Mid Atlantic Real Estate Journal — March 15 - 28, 2013 — A Dan Rattay – CB Richard Ellis HHA announce 2012 Broker of the Year
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307,000 s/f at 7940 Jones Branch Drive HFF arranges $65m loan for Tysons Corner, VA office dev.
Newport, DE — Harvey, Hanna & Associates, Inc. (HHA) announced that Dan Rattay of CB Richard Ellis (CBRE) has been selected as its “2012 Broker of the Year.” In the midst of a recover- ing but still fragile real estate market, Rattay contributed to HHA’s continued success in 2012. Rattay successfully negotiat- ed the lease for Scope Services Inc. to lease 34,000 s/f of flex warehouse and former truck dealership space at 189 Belle Hill Rd., Elkton, MD. Indeed, this “Elkton West” area of Cecil County has seen substantial economic develop- ment over the past decade, with more investment on the immediate horizon. Both Cecil County and the town of Elk- ton have viewed this area as well-suited to both commercial investment and residential development, in large measure due to the major interchange at
I-95 and Elkton Rd.,, Rte.279, which attracts business inter- est throughout the east coast corridor. As a consequence of this lease, Scope Services currently employs 103 persons at the Belle Hill facility, of which 102 are local hires. “This was an important achievement by Dan, to redirect a relatively new but inactive facility to a value-adding use,” said Thomas Hanna, HHA VP, “and we hope to enjoy a long relationship with Scope Services and CBRE for years to come.” In recognition of Rattay’s achievements, HHAwill donate $3,000 in the name of CB Rich- ard Ellis to The Delaware KIDS (Kids In Distressed Situations) Fund. This charitable fund was established by HHA to support a wide array of causes for local youth, including specialized support for hunger, shelter, and tuition scholarships. n
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ysonsCorner, VA — HFF has arranged a $65 million non-re-
course revolving construction loan for 7940 Jones Branch Dr., a 307,000 s/f office devel- opment in Tysons Corner. HFF worked on behalf of the borrower, a joint venture between MRP Realty and Rockpoint Group, LLC , to arrange the loan that was agented by EagleBank , with Burke & Herbert Bank act- ing as a participant bank in the transaction. Due for completion in 2014, the development is approxi- mately 50% pre-sold to Lo- gistics Management Institute (LMI), a private non-profit strategic consultancy organi- zation. This to-be-built, 11-story office building is located ad- jacent to the newly-completed Jones Branch connector road, BALTIMORE, MD — Col- liers International in Balti- more, a full-service commercial real estate firm, played an in- strumental role in the planned redevelopment and adaptive reuse of two former office build- ings in downtown Baltimore. The buildings, located at 520 ParkAve. and 114 E. Lexington St., will be converted into a total of 275 apartments which will begin delivering in late 2013. “Downtown Baltimore, ac- cording to one estimate, will see an increased demand for more than 1,000 apartments per year for the next five years,” said Steve Weiss , senior vice presi- dent of Colliers | Baltimore. “Understanding that need, and using our extensive knowledge, resources and relationships, Colliers made possible two of the largest apartment conver- sions in the market.” Colliers | Baltimore repre- sented The Harry and Jeanette Weinberg Foundation, which owns 520 Park Ave., a seven- floor 210,000 s/f office building
7940 Jones Branch Dr.
and offers prime signage op- portunities with frontage on both the Capital Beltway (I-495) and the Dulles Toll Road. The HFF team representing the borrower was led by direc- tor Dan McIntyre .
“We are pleased to have represented MRP Realty and Rockpoint in this financing and look forward to construc- tion starting on one of the region?s most anticipated transactions in 2013,” said McIntyre. n
Colliers instrumental in planned conversions of two down- town Baltimore office buildings into apartment buildings
520 Park Ave.
on 3.162 acres, in structuring a joint-venture with Baltimore- based Time Group to redevelop the property. The Weinberg Foundation and The Time Group will convert the build- ing into 171 apartments with street-level retail. “As the real estate consultant for the Weinberg Foundation, it was critical that we provided accurate and current data on apartment development in downtown Baltimore” devel- opment costs, vacancy rates
and operating expenses,” said Robert Manekin , manag- ing director and principal of Colliers | Baltimore. “Our multi-disciplinary team of pro- fessionals were able to do that and, as a result, bring value to our client, who is thrilled with the result.” Likewise, Colliers | Bal- timore represented 114 Lex Corp., a New York City-based family which sold 114 E. Lex- ington St. for $4.76 million to Baybridge Lexington LLC, a
114 E. Lexington St.
developer in Northern Virginia. Built in 1928 for the Federal Reserve, 114 E. Lexington St. is a 135,000 s/f office build- ing that qualifies for Federal Historic Tax Credits. The new owner will convert the build- ing into 104 loft and one-level apartments in addition to retail space.
“At Colliers, we have the experience and perceptiveness to assess client and community needs, the ingenuity and vision to offer creative solutions, and the perseverance and muscle to make them happen,” Manekin said. “It’s no coincidence we were asked to handle both ma- jor redevelopments.” n
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