Coworking operator Industrious is opening another location in downtown DC
The company leased 33,600 SF on the top two floors — all of the eighth floor and some of the seventh floor — in one of the buildings in The Row complex at 19th and M streets NW.
Row office complex at the corner of 19th and M streets in Northwest, DC
Three adjacent office buildings are owned by Rockrose, which unites them together in an overhaul to be completed in the fall of 2023. Diligently moved to a corner building at 1900 M St.
Cushman & Wakefield’s third-quarter DC office report published this week revealed the lease, and Rockrose Director Ted Traum confirmed the details to Bisnow on Friday.
“We’ve been admiring them for a long time as an operator and thinking that not only do they create an amazing product for our customers, but I think that their business model makes a ton of sense and, I think, is incredibly attractive to landlords like us,” Traum said in an interview.
Industrious declined to comment.
Cushman & Wakefield Vice Chairman Michael Katcher and Managing Director John Skolnik represented Rockrose in the lease.
The building that makes up The Row at 1900 M St. NW, 1146 19th St. NW and 1140 19th St. NW totals about 245K SF and is about 75% leased, Traum said. Amenities include a lounge, wellness center, conference center and a tenant-only coffee shop managed by For Five Coffee Roasters.
Industrious has 16 locations in DC, Maryland and Northern Virginia, according to its website.
SALES
Jemal Real Estate Strategies, Norman Jemal’s new investment firm, and DivcoWest have acquired a 342K SF West End office building for conversion. The partnership plans to turn the property at 1255 23rd St. NW becomes 323 units. It did not disclose the acquisition price, but the Washington Business Journal reported that it sold for $42.2M. New York-based private equity firm Madison Realty Capital provided $40M in predevelopment and acquisition loans. Fillat + Architecture is the architect, and CBG Building Co is the general contractor.
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Minnetonka, Minnesota-based Onward Investors has snapped up a 166K SF office building in Tysons. Nuveen is selling the 10-story property at 8270 Greensboro Drive, which was built in 1999 and renovated in 2021, according to JLL, which represented the seller. Fairfax property records show it is valued at $48M. TIAA, which bought Nuveen in 2014, paid $60.1M in 2005. The property is 96% leased to 13 tenants, according to the release. JLL’s Andrew Weir, Kevin Byrd, Jim Meisel, Dave Baker and Trey Ramsey brokered the deal for Nuveen.
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Office building at 8270 Greensboro Drive in Tysons, Virginia
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Cummings Capital Partners and JSB Capital Group are buying two Tysons buildings totaling 466K SF, not far from Onward’s investment, the Washington Business Journal reported this week. Brandywine sold the properties at 8260 Greensboro Drive and 1676 International Drive for $19M and $78M, respectively. The building is 86% leased, JLL, which represented the seller, told WBJ. Cummings was founded last year by former Senior Vice President of Monday Properties Cliff Cummings.
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New DC-based Assembly Real Estate and London-based Fitzwalter Capital have acquired a 306K SF office building next to Capital One Arena. The partnership bought a $140M note, up from $145.8M last week, at 700 Sixth St. NW for $79.5M from Principal Real Estate Investor before executing a deed-in-lieu-of-foreclosure with the owner, Affinius Capital. JLL has been selling loans since at least this spring, Bisnow reported at the time. At that time, 79% were leased with a weighted average lease term of 7.8 years.
PERSONNEL
Victor Hoskins, who led the Fairfax County Economic Development Authority for seven years, has opened a mid-Atlantic real estate consulting firm. Hoskins, who just left his role at FCEDA, announced his new company, Mid-Atlantic Strategic Advisors, on LinkedIn this week. “My current work is the same work that I have loved for so long – real estate strategy and public-private investments,” he wrote in a post. FCEDA announced Hoskins’ departure in February, saying he would return to the private sector in the fall.