Shake Up!
There's a shakeup going on in DC, and we're not talking Secret Service. Rather, the international capital that keeps scooping up available assets, causing local financing shops to add manpower.
Yesterday, in their 1801 K St office, we snapped JLL capital markets gurus Mike Yavinsky, Chad Greene, and Trevor Campbell. JLL has just hired Chad and Trevor from Gimbert Associates and Phillips Realty Capital, respectively, to stay ahead of the huge waves of capital chasing the limited local supply of properties for sale and the equally huge group of owners seeking new financing. Mike adds that since a big percentage of that capital is international (a substantial portion of new local loans, re-fis, and acquisitions), firms arranging the financing need to have either a full-on global presence or a boutique offering. And as interest rates remain attractive, the deal volume will continue to rage, Mike points out.
As we told you on Monday, Savills Studley also bolstered its capital markets group by hiring former Perseus Realty Capital vets Patti Earnest, Stephanie Lynch, and Lindsay Stroud. Since competition for available buildings is so intense, secondary will benefit. One asset that could attract suitors is 250 West Pratt in Baltimore, which overlooks Camden Yards (only fair, as baseball has overlooked the O's for so long) and is on the market after several big leases.
