Transwestern Development Teams Up With Perseus Realty To Expand D.C. Presence
Transwestern Development Co., the Houston-based development arm of commercial real estate firm Transwestern, is teaming up with D.C.-based Perseus Realty for a new joint venture.
The venture, announced Tuesday morning, will operate under the Perseus name and will be helmed by Perseus CEO Bob Cohen and Executive Vice President of Development Adam Peters.
Cohen founded Perseus in 2004. The developer is nearing the start of construction on Storey Park, a major mixed-use project in NoMa with 462 residential units, a 225-room hotel and 23K SF of retail. It recently broke ground on a 34-unit Capitol Hill condo building with ground-floor retail on the historic Frager's Hardware site. Perseus is also planning a mixed-use development on Alexandria's Eisenhower Avenue at a 13.5-acre site it acquired in April 2016.
Partnering with Perseus will help TDC expand its presence in the D.C. region. Cohen said in a release the joint venture expects to announce several new projects in the coming months.
TDC has a large footprint in Texas, with additional properties in California, Florida, Arizona and Illinois. The development company has previously operated in the D.C. market under its now-defunct subsidiary DRI, which developed 1800 K St. NW, 1331 L St. NW and 815 Connecticut Ave. NW. DRI then sold the properties before closing operations in mid-2016. The new partnership represents a re-entry to the market for the Houston-based developer.
“The Washington metro area is a primary target for TDC’s long-term growth, and we look forward to building on Perseus’s track record and robust project pipeline," TDC President Carleton Riser said in a release.
