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June 27, 2024

D.C. Office Is In A 'Category 5 Hurricane.' How Does It Rebuild?

In 2 Weeks Network & Cool Down With Beer & Cocktails At Avocet Tower!

Office owners are in a whirlwind of trouble in the nation's capital. 

Properties are hitting the foreclosure auction block weekly, while others are selling for a fraction of what they were worth just a few years ago, with both banks and owners taking massive losses.

“Office is in a Category 5 hurricane,” Carr Properties CEO Oliver Carr said at Bisnow’s D.C. State of the Market event this month. “It's the worst it's ever been.”

D.C. Office Is In A 'Category 5 Hurricane.' How Does It Rebuild?

As the waves of distress wash over the central business district, now is the time to think big and make plans for a downtown that will be drastically different from the one we know today, several real estate leaders said. “We have no choice,” Transwestern Development Co. regional partner 

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Longfellow Building Eyed For Residential Conversion After Selling At Auction

A historic, 1940s-era Dupont Circle building is the latest D.C. office property to be pitched for a residential conversion.

Longfellow Building Eyed For Residential Conversion After Selling At Auction

Rockville-based Duball filed plans Wednesday with the Historic Preservation Office to turn 1201 Connecticut Ave. NW, also known as the Longfellow Building, into 161 apartments and ground-floor retail.The company doesn't own the property, according to deed records. Los Angeles-based BrightSpire Capital, which was the lender for the previous owner, 

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DOJ Sues Toll Brothers For Accessibility Issues At East Coast Apartments

DOJ Sues Toll Brothers For Accessibility Issues At East Coast Apartments  

The Justice Department has filed  a lawsuit against residential developer Toll Brothers, alleging that apartment buildings it constructed aren't accessible to people with physical disabilities.  The lawsuit from the U.S. attorney for the Southern District of New York cites examples of 14 apartment complexes in Massachusetts, New York…

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After A Decade Of Dominance, Sovereign Wealth Funds Are Forced To Evolve

After A Decade Of Dominance, Sovereign Wealth Funds Are Forced To Evolve  

Flush with cash and carrying little baggage from existing portfolios, sovereign wealth funds have dominated in the years following the Lehman Brothers crash, striking the biggest deals and reaping stellar returns from real estate. 

But the higher-for-longer interest rate environment has ushered in a period of soul-searching for these big beasts and their feelings about real estate. As a whole, sovereign wealth funds are allocating less to the sector. And many are shaking up their real estate divisions to ensure that big 2023 losses are not repeated. 

Even those sticking with the sector are mixing up their strategies, moving into new sectors or becoming lenders as well as investors to cut risk. 

“There are pressures on allocations, and on the whole, they’re coming down with more frequency than they’re going up,” Oxford Properties Chief Investment Officer Chad Remis told Bisnow. Sovereign wealth funds, those owned by governments or regional superannuation funds like those of Canada or Australia, are expecting to…

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