B — January 31 - February 13, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers Project includes Hickok Cole Architects & Rockwell Grp. Mack-Cali, Fisher Bros. form joint venture inmulti-familyproj. W ashington, DC — Mack-Cali Re- alty Corporation
has entered into agreements to acquire a 50 percent interest, through a joint venture with Fisher Brothers , in a luxury multi-family project, currently under construction at 701 2nd Street, NE inWashington, D.C. The 377-unit project includes 25,000 s/f of retail space and a 309-space underground park- ing garage. Mack-Cali will acquire a 50 percent interest in the project for a purchase price of $46.5 million. The venture has 20-year in-place debt of
701 2nd Street, NE
mid-2015, with leasing begin- ning in the first quarter of 2015. The Mack-Cali/Fisher Broth- ers joint venture includes spe- cific provisions, including a “right of first offer” on all devel- opment deals in the D.C. metro area that involve either party, with specific qualifications on any properties in Arlington County, Virginia. The venture will also form a property and asset management platform responsible for the branding, marketing, leasing, and man- agement of the subject property and the joint venture’s future assets. This platform, which is wholly owned by the venture, will engage the services of Mack-Cali’s Roseland subsid- iary to run the day-to-day op- erations of the assets, including the leasing and management of 701 2nd Street, NW. The team of professionals involved in the project includes the architectural firms of Hick- ok Cole Architects, Rock- well Group, COOKFOX, and Handel Architects . In addi- tion, Mack-Cali was represent- ed in the transaction by the law firm of Greenberg Traurig LLP and Fisher Brothers was represented by the law firm of Paul Hastings LLP . Mitchell Hersh , president and chief executive officer of Mack-Cali, said, “This project promises to be the highest end residential project in this area, and we are thrilled to partner with Fisher Brothers in our first venture, as they share the same vision for creating luxury multi-family communi- ties as the Mack-Cali/Roseland team.” “Fisher Brothers is proud to partner with Mack-Cali on this exciting new project, which will add first-class residential and retail space to the D.C. market and is an articulation of our strategic growth in our nation’s capital,” said Winston Fisher , partner with Fisher Brothers. n
$100.7 million with attractive terms. It is expected that the project will be completed by
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