Mid Atlantic Real Estate Journal — April 12 - 25, 2013 — A
www.marejournal.com
Merger makes group largest in the region ManekinjoinsColliers Int’l. | Baltimore
1,022 mixed-use site “Greenbelt Station”, MD The Roseview Group advises on 1,022-units $26.575m sale
BALTIMORE, MD — Col- liers International | Bal- timore and Manekin LLC , two of the region’s full-service commercial real estate firms, announced that Manekin’s property management and brokerage groups will merge with Colliers International | Baltimore. Manekin brings 10 million s/f of managed property to Colliers’ 7 million s/f, which combined totals 17 million s/f, making the merged company the largest third- party property management organization in the region. The merged entity will be branded and identified as Colliers In- ternational | Baltimore, and Manekin principals Richard Alter and Cole Schnorf will become equal partners in the combined management company. As part of the merger, more than 40 employees with Manekin’s property manage- ment and brokerage groups, including six brokers, will join Colliers’more than 80 existing employees. Manekin’s senior vice president and director of brokerage Adam Nachlas and senior vice president George Santos will also become principals within the Colliers International | Balti- more brokerage group. “My partners and I have admired the principals and leaders of Manekin for many years. Many of our partners and associates have had great success working with the Manekin principals,” said Timothy Hearn , CEO of Colliers International | Bal- timore. “The opportunity to grow our management com- pany by 10 million s/f, expand our brokerage team, and add 40 valuable employees is not an opportunity that comes around very often.” Manekin, founded in 1946, is one of the largest full-ser- vice commercial real estate companies in the region and has a history of projects val-
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reenbelt, MD — The RoseviewGroup announced the sale,
estimated $10 million over the course of 18 months. The rare infill location with partially completed infrastructure and a rapidly recovering residential market in PG County contrib- uted to many exceptionally strong offers from some of the country’s top multifamily de- velopers. Significant physical and political barriers to entry made this site unique and in high demand for multifamily/ mixed-use development. “After widely marketing the property, we were able to obtain an offer that rewarded our clients and their shareholders for a thoughtful and patient approach to maximizing value at this bank-owned site,” said Stephen Corridan , partner at The Roseview Group. “The advanced level of in-place in- frastructure and approvals provided investors an increas- ingly rare opportunity to hit the ground running and capture
significant revenue in year one. We are pleased that the market responded so favorably to this previously stalled development. It is a testament to the years of thoughtful planning and the current cooperative relation- ship enjoyed with the local planning authorities.” Roseview engaged a local broker on behalf of the lender, oversaw the preparation of a comprehensive marketing package, and managed an ef- ficient and competitive sales process. The sale closed on February 27, 2013 at a price of $26.575 million. Kenneth Michaels Co.’s, Ken Michaels, Wayne Curry and Jeff Ludwig acted as seller’s brokers and develop- ment consultants in the trans- action. Randy Rutledge of Miles and Stockbridge was the legal counsel representing the seller. n companies and also represents charitable, medical and educa- tional institutions both in the United States and in more than 50 countries worldwide. “This building is the ideal location for our expanding Delaware practice, and we are pleased that Keystone was able to accommodate our current and future space needs with this transaction,” said Mark Silow, Esq. , firmwide manag- ing partner at Fox Rothschild. “We are confident that this new space will facilitate a more seamless business operation for our firm as we continue our growth.” The building is within close proximity to both I-95 and pub- lic transportation via the Wilm- ington Amtrak Station. The Philadelphia International and NewCastle County airports are within a 20-minute drive. Wilmington is referred to as the “corporate capital” of the world. More than 50% of For- tune 500 companies call the city their corporate home due to a beneficial tax structure. n
on behalf of a bank advi- sory c l i ent , of an 87-acre mixed-use site featuring ap- provals for up to 1,022 resi- dential units. This shovel-
Richard Alter Timothy Hearn
ued at more than $2 billion. “Manekin is excited about the opportunity to associate
Stephen Corridan
ready infill site is located be- tween the I-495 Beltway and MD -193. The seller took ownership of the property in 2011. At that time, Roseview was hired to develop a plan to stabilize the property, mitigate future devel- opment risks and coordinate the eventual disposition. Rose- view subsequently renegotiated three development agreements and modified existing zoning approvals which increased the value of the property by an WILMINGTON, DE — Key- stone Property Group an- nounced that Fox Rothschild LLP has signed an 11-year lease for 20,184 s/f on the second and third floors at Citi- zens Bank Center, an 18-story, 221,686 s/f office building at 919 North Market St. A tenant of the building for 15 years, Fox Rothschild had previously occupied 17,000 s/f on two non-contiguous floors. With this transaction, the firm gains the opportunity to have contiguous space on two floors with an interconnecting stair- case, as well as a private lobby and elevator. “Fox Rothschild now has the ability to create a new, modern office environment to better serve its growing base of cli- ents,” said Richard Gottlieb , senior VP of Keystone Property Group. Fox Rothschild’s new space overlooks the recently upgrad- ed Rodney Square. Within the core of Wilmington’s cultural district, the building is only steps away from the DuPont
“My partners and I have admired the principals and leaders of Manekin for many years. Many of our partners and associates have had great success working with the Manekin principals,” said Timothy Hearn
with an international compa- ny that also provides for local leadership. The opportuni- ties that Colliers can provide our employees, in terms of educational and professional development and access to an expanded geographic platform with 1.25 billion s/f under management globally, is out- standing. We’re looking for- ward to having access to the additional resources to better serve our clients,” said Alter. Alter will continue as CEO of Manekin’s development and building ownership groups with Cole Schnorf leading development and Craig Wess also continuing as the presi- dent of Manekin construction. Manekin development and construction are not a part of the merger. Alter went on to say, “This is a particularly unique op- portunity as well, given that several of the Colliers Interna- tional principals had started their careers at Manekin, and the fact that Tim Hearn and I have had a long friendship founded on common busi- ness interests, a commitment to civic involvement, and a passion for the real estate industry.” “We consider Richard, Cole and their development team to be leaders in this region. We look forward in the future to furthering our relationship with the development and con- struction groups at Manekin,” Hearn said. n
Fox Rothschild LLP expands and renews at Keystone Property Group’s Citizens Bank Ctr.
919 North Market St.
Hotel, Grand Opera House, the Baby Grand, DuPont Play- house Theatre and the histori- cal Queen Theatre and World Café Live. Doug Simon of Newmark Grubb Knight Frank rep- resented Fox Rothschild in the transaction. This national law firm has more than 500 attorneys practicing in 17 of- fices coast to coast. The firm provides a full range of legal services to public and private
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