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December 14, 2023

Marshall Field Building Bags New Tenant

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Specialty insurance provider Argo Group signed a new long-term lease at 24 E. Washington St. in the iconic Marshall Field and Company Building. 

The company will occupy about 21K SF on the ninth floor of the building, which Brookfield Properties recently restored, according to a press release. Argo will vacate its 19K SF office at 225 W. Washington St. early next year.

Marshall Field Building Bags New Tenant

“We are thrilled about moving into this new space,” Christian Vargas, Argo’s director of property services, said in a statement. “We strive to create dynamic office workspaces that cultivate collaboration, employee engagement and foster team building. The 24 E. Washington space presents us with an excellent location and stylish amenities…

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'No One Is Declaring Victory' As Fed Hints At Cuts, Holds Steady On Rates

'No One Is Declaring Victory' As Fed Hints At Cuts, Holds Steady On Rates  

The Federal Reserve Open Market Committee’s decision Wednesday to hold the base interest rate, and maybe cut it soon, was no doubt welcome news to the commercial real estate industry, but is seen more as a step toward regularity than a huge win.

“People don't like to use the word ‘transitory,’ but in my opinion, the entire thing was transitory,” Taurus Investment Holdings CEO Peter Merrigan told Bisnow Wednesday afternoon, referring to the spike in inflation and the central bank's monetary policy reaction.

“We'll probably go back to some kind of normality in the overall markets, assuming that there's no further massive geopolitical disruption,” Merrigan said. 

Most FOMC members believe the target range for the federal funds rate will be lower next year with only one member saying the rate will be the same, according to the Fed's summary of economic projections. Five members of the committee said the appropriate rate next year would…

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Plan For World's Largest Data Center Hub Approved After 27-Hour Hearing

Plan For World's Largest Data Center Hub Approved After 27-Hour Hearing  

Lawmakers in Prince William County, Virginia, have approved the controversial Prince William Digital Gateway, greenlighting what is planned to be the world’s largest data center hub.

Prince William County’s Board of County Supervisors voted Wednesday to approve zoning changes needed for a pair of massive campuses proposed by  QTS and Compass Datacenters that will see over 22M SF of data center space built across more than 2,000 acres in the largely rural…

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D.C. Real Estate Leaders Say Losing Capitals, Wizards ‘Would Take Years To Recover From’

D.C. Real Estate Leaders Say Losing Capitals, Wizards ‘Would Take Years To Recover From’  

UPDATE, DEC. 12, 8:45 P.M. ET: Capitals and Wizards owner Ted Leonsis is scheduled to appear at a press conference with Virginia Gov. Glenn Youngkin in Alexandria’s Potomac Yard neighborhood Wednesday morning, multiple news outlets reported Tuesday afternoon. On Tuesday evening, D.C. Mayor Muriel Bowser and Council Chairman Phil Mendelson jointly announced new legislation to provide $500M in financing for the renovation of Capital One Arena. Bisnow's original story that published Tuesday afternoon follows below. 

With Virginia lawmakers passing a plan Monday night to lure D.C.'s NBA and NHL teams across the river, leaders in D.C.'s commercial real estate industry say the city needs to put on a full-court press to keep the teams downtown. 

The details of Virginia's offer aren't yet clear, as the plan was passed in a private session by a group of state legislators and still needs to be approved by the full General Assembly,  The Washington Post reported. But the larger decision to come is from  Ted Leonsis…

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