Real Estate Journal — June 10 - 23, 2016 — 17A
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ASHINGTON, DC — A new joint ven- ture between Chi- 85-acre Dulles World Center site re-named The Hub, approved for 5.5 million s/f New joint venture launches billion-dollar buildout for transit-oriented development W
ing outdoor recreation, retail, and entertainment space. One level of retail will open to a landscaped outdoor plaza with water features, while a lower level will face the commercial buildings’ street-level stores. The Hub’s lead retail consul- tant, NGKF executive vice president Mitchell Friedel , said that The Hub’s retail amenities will be anchored by up to a dozen full-service res- taurants, along with at least one significant entertainment venue that will drive customer traffic during both day and evening hours. The ownership group has invested significant capital in two nearly completed trans- portation improvements that will open The Hub to develop- ment: realignment of Innova- tion Avenue to provide for a town center-style grid within the site, and a new Innova- tion Avenue interchange at Rte. 28. The Hub’s site plan calls for high-rise office and/ or hotel construction closest to Dulles Toll Rd., transition- ing northward to the central promenade, withmid-rise resi- dential structures closest to the northern perimeter along Innovation Avenue. n from a joint venture of The JBGCompanies and MRP Realty , who are developing a large section of Potomac Yard. Savills Studley’s exec- utive vice president Da- vid Lipson ,executive vice president Art Greenberg and managing director Bie Chu Lee , represented IDA throughout the transaction. The land is located along the flight path of National Air- port and thus required FAA approval for the planned building. “This was an excellent op- portunity for IDA to acquire land for future develop- ment,” said Greenberg. “The organization will be located in a burgeoning mixed-use community in close proxim- ity to its customers.” n
cago-based Origami Capital Partners and an affiliate of Westport, CT-based Green- field Partners has launched development of an 85-acre site on Metrorail’s Silver Line less than one mile fromWash- ington Dulles International Airport. The Hub, formerly known as Dulles World Center (DWC), is slated for a billion- dollar buildout to become an iconic, 24-hour mixed-use gateway combining retail, entertainment, multi-family residential, office, and hotel uses. The Hub is strategically located at the intersection of the Dulles Toll Rd. and the Rte. 28 Technology Corridor, adjacent to the future Inno- vation Center Metro station, which is scheduled to open in 2019-2020. The property is ap- proved for up to 5.5 million s/f of density including 400,000 s/f of retail space, 1,265 multifam- ily residential units, 3.5 mil- lion s/f of office space, and 350 hotel rooms. The Hub is the largest approved contiguous development site on Metro’s Silver Line. JESSUP, MD — Cushman & Wakefield announced that Aireco Supply, Inc. has leased 88,000 s/f at 8230 Sandy Court in the Baltimore Washington Industrial Park. Tenants Aireco Supply, Inc. and Reliable Tire will fully occupy this light distribution building. Cushman & Wake- field’s Tilghman Herring , Jarred Testa and Michael Walsh represented Prologis , the global leader in logistics real estate. Aireco Supply, Inc. is a heat- ing, ventilating, air condition- ing and refrigeration (HVACR) wholesaler in the Mid-Atlantic region. Founded in 1952, to- day Aireco has 42 locations throughout the Mid-Atlantic region, including three M&M Controls specialty stores. “Aireco’s decision to partner
Rendering of The Hub’s retail promenade with an expansive outdoor plaza
community, and activity.” “Highly visible signage, walkable amenities, access to Metro, and LEED certification will be appealing to companies looking to attract and retain talented employees,” said of- fice leasing consultant Andy Klaff , executive managing director of Newmark Grubb Knight Frank (NGKF) . The Hub’s focal point will be a central promenade includ- ALEXANDRIA, VA — Savills Studley , the global commercial real estate firm announced that its long- time client, the Institute for Defense Analyses (IDA), recently acquired a 370,000 s/f site for future develop- ment located at 701 East Glebe Rd. in Alexandria. The site is one block from the future Potomac Yard Metro Station. “IDA is very excited to have acquired land in the up-and-coming mixed-use Potomac Yard area,” said IDA’s treasurer and direc- tor of finance Dean Graves. “The purchase will allow us to remain in the City of Alexandria, where we have been since 1981.” The approximately two acre site was purchased
Aspiring to build on the suc- cess of nearby Reston Town Center, The Hub’s new owner- ship will provide developers the opportunity to purchase land bays approved for office, retail, multifamily and hotel development. A partially pro- tected 20-acre land bay on The Hub’s western border is suit- able for a secured, contained Federal campus with up to one million s/f of office space. For
hotel guests, the airport will be just one Metro stop or a nine- minute shuttle ride away. “This is a phenomenal lo- cation, just minutes to the airport, which will be visible from The Hub’s new build- ings,” said David Bennion , ownership representative. “We envision taller buildings, with spectacular architecture, that will create an exciting environ- ment of innovation, culture,
Cushman & Wakefield represents ProLogis in 88,000 s/f lease at Baltimore Washington Industrial Park
Savills Studley assists IDA in site acquisition totaling 370,000 s/f
8230 Sandy Court
with Prologis was shaped by the building’s recent renova- tions, including new, modern offices and energy efficient lighting, as well as its ideal Baltimore Washington Indus- trial Park location and Aireco’s confidence in Prologis,” said Danielle Schline , senior leasing manager for Prologis. In October 2014, Cushman & Wakefield was retained by Prologis to serve as the leasing
agent for Prologis’ Baltimore Washington Industrial Park (BWIP) portfolio in Jessup, MD. The multi-tenanted port- folio consists of eight office- warehouse buildings totaling 828,000 s/f. In partnership, Cushman & Wakefield and Prologis have completed leases totaling more than 225,000 s/f at BWIP, bringing the portfo- lio from 73% to 100% leased at present. n
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