best bets are the Hecht’s Warehouse and the Uline Arena, two of Jemal’s favorites, both in Northeast D.C.
White Flint
The remake of White Flint appears to be on track to transform a traffic-riddled stretch of Rockville Pike into a transit-oriented urban center. But developers there — who worked so cohesively around a plan for the area — are now entering a more competitive phase.
How many new apartments can White Flint handle? Researchers at Delta Associates see an oversized pipeline and declining rents in store for much of 2013, and there are already signs that banks are growing stingier with financing in the area.
There are also close to a half dozen new movie theaters planned for Rockville and Bethesda, some of which have been delayed or are yet to be finalized. Developers that time things right in White Flint are likely to distinguish themselves in 2013.
1812 N. Moore
By many measures, the Washington area did not end 2012 ranked among the country’s hottest real estate markets. About 2.9 million square feet more space was vacated than occupied over the course of the year, according to Delta Associates, and rents fell 2.9 percent. Cassidy Turley researchers called the fourth quarter the best in five years for the U.S. office market, but Washington wasn’t named among the markets driving the numbers.
The outlook isn’t great, at least in the near term, and perhaps no one has more on the line than Monday Properties and Goldman Sachs, which are building a 580,000-square-foot Rosslyn project, 1812 N. Moore, without tenants or financing. It should be ready for interior build-out in the spring or summer, but will anyone be moving in?
Universities
Area colleges are some of the largest employers in the region and many of them have stuffed their existing campuses to the brim. Where else to go?
The question has Georgetown University, George Washington University, Gallaudet University, American University and community colleges thinking about how to expand or add new campuses and keep up with the region’s shift to the east. Major sites in the District, from Walter Reed to Poplar Point, as well as eastern parts of Montgomery County are likely to be in play.
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