A prominent Southwest D.C. office building that went into foreclosure six years ago and has since been marketed for sale as a residential conversion has found a buyer. 
LNR Partners sold 1250 Maryland Ave. SW, an eight-story office building, to an LLC registered under the corporate address of Pennsylvania-based eMoney Advisors, documents posted this week in the D.C. Recorder of Deeds show. Deed records show the property sold for $154.9M, but one of the brokers involved in the deal, JLL Senior… Read the full story here. | | |
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The Bisnow Weekender: O Sports Team, Where Art Thou? |  | | Thanks for reading the Bisnow Weekender, my personally curated roundup of the most impactful news, notable quotes, binge-worthy show recommendations and other colorful highlights from the Bisnow world of commercial real estate and beyond. People were angry when the Atlanta Braves left the city in 2017 and moved to the suburbs. How could a beloved, wildly successful baseball team not play ball in the city of Atlanta? And where exactly is Cumberland anyway? It baffled people. But the move was a calculated commercial real estate decision, and that decision has proven hugely lucrative and influential. The Braves franchise has total control of its real estate — the stadium and practice facilities, for sure, but also all of the surrounding offices, apartments, retail, entertainment and hotels. The Braves aren’t a baseball team anymore. They are a major real estate business, and business has been very good these last few years. This week in Washington, D.C., Ted Leonsis, owner of the Washington Wizards and Capitals, showed the sports world he has been paying close attention. As Bisnow reported, he plans to vacate the 26-year-old Capital One Arena in downtown D.C. in favor of a $2B mixed-use entertainment district planned… Read Full Story |
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Lawmakers Grill FBI, GSA Officials On Greenbelt Selection |  | | The decision to relocate the FBI to Maryland was again under the microscope on Capitol Hill Tuesday morning. Lawmakers pressed FBI and General Services Administration officials about the path to choosing the 40-acre WMATA-owned site in Greenbelt after the selection last month sparked backlash from Virginia lawmakers — and reportedly from the FBI itself. The GSA inspector general is also investigating the selection process, he announced in a Nov. 30 letter. The GSA's newly appointed Public Buildings Service commissioner, Elliot Doomes, who previously led the agency's D.C.-area footprint, joined FBI Finance and Facilities Division Assistant Director Nicholas Dimos Tuesday testifying before the House Committee on Transportation and Infrastructure. Nina Albert, who served as PBS commissioner until October and now serves… Read Full Story |
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Muted Hires, Management Musical Chairs, Trouble For Gen Z: 2024’s Tough Year For CRE Jobs |  | | As reality sets in over the delayed rebound in commercial real estate, predictions about the industry’s job market point to restrained hiring, stagnant salaries and challenges for job seekers for at least the next six months. Since 2023 wasn’t a great year for most firms, that means lower compensation, more miniscule raises and smaller bonuses. In other words: less money. But that doesn’t mean there won’t be activity in the near term. As CRE juggles a slow recovery and crowded market for talent — 85% of firms told consultancy RCLCO that they are having trouble finding the right candidates — a wave of retirement is expected in leadership and executives roles, potentially setting off significant rounds of succession planning and a game of management musical chairs. “In 2023, we started seeing senior leaders basically saying, ‘Covid is in the rearview mirror. We recovered and did well in 2022, and now we’re in this period of interest rate challenges,’” RETS Associates principal Kent Elliott said. “They just don’t have the juice to get through it, and start looking at retirement.” Analysts said most of the new jobs and hiring activity will be in asset and portfolio management. Brokers and development and transaction specialists will continue to see relatively dismal prospects, with muted deal volume expected for the foreseeable future. RCLCO found that hiring managers expected to hire 10% less of these… Read Full Story |
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