26B — August 25 - September 14, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers Historic Building on Farragut Square is LEED Gold certified
Washington Reit completes $4 million reno. at Army-Navy Building in Washington, DC
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offering that delivered what our target tenant wanted without overspending,” said Mandi Wedin , vice president, asset management, Washing- ton REIT. “Being disciplined capital allocators, we were me- ticulous in defining the design scope of this project and are delighted by the positive mar- ket reaction and the leasing success we have experienced.” Jones Lang LaSalle repre- sented the landlord in the re- cent lease transaction. Cresa represented the tenant. Tenants at the Army Navy Building enjoy an unmatched downtown location, directly across from Farragut Sq., two blocks from the White House, and just a block from two Metro stations on the Red and Orange/Blue/Silver lines. President William Howard Taft presided over the 1912 dedication of the original Army and Navy Club Building. A BROOKFIELD, WI — R.A. Smith National , headquar- tered in Brookfield with an office in Oakmont, PA, an- nounced that as of January 1, 2018, Richard (Ricky) Smith, Jr., P.E. , will assume the role of president at R.A. Smith National. He will suc- ceed current president Rich- ard A. Smith, M.S., P.E. possess as much allegiance to the company. Therefore, the knowledge that the outsourced staff pos- sesses regarding the site’s maintenance and equipment is more easily lost if they leave. REDUNDANCY IN MANAGEMENT ROLES. Roles may be duplicated in a client and contractor organiza- tion, and this will contribute to the overall cost of maintenance. If roles and responsibilities are not clearly defined and under- stood, inefficiencies within the maintenance organization can result in conflicting priorities and confusion. RESPONSE TIME. Response time to problems may be handled more rapidly in-house when compared with a phone call to an off-site vendor. The company must balance the needs of the site against the decision to outsource this work.
complete redevelopment and expansion in 1987, designed by renowned architectural firm ShalomBaranes Associates , added four floors and enlarged the building’s office space on two sides. The five-star Army and Navy Club, which offers dining and hospitality facilities to its members, now occupies the lower four floors under a long-term agreement. “In Washington’s central business district, many older office buildings have been repositioned with expensive ‘facadectomies’ and glass box- es,” Wedin continued. “The Army Navy Building’s redevel- opment illustrates how land- lords can create optimal value at a moderated cost by better understanding their target tenants’ needs and deploying value-add capital to specifi- cally address those needs, ulti- mately yielding higher returns for investors.” n Ricky has over 15 years of experience at R.A. Smith Na- tional, which includes serving as director of the land develop- ment services division oversee- ing operations in Brookfield, Wis., Irvine, Calif., and Naper- ville, Ill. Ricky is a graduate of Northwestern University with a B.S. in civil engineering and economics. n The company must negotiate an acceptable response time, such as 24 or 72 hours. A lon- ger response time can equate to more downtime and lost production. The commercial property management/ownership must determine the cost-effective- ness, control, flexibility and focus required at its sites to properly manage and budget for its property maintenance. Outsourcing does not mean management no longer has re- sponsibilities. In fact, outsourc- ing requires dedicated manage- ment to oversee, coordinate and collaborate with the outsource organization. The decision to outsource or go in-house requires a detailed evaluation. Glenn Ebersole is a stra- tegic business development/ marketing executive and leader. n
ashington, DC — Wa s h i ng t on REIT has leased a
full floor (13,000 s/f) at the historic Army Navy Building in the heart of Washington, DC to a major national nonprofit organization. The 109,000 s/f LEED Gold certified building is now 71% leased to a variety of prestigious tenants. At the same time, Wash- ington REIT is completing a thoughtful $4 million renova- tion that has created a VIP tenant amenity in previously under-utilized space. The “col- laboration lounge” and confer- ence center, featuring stunning mid-century furniture and fin- ishes, leads to a penthouse bar on the roof level and outdoor terrace seating with panoramic views of Farragut Sq. and the capital city. The entrance lobby at 1627 Eye St., NW. Washington REIT, which acquired the asset in 2014, has worked since May of 2016 to Hanover, MD — Liberty Property Trust announced it will develop a 220,000 s/f indus- trial building for Intralox, LLC at 7157 Ridge Rd., in Hanover. The new build-to-suit project, known as Liberty Ridge, will expand Intralox’s MD footprint and allow the company to con- solidate three current locations. “We tremendously value our strong working relation- ship with Intralox,” said Todd Summerfield , vice president of leasing and development for Liberty Property Trust. “This close partnership has allowed us to continually accommodate their evolving needs and de- veloping a build-to-suit project diode) lights, artificial light can be more abundant, more friendly and more economi- cal. LED allows for a more enhanced color feel than fluo- rescent light. Newer lighting solutions, like RGB (red green blue) LED lights allow for lights to change color to influ- ence moods. This is valuable in many settings frommemory care to entertainment venues. Most people want ample light in their interior spaces as well as a way to control the light. “There are many mate-
Army Navy Building
renovate and lease the build- ing’s top three floors after a law firm tenant needed to double its space following a merger. The ownership had a choice of re-leasing the vacant space or undertaking a renovation de- signed to raise market rents by about $10 psf. With relatively small 13,000 s/f floorplates, the Army Navy Building is suited was a natural fit. As always, our focus is centered on pro- viding Intralox with the high- quality experience they expect from our team.” Intralox, a global convey- ance solutions leader, is head- quartered in Louisiana with ten locations throughout the world. Dedicated to delivering innovative and premium tech- nology services that are used in the food processing, beverage handling, can manufacturing, and packaging industries, its Maryland office is one of three major satellite workplaces in the United States. The new building in Hanover, which recently broke ground, rial options, construction solu- tions, and lighting products out there, the trick is to know what exists and which have the best practical application for the project,” explains Mc- Coy. If you would like the team at DesignPoint to shed some light on your interior spaces, then contact them at 610-807-9670 DesignPoint is located in Bethlehem, Pennsylvania and works extensively on both a regional and national level. DesignPoint, Inc. is a full service Interior Design &
to small- to medium-sized ten- ants. Washington REIT’s rede- velopment plan specifically ad- dresses these tenants’ unique needs, providing collaboration and conference space that they cannot accommodate in their own offices. “We created value at the Army Navy Building by pro- viding a truly differentiated will house Intralox’s assembly, testing, integration and R & D activities. Upon completion in Spring 2018, it will feature 36’ clear heights, dock and drive- in loading, ample parking and is designed to achieve LEED certification. Liberty’s Liberty Ridge devel- opment is in a prime location in the BWI Corridor only minutes from Baltimore-Washington Thurgood Marshall Interna- tional Airport. Mike Roden of CBRE rep- resented Intralox, LLC in the transaction. Todd Summer- field and the CBRE Baltimore Industrial team represented Liberty. n Purchasing Firm with a focus on corporate, hospitality, se- nior living, medical offices and high-end residential interiors. When considering new interior construction or renovations, DesignPoint will provide com- plete interior architectural space planning, construction documents, and furniture, fix- tures and equipment (FF&E) procurement services to make it a successful project. Design- Point is located in Bethlehem, PA and can be reached at 610- 807-9670 or online at info@ designpoint-interiors.com. n
R.A. Smith National announces leadership change effective 2018
Liberty Property Trust to develop a new 220,000 s/f build-to-suit industrial building
continued from page 6B Glenn Ebersole, High Concrete . . .
continiued from page 13B Let There Be Light! The Value of Lighting in . . .
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