This Week's D.C. Deal Sheet: First Buildings Open At 2.2M SF North Bethesda Development
The first residential buildings at Strathmore Square, a huge transit-oriented development in North Bethesda, have opened.
Ravel and Royale — twin “biophilic-designed and musically-inspired” apartment communities totaling 220 units — opened this month. Fivesquares Development partnered with Apartment Investment and Management Co. on the projects.
Fivesquares and WMATA are the joint developers on Strathmore Square, a 2.2M SF primarily residential development at the Grosvenor-Strathmore Metro station.
“At Ravel and Royale, residents can escape the bustle of city life through nature that flows into the building,” AIMCO Senior Vice President of Development Matt Hopkins said in a statement. “With lush green spaces, natural art installations, and artistic elements thoughtfully integrated throughout, these residences offer a unique living experience that fosters inspiration and tranquility.”
Ravel rises nine stories and houses 49 units while Royale is 10 stories with 171 units. Royale holds the majority of the shared amenity spaces, including a Scandinavian dry sauna, two wellness rooms, a pool pet spa and a 5,500 SF CityDance performing arts center coming to the building’s ground floor.
LEASES
St. John Properties has landed its first tenant at Arcola Center, a 34-acre business community in Loudoun County. Dulles Gymnastics Academy is taking 17K SF at 24730 Arcola Center Plaza, with plans to move in once the building is completed in early 2025. The developer broke ground on the first phase of Arcola, four buildings totaling 130K SF, last spring. St. John’s Danny Foit represented the landlord, and Verity Commercial’s Skip Dawson represented the tenant.
***
Law firm Hyman, Phelps & McNamara is relocating from Metro Center to McPherson Square, downsizing about a third of its footprint in the process. The firm inked 19K SF at UBS Realty Investors’ 1101 K St. NW. Transwestern, which represented the tenant, announced the deal this week.
The firm is moving from its more than 20-year home at 700 13th St. NW, vacating 30K SF, the Washington Business Journal reported. Transwestern’s Rich Lane and Tyler Marshall represented the tenant. Avison Young’s Eli Barnes, Greg Tomasso and Lauryn Harris represented the landlord.
SALES
A Chicago-based student housing owner purchased a 250-unit building across from the Watergate complex. Up Campus Student Living bought the Boathouse apartment building for $67.5M from Urban Investment Partners, deed records show. Built in 1962, the property at 2601 Virginia Ave. NW was formerly the Howard Johnson hotel.
MILESTONES
A new entrance to the Crystal City Metro station broke ground Friday, WMATA announced in a press release. Set to open in late 2027, the east entrance at 18th Street South and Crystal Drive provides easier access to the main arterial of Crystal Drive, per the release, and closer to transfers to other modes of public transportation. The entrance is also next to JBG Smith’s $40M office repositioning project at 2011 Crystal Drive. The estimated cost of the Metro entrance is $146M, paid for by federal, state, regional and local funds.
***
Downtown D.C.’s first major office-to-residential conversion officially opened its doors this week. The former 185K SF Peace Corps headquarters in the Golden Triangle is now 163 residential units. Willco, which undertook the conversion, held a ribbon cutting Thursday along with D.C. leaders including Mayor Muriel Bowser and Deputy Mayor for Planning and Economic Development Nina Albert. At the event, Willco President Gary Cohen announced it just landed a first-floor restaurant tenant. Canadian-based Moxies leased 8K SF at the property, its first mid-Atlantic location.
PERSONNEL
CBRE has hired Greg Culver as a senior vice president within its D.C. advisory and transaction services group, the brokerage announced this week. In his new role, Culver will specialize in advising occupier clients throughout the D.C. metro area and globally. He comes from Cushman & Wakefield, where he was most recently the managing director of the firm’s tenant advisory group.
***
AvalonBay has hired Pamela Thomas as executive vice president of portfolio and asset management — a newly created position. She will also be a voting member of the company’s Management Investment Committee, which reviews and approves development proposals, acquisitions and major capital improvements. She comes from CPP Investments, where she was the managing director and head of U.S. real estate investment. Thomas started her new role this week, based out of the REIT’s headquarters in Arlington.
