Greater Washington Commercial Association of REALTORS® by Rene Gordillo

GWCAR 2013

T H A N K YO U WE WOULD LIKE TO THANK THE FOLLOWING BEACON CAPITAL PARTNERS VIP MEMBERS FOR THEIR CONTRIBUTIONS TO OUR VIRGINIA PORTFOLIO IN 2012. WE TRULY VALUE YOUR PARTNERSHIP AND LOOK FORWARD TO ANOTHER SUCCESSFUL YEAR OF LEASING.

CASSIDY TURLEY

NEWMARK GRUBB KNIGHT FRANK

Michael Altman

Susan Sonley

CBRE

POTOMAC REALTY

Emily Smith

Norm Corkhill

CUSHMAN & WAKEFIELD

RBJ REAL ESTATE

Bart Drummond Jude Collins

Robert Richards

DRUSKIN REALTY

Josh Masi

Brian Druskin JONES LANG LASALLE

David Houck Creighton Armstrong MCBRIDE CORPORATE REAL ESTATE

Todd Sherbacow MOHR PARTNERS

TRANSWESTERN

UNIWEST COMMERCIAL REALTY

Ken Goldberg USI REAL ESTATE ADVISORS

Patrick McCambridge VERITY COMMERCIAL, LLC

Robert Long

Kim Vo

TO LEARN MORE ABOUT THE BEACON VIP PROGRAM PLEASE VISIT WWW.BEACONVIP.COM THIS PROGRAM WAS DEVELOPED AND PRODUCED BY CASSIDY TURLEY ON BEHALF OF BEACON CAPITAL PARTNERS. THE BEACON VIP PROGRAM WILL CONCLUDE IN 2014.

Greater Washington Commercial Association of REALTORS®

2012 Commercial Awards

PRESIDENT’S WELCOME n keeping with our long standing tradition, The Greater Washington Commercial Association of REALTORS® (GWCAR) is pleased to honor tonight the best in our industry and to celebrate the many accomplishments in our region’s commercial real estate industry over the past year. Not only do we recognize many of the largest transactions and outstanding firms, but we also acknowledge many of the individual brokers who were integral in making these transactions a reality within our community.

The level of hard work, persistence, and creativity each of these individuals brings to the table, often with their own unique sense of style and diligence, helps to highlight the high degree of professionalism that makes our association more dynamic and vibrant every year. Again this year we are also recognizing many of our other industry affiliates who serve our common clients with a degree of excellence that deserves recognition from our GWCAR members. Nominated by the industry’s leading brokers and our members, this distinction is a true honor and we are pleased to acknowledge their contribution to our combined success.

Mark Sullivan 2013 GWCAR President

We also continue to recognize individuals within our industry who challenge us to work within our profession with the utmost respect for our fellow colleagues and to “raise the bar” in our daily lives, not only within our business environment but within our community. We are proud to also recognize our 2012 Broker of Year, Arthur “Art” Greenberg from Studley, and our Brendan McCarthy Memorial Award winner, Mitchell Schear from Vornado/Charles E. Smith. On behalf of Mitchell, GWCAR is pleased to donate a portion of the proceeds from this year’s Awards Dinner to Higher Achievement in his honor. As the 2013 GWCAR President, please join me in congratulating tonight’s honorees, many of whom are profiled on the following pages. On behalf of GWCAR we salute you all and our association is honored to serve you as we continue to help shape the future of the Washington, DC metropolitan area commercial real estate community. Best Regards,

Mark Sullivan 2013 GWCAR President CASSIDY TURLEY April 18 | 2013 - Bisnow Commemorative Edition |

1300 S 17TH STREET 12 FEBRUARY 2012

LEVEL - ROOFTOP AXONO

OMETRIC

2012 GWCAR COMMERCIAL AWARDS SPONSORS

BRENDAN MCCARTHY AWARD WINNER

M Mitchell Schear Vornado/ Charles E. Smith

itchell N. Schear is the President of Vornado/ Charles E. Smith. He directs the performance and growth of Vornado’s extensive 20+ million square foot portfolio in the Washington, DC region. Prior to joining Vornado in April 2003, Mitchell spent 15 years at The Kaempfer Company, where, as President, he oversaw all of the company’s development, leasing, and management activities. A few years ago, Mitchell became passionately involved with Higher Achievement – a nationally-recognized program that provides rigorous after-school academies for middle schoolers in “at risk” neighborhoods, at the most crucial time in their lives. Mitchell was introduced to Higher Achievement by retired Studley Vice-Chair Steve Goldstein. Since that time, Mitchell has become a game changer for this organization. In 2011, he was honored by Higher Achievement Metro Washington with the Gannon Achievement Award for his leadership and commitment to helping at-risk youth excel and succeed. Under Mitchell’s enthusiastic leadership, Higher Achievement’s Gala fundraiser grew from $350,000 in 2009 to $1,060,000 in 2012 - exceeding his own “million dollar challenge”. His tireless energy and passion for the heroic Higher Achievement scholars has inspired the real estate community in a big way. In 2012, over 70 real estate-related companies (including a special Broker’s Circle) joined Mitchell in rallying for Higher Achievement. Together, over 3 years, more than $2.5M was raised for Higher Achievement. Thanks to Mitchell’s support, Higher Achievement has a profound impact on more than 500 scholars. The program gives their scholars their best opportunity to succeed in middle school – and in life. 96% of Higher Achievement graduates finish high school, and 76% graduate from college. In a city where 59% finish high school and only 9% get a college degree, these are extraordinary results—made possible through the tremendous commitment of Mitchell and many others. In addition to Higher Achievement, Mitchell has served on a number of boards on behalf of the real estate industry and the community, including: The Washington Convention and Sports Authority, Executive Committee member of the Federal City Council, the Downtown DC Business Improvement District, the Corporate Board of Arena Stage, Theatre Washington, the Field School, and the Lowell School. In 2007, Mitchell was recognized by the District of Columbia Building Industry Association (DCBIA) with its highest honor, the Achievement Award, for his contribution to the Washington, DC real estate community.

P L ATINU M B OGN ET CONSTRU CTION WAS H I N GTON WORKPLAC E G OLD CO STA R GROU P T I S H M A N S PEYER S I LV ER A K RIDGE B ROO K F I E L D OFFIC E P ROP ERTIES CASS I DY TU RLEY F I RST P OTO M AC REA LTY TRU ST J K M OV I NG S ERV IC ES J O N ES L ANG LASA LLE VO R N A DO/CH A RLES E. S M ITH B RONZE COO LEY LLP DAV I S CO NSTRU CTION COC KTA IL CR ESA WASH INGTON DC B R E N DA N M C CA RTH Y M E M O R I A L AWA RD T R A N SW ESTERN

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Discover Success.

Cassidy Turley congratulates tonightâ&#x20AC;&#x2122;s GWCAR Award honorees and wishes them continued success. Discover Cassidy Turley. www.cassidyturley.com

Tenant Representation / Capital Markets / Project Leasing / Corporate Services / Property Management / Project & Development Services

2012 GWCAR COMMERCIAL AWARDS BROKER OF THE YEAR AWARD WINNER

A Arthur “Art” Greenberg Studley

LEASING AGENT OF THE YEAR, REGIONAL & DC (CO-WINNER)

rthur “Art” Greenberg, born and raised in Wheaton, Maryland and a graduate of the University of Maryland, embarked on his professional life as a CPA at Touche Ross at 1900 M Street. Feeling constrained by the limits of the accounting profession and wanting to explore his love of real estate, he moved on to become the chief financial officer of a real estate developer in Northern Virginia. In the mid-‘80’s, this was a good place to be. When his friend, Tom Fulcher, told him he was joining tenant rep firm Studley, Art told him that was a good place to get started and with that experience, he could get a “real job” with a developer in a few years. The early-‘90’s real estate bust happened and Art moved on to become the CFO of an aircraft leasing company. After a few years, he realized that, once again, he had to scratch that real estate itch. Tom, who still had not gotten a real job, suggested he join Studley.

LEASING AGENTS OF THE YEAR REGIONAL & DC (CO-WINNER) Thomas Fulcher, Jr.

Executive Vice President STUDLEY Age: 54 Hometown: Falls Church, VA Alma Mater: William & Mary (BS) & University of Virginia (MBA) Years in real estate: 27 Years with current firm: 27

What contributed to your success in this challenging year? Being part of a great team and a great firm. The transactions we work on are the larger, more complicated ones and it is key to have strong partners and associates you can trust to do a great job for our clients. What will be the biggest factors affecting the regional market in 2013 and beyond? Everyone is getting smaller as new technologies and approaches to working evolve. This will continue to make the market favorable to tenants and leave buildings that can’t effectively accommodate the new approaches obsolete way before they would have been expected to. The solution will be lower rents and aggressive concessions.

In September of 1994, with nothing to lose but his low opinion of real estate brokers, he came over and immediately started working on some of the largest and most complicated transactions in the area. The restructuring of Marriott’s 775,000 square foot headquarters lease came first, followed by the representation of AARP in the purchase of their building and many others such as NPR, Covington & Burling, and the Washington Post. Art has become one of the go-to guys in Washington real estate for the area’s largest, hairiest, and most interesting transactions. Now, partnered with Tom Fulcher, David Lipson, and Julie Rayfield, he works way too hard, sees his wife and children way too little and, despite not being the best golfer on the course by any means, has enjoyed the experience of watching his ball drop into the hole while still standing on the tee. Congratulations to Art Greenberg, GWCAR’s 2012 Broker of the Year.

Anyone you would like to thank? My team at Studley -- David Lipson, Art Greenberg, Julie Rayfield, Adam Brecher, Bie Chu Lee, and Charles Steelman -- they rock!

MARYLAND J. Andrew Masters Managing Director JONES LANG LASALLE

Age: 57 Hometown: Chevy Chase, MD Alma Mater: Boston University Years in real estate: 33 Years with current firm: 3 What contributed to your success in this challenging year? A combination of loyal clients and great partners at Jones Lang LaSalle. What will be the biggest factors affecting the regional market in 2013 and beyond? Political impact on business investment.

VIRGINIA Rob Faktorow

Executive Vice President CBRE Age: 55 Hometown: Philadelphia, PA Alma Mater: University of Maryland Years in real estate: 28 Years with current firm: 28

What contributed to your success in this challenging year? Great teammates and the resources and support of the world’s finest commercial real estate company – CBRE. What will be the biggest factors affecting the regional market in 2013 and beyond? The growth and expansion of technology companies will fuel our economy and jump start demand for office space over the next 18 months. Washington, DC is on the top of the list as a preferred location by the brightest young professionals. Employers recognize that this exceptional talent pool is unique to our region. This will have a positive impact during the remainder of this decade. On the negative side, perception - I think the market has already adjusted for defense cut backs and if you really study the market this industry hasn’t expanded in our region since 2003. As such, we won’t see any material impact on our region from this sector going forward. Anyone you would like to thank? Our clients for being great clients and allowing us to be trusted advisors! And of course, my teammates for being best-in-class professionals and partners.

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Special toast Jones Lang LaSalle wishes to congratulate our real estate colleagues around the region for their significant contributions past and present. We are exceptionally proud to recognize our own team membersâ&#x20AC;&#x2122; wins and honors this year.

2012 GWCAR COMMERCIAL AWARDS DEVELOPER / LANDLORD AGENT OF THE YEAR REGIONAL Steven Solomon

Managing Director, Leasing BLAKE REAL ESTATE Age: 57 Hometown: Charleston, SC Alma Mater: George Washington University Years in real estate: 30 Years with current firm: 8

What contributed to your success in this challenging year? There is something to be said for working for the strong Bender family ownership and our ability to meet the market and maintain low vacancy throughout our portfolio. I owe my success to all of my colleagues at Blake. What will be the biggest factors affecting the regional market in 2013 and beyond? The ongoing Congressional stalemate and the sequester will continue to impact hiring decisions and business growth in the months ahead. Demand for space is presently flat to negative. Supply is still outpacing demand with a large supply of older Class A and B properties, especially in Washington, DC and Virginia. Congressâ&#x20AC;&#x2122; ability to reach consensus on a balanced budget will clearly have positive impact on our regional market. Anyone you would like to thank? I would like to give special thanks to Jeff Shrago and Stephen Goldstein who gave me my start at Julien Studley and Stephen Lustgarten presently at Blake. The have been great friends and mentors throughout my career.

FINANCE AGENT OF THE YEAR REGIONAL David Webb

Vice Chairman, Principal CASSIDY TURLEY Age: 53 Hometown: Petersburg, VA Alma Mater: University of Virginia (BA) & University of Richmond (JD) Years in real estate: 25 Years with current firm: 6

What contributed to your success in this challenging year? A great team in our Cassidy Turley Structured Finance Group, and a lot of perseverance and determination in finding the right solution for our clients. What will be the biggest factors affecting the regional market in 2013 and beyond? Uncertainty over the impact of sequestration, BRAC and other government cut-back issues â&#x20AC;&#x201C; I think they will collectively go the way of Y2K but it will take some time for investors and developers to realize this, so in the meantime we will likely go sideways. Anyone you would like to thank? Clearly our clients who gave us the opportunities to help them with their challenging debt and equity requirements.

SALES AGENT OF THE YEAR REGIONAL, DC, & VA Gerald Trainor

Executive Managing Director TRANSWESTERN Age: 49 Hometown: Springfield, VA Alma Mater: Virginia Tech & Carnegie Mellon Years in real estate: 24 Years with current firm: 14 What contributed to your success in this challenging year? Smart clients that were decisive during these uncertain times, the most talented team members, and hard work. What will be the biggest factors affecting the regional market in 2013 and beyond? Provided the Federal Government can finalize and pass a budget, the capital markets will stabilize resulting in an expansion phase of the economy. With continued job growth in the region, we will see absorption and eventual rental growth in the commercial sector. These market factors will lead the way in the recovery of the suburban markets and continued strength in the downtown market. Anyone you would like to thank? Most of all our clients. Also my family for putting up with the long hours and my team for being so dedicated. Lastly, I would like to thank all of my Transwestern team members for making Transwestern a great place to work.

MARYLAND Mark Glagola

Senior Vice President TRANSWESTERN

Age: 47 Hometown: Severna Park, MD Alma Mater: University of North Carolina- Chapel Hill Years in real estate: 25 Years with current firm: 5 What contributed to your success in this challenging year? Great team! What will be the biggest factors affecting the regional market in 2013 and beyond? The Federal Reserve. Anyone you would like to thank? Tom Gentner, Brian Watts, Cheryl Washington, and Molly Benson.

RETAIL AGENTS OF THE YEAR REGIONAL (CO-WINNER) David Dochter

Senior Director CUSHMAN & WAKEFIELD Age: 33 Hometown: Bel Air, MD Alma Mater: Towson University /Johns Hopkins Years in real estate: 12 Years with current firm: 9 What contributed to your success in this challenging year? Surrounding myself with a very strong capable team and work ethic. What will be the biggest factors affecting the regional market in 2013 and beyond? What effect sequestration will have on the local economy is still a looming question for the region. However, retailers will continue to follow households, density, and incomes so we expect the retail market in most of the region and specifically the urban core to remain stable. Anyone you would like to thank? My family and team members.

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2012 GWCAR COMMERCIAL AWARDS REGIONAL (CO-WINNER) Matthew Alexander

Senior Director CUSHMAN & WAKEFIELD

Age: 37 Hometown: Bethesda, MD Alma Mater: University of Delaware Years in real estate: 15 Years with current firm: 3 What contributed to your success in this challenging year? The team’s hard work and commitment to providing great service and results for our clients. What will be the biggest factors affecting the regional market in 2013 and beyond? The impact of an unpredictable global economy and the effects on our region creating general economic unrest. We will continue to see market fundamentals drive development and retail growth with a flight to quality and safety.

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Anyone you would like to thank? My wife Melissa and children, Brandon, Sophie, and Gabrielle, and the rest of the C&W DC Retail Team.

RISING STAR AWARD Mark Wooters VORNADO/ CHARLES E. SMITH Age: 32 Hometown: New Canaan, CT Alma Mater: Georgetown University (Undergraduate & MBA) Years in real estate: 3 Years with current firm: 3 What contributed to your success in this challenging year? The entirety of the team at Vornado. I am lucky to be surrounded by world-class individuals. The leadership, deal creativity, and personal drive of each of my colleagues is inspirational and makes us all perform at our highest level.

What will be the biggest factors affecting the regional market in 2013 and beyond? The uncertainty surrounding sequestration combined with the innovative ways space users are designing their offices are combining for a fundamental demand shift in the immediate future. That said, we are lucky to be in DC. The Capitol will not be relocated and will remain a hub of activity for our industry. Anyone you would like to thank? I would like to thank the entire leasing team at Vornado, in particular, Sandy Michaels, Matt Gannon, Jim Creedon, and Brendan Owen. They are a true pleasure to be with each day. Since joining Vornado, I haven’t gone to “work” once.

CREDITS Concept Design: Kelsey E. Jones, CBRE Editorial & Production: Bisnow Printing: Falcon Printing, Fairfax, VA

2012 GWCAR COMMERCIAL AWARDS MULTI-MILLION DOLLAR CLUB 2012 LEASING CLUB QUALIFYING LIFE MEMBERS TWENTY YEARS OR MORE • Audrey Cramer Cushman & Wakefield • Paul DeFilippes Summit Commercial Real Estate • Andrew Felber CBRE • Moe Hamilton Cushman & Wakefield • Thomas Hilley Transwestern • Aaron Katz Newmark Grubb Knight Frank • J. Andrew Masters Jones Lang LaSalle • Glenn Meltzer The Ezra Company • Patrick Nalls Newmark Grubb Knight Frank • Brian Raher Cushman & Wakefield • Mark Richardson Transwestern

QUALIFYING LIFE MEMBERS FIFTEEN TO NINETEEN YEARS • John Alexander AMR Commercial LLC • Brett Diamond Newmark Grubb Knight Frank • John Duffy Summit Commercial Real Estate • Keith Foery Transwestern • Randolph Harrell CBRE • Walter Howell Jones Lang LaSalle • Michael Katcher Cushman & Wakefield • Eugene Kenney Cushman & Wakefield

• Patrick Marr CBRE • Phillip McCarthy Transwestern • John Myers Cassidy Turley • Bruce Pascal CBRE • Robert Schwartz Cassidy Turley • Mark Sullivan Cassidy Turley • Phillip Thomas Cassidy Turley • Susan Thomas Cushman & Wakefield • Richard Tonner Cassidy Turley • Eric West West Lane & Schlager LLC

QUALIFYING LIFE MEMBERS TEN TO FOURTEEN YEARS • James Clark Cassidy Turley • Robert Dickman McShea & Co Inc • Thomas Fulcher Studley • Paul Kern Cassidy Turley • Richard Lane West Lane & Schlager LLC • Meredith LaPier CBRE • E Randall Lennon Cushman & Wakefield • Malcolm Marshall Cushman & Wakefield • John McShea McShea & Co Inc • Christopher Sowick Cassidy Turley • Spencer Stouffer Cassidy Turley

QUALIFYING LIFE MEMBERS FIVE TO NINE YEARS • Michael Altman Cassidy Turley • Eli Barnes Cassidy Turley • Amy Bowser Jones Lang LaSalle • Todd Brinkman Cassidy Turley • Paul Darr Cassidy Turley • Arthur Greenberg Studley • Scott Hoffman Cushman & Wakefield • Scott Killie Cassidy Turley • Matthew Levin West Lane & Schlager LLC • Erik McLaughlin CBRE • Kerri Mulligan Salih Cassidy Turley • Dale Powell Cassidy Turley • Arthur Santry Cassidy Turley • David Scully Cassidy Turley • William Stern Cassidy Turley • Jonathan Wellborn Cassidy Turley • Sally Wilson CBRE

QUALIFYING LIFE MEMBERS ONE TO FOUR YEARS • Edwin Clark CBRE • Christopher Coccaro Jones Lang LaSalle • P. Brian Connolly, Jr. Jones Lang LaSalle

• Cathy Delcoco CBRE • Bob Gibbs CBRE • Scott Goldberg Cassidy Turley • Edward Harrell Cassidy Turley • Stephen Hoffeditz CBRE • Sarah Hubbard Skanska USA Development Inc • Daniel Klueger Cresa Washington DC • Bie Lee Studley • Chau Leung CBRE • Eugene Martin The Ezra Company • Brian McCarthy McShea & Co Inc • Laurie McMahon Cassidy Turley • Joseph Michel Transwestern • Jenna Polivka Cassidy Turley • Kurt Richter Cassidy Turley • Jeffrey Roman CBRE • Michael Royce Cassidy Turley • Lisa Stoddard CBRE • Matthew Sullivan Cassidy Turley • Tim Summers Cassidy Turley • Larry Thau CBRE • Brian Tucker Cushman & Wakefield • Christina Weaver CBRE

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2012 SALES CLUB QUALIFYING LIFE MEMBERS TWENTY YEARS OR MORE • William Collins Cassidy Turley • Paul Collins Cassidy Turley • James Darby Transwestern

QUALIFYING LIFE MEMBERS FIFTEEN TO NINETEEN YEARS • Niel Beggy Cushman & Wakefield • Jayne Shister Cassidy Turley

QUALIFYING LIFE MEMBERS FIVE TO FOURTEEN YEARS • James Cassidy Cassidy Turley • Drew Flood Cassidy Turley • Mark Glagola Transwestern • Jud Ryan Cassidy Turley • Gerald Trainor Transwestern

QUALIFYING LIFE MEMBERS ONE TO FOUR YEARS • Rob Faktorow CBRE

2012 FINANCING CLUB QUALIFYING LIFE MEMBERS TEN TO FOURTEEN YEARS • David Webb Cassidy Turley

QUALIFYING LIFE MEMBERS FIVE TO NINE YEARS

• Christian Miles Cassidy Turley • Phillip Mudd Cassidy Turley

• Gary Cook Vornado/Charles E. Smith • Katie Gorretta Akridge • Jill Goubeaux The JBG Companies • Daniel Purrington Brookfield Office Properties • Gregory Redding Vornado/Charles E. Smith • Steven Solomon Blake Real Estate • Gregory Tomasso Akridge • Claressa Wright Vornado/Charles E. Smith

QUALIFYING LIFE MEMBERS ONE TO FOUR YEARS • Jamie Butler Cassidy Turley • John Campanella Cassidy Turley • Bradley Geiger Cassidy Turley • Paul Spellman Cassidy Turley

2012 DEVELOPER CLUB QUALIFYING LIFE MEMBERS FIFTEEN TO TWENTY YEARS • Robert Donohoe Donohoe Real Estate Services • Irving Lieberman Manulife Financial

QUALIFYING LIFE MEMBERS TEN TO FOURTEEN YEARS • Carla Cavanaugh Borger Management Inc • Andrew Eichberg Tishman Speyer • Matthew Gannon Vornado/Charles E. Smith • Benjamin Meisel Akridge • Sandy Michaels Vornado/Charles E. Smith • Douglas Olson Monument Realty LLC • Wilbur Pace Akridge

2012 RETAIL CLUB QUALIFYING LIFE MEMBERS FIVE TO NINE YEARS

QUALIFYING LIFE MEMBERS ONE TO FOUR YEARS • Andrew Abramson Vornado/Charles E. Smith • Leanne Berthiaume Vornado/Charles E. Smith • Owen Billman Blake Real Estate • Daniel Dooley Tishman Speyer • Scott Franklin Tishman Speyer • Andrew Jones Brookfield Office Properties • Amy Kaufman Tishman Speyer

• Kaitlyn Mulvey The JBG Companies • Andrea Murray The JBG Companies • George Pearce Vornado/Charles E. Smith • Quinn Rounsaville The JBG Companies • Neil Simon Blake Real Estate • Melanie StehmerTowsend Brookfield Office Properties • Mark Wooters Vornado/Charles E. Smith

• John Asadoorian Asadoorian Retail Solutions

QUALIFYING LIFE MEMBERS ONE TO FOUR YEARS • Matthew Alexander Cushman & Wakefield • David Crowley Capital Properties Group LLC • David Dochter Cushman & Wakefield • Lance Marine CBRE • Michael Zacharia CBRE

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2012 GWCAR COMMERCIAL AWARDS SALES TRANSACTIONS OF THE YEAR DC Washington Office and Design Center by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, John Benziger, Cassidy Turley; Ernie Wittich, Vornado Realty Trust; John Olson, Lincoln Property Company The sale of Washington Office and Design Center is one of the largest office sales transactions to ever occur in the southwest submarket of Washington, DC. The two buildings, offered to the market by Vornado, totaled 811,000 SF and sold for $200M+. Built in the 1920s, the Washington Design Center is 81% showroom/designer space and represents the only Design Center in the region. Offered together with the Washington Office Center, the sale offered an opportunity for a buyer to take control of an entire block on Metro—just blocks from the Capitol. Most importantly, it offered a creative opportunity to

reposition and redevelop the aging Design Center into a new use. The major challenge of the sale was selling an asset that historically had been a special purpose asset with windows on just one side of the building. Ultimately, the Design Center was sold to an owner-user that wanted to redevelop the building for a museum use, particularly due to its location in the nation’s capital, a destination known for its world-class museums. As part of the sale, the buyer also purchased the neighboring asset, Washington Office Center, to control the entire block and facilitate the renovation.

GWCAR 2012 PRojeCt of the YeAR for leasing opportunities, contact jones Lang LaSalle at 301.214.1144

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2012 GWCAR COMMERCIAL AWARDS MARYLAND

South Lake at Dulles Corner

Rockville Corporate Center

by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, Cassidy Turley; Patti Morris, Wells Real Estate Funds; and Mike Cooper, by William Collins, Paul Collins, Drew Flood, Jud Ryan, James Cassidy, Brandywine Realty Trust Cassidy Turley; Mark Matan, Matan Companies; and John Norjen, The sale of 13820 Sunrise Valley asset is adjacent to Washington Corporate Office Properties Trust Drive marked the largest single Dulles International Airport and building office sale in Virginia in situated in the Dulles Corner office 2012. Built in 2008, the Class A as- park, 0.5 miles from the future Silset is 100% leased to Time Warner ver Line Metro station. Cable, the second largest cable The transaction demonstrated and internet provider in the United Cassidy Turley’s ability to utilize States. Under the occupancy of internal resources and market Time Warner Cable, the building knowledge which ultimately led has been transformed into a state- to the building sale in March 2012 of-the-art cable/telecommunica- for $91.1 million or $340 per square tions facility with all of the tenant foot, accomplishing the highest interior spaces LEED Gold certified. sales price for a single building in Totaling 268,240 square feet, the Herndon since 2008.

LEASING TRANSACTION OF THE YEAR Rockville Corporate Center is comprised of two newly-renovated, 100% leased, Class A office buildings, totaling 220,539 square feet in North Rockville, Maryland. Located at the intersection of Route 355 and W. Gude Drive, the buildings are fully leased to the Montgomery County Board of Education and AARP. The sale also included a 9.71 acre development site, currently site-permit approved by the City of Rockville for two buildings of approximately 110,000 square feet each.

The transaction demonstrated Cassidy Turley’s ability to underCovington & Burling LLP stand the current tenants’ business models and offer guidance on long- by Thomas Fulcher, Arthur Greenberg, Adam Brecher, Studley; John term growth for these tenants and Waters, Bruce Wilson, Bob Gage, Heather Haberl, Tammi Curran, expansion opportunities within the Covington; Bill Alsup, Richard Nelson, George Kelly, Jason Phillips, Hines; development site. In addition, Casand Connie Simmons, Baker Botts sidy Turley leveraged the newlycompleted Intercounty Connector (ICC) as a major activity booster for northern Montgomery County along with the revitalization efforts along the Rockville Pike corridor, which will transform the region into a technology corridor.

VIRGINIA

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2012 GWCAR COMMERCIAL AWARDS In 2007, Covington retained Studley to assist with its Washington real estate decision in anticipation of the firm’s lease expiration in 2016. The initial desire and intent was to remain in its two buildings at 1201 and 1275 Pennsylvania Avenue, NW. After extended negotiations, Covington came to terms with one landlord, but not the other after it became clear that the one building would not be upgraded to the firm’s standards. Turning its attention to other alternatives,

Covington focused on CityCenterDC. With the understanding that there was serious interest in the space from another tenant, the bulk of the negotiation of the letter of intent for 420,000 square feet was completed in one 10-hour marathon session. Just as they did with their move to Pennsylvania Avenue in the 1980’s, Covington is now again proud to be associated with a new District redevelopment initiative that will establish a city center in the heart of the District.

MARYLAND Sodexo

VIRGINIA

Intelsat by Rob Faktorow, Bruce Pascal, Erik McLaughlin, Jeff Roman, Ryan Miller, Mike Sullivan, CBRE; Tim Steffan, Macerich; Michelle Bryan, Intelsat

by John McShea, Robert Dickman, McShea & Co; Larry Thau, Dave The Intelsat lease at Tysons Tower marked the most significant new Machlin, Dan McGivney, CBRE; Ben Onderdonk, Mohr Partners lease transaction to be completed in Northern Virginia in recent memory. The lease represents an acknowledgement of the tremendous value being created by the enormous infrastructure investment Virginia and Fairfax County have made in the Tysons Corner area. It is unlikely this lease transaction would have occurred at Tysons Tower without the Metrorail extension and construction of the Express Lanes. Intelsat’s lease marks the beginning of what will be the long-term transformation

of Tysons Corner into a pedestrianfriendly urban submarket. The transaction was a complex multi-faceted deal involving a parallel track. Executing the sale of Intelsat’s million square foot Washington, DC office complex, CBRE simultaneously indentified a buyer for the DC building, arranged a short-term leaseback, investigated relocation opportunities in Washington, Maryland, and Virginia, and negotiated a complex 15-year lease as part of the three building, mixed-use 1.3 million square foot development being completed by Macerich.

FINANCE TRANSACTION OF THE YEAR REGIONAL Sodexo, Inc. had leased 190,000 square feet at 9801 Washingtonian Boulevard through 2018. However, Sodexo also had the right to terminate its lease effective December 31, 2013 upon 18 months notice and without penalty. Sodexo’s base rent had escalated to a level that was significantly above market and after 15 years their space had grown dysfunctional. In addition, proximity to Dulles Airport was desirable. Sodexo conducted an extensive review of the market in Maryland

and Virginia and, when initial discussion with its Landlord proved disappointing, it elected to exercise its termination right and pursue relocation options. Subsequently, Sodexo negotiated a $4 million economic incentive package with the State of Maryland, Montgomery County, and City of Gaithersburg designed to keep Sodexo’s 600 employees in its existing location. Continued negotiations with its Landlord resulted in a new 10-year lease at market rent and included an attractive incentive package.

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Portals III by David Webb, Jamie Butler, John Campanella, Cassidy Turley; and Steve Grigg, Republic Properties Corp.

2012 GWCAR COMMERCIAL AWARDS Cassidy Turley closed one of the largest and most complicated finance transactions in recent Washington, DC history. The final capital stack negotiated by the broker team included five senior lenders (banks) in a “club” transaction for $155,000,000, a mezzanine loan from a national private equity firm for $57,000,000, and a preferred equity investment of $31,000,000 from a pension fund advisor. The total capitalization of $243,000,000 was sufficient to pay off all existing debt

LEASING TRANSACTION OF THE YEAR (UNDER 75,000 RSF)

and provide for “good news money” to fund future leasing costs. Portals III is a 509,716 square foot trophy-quality office build4800 Hampden Lane, Bethesda, MD ing located in The Portals Development on the Tidal Basin by Rich Lane, West, Lane & Schlager Realty Advisors; Michael Katcher, in Washington, DC. One of the Andrea Regan, Brian Dawson, Cushman & Wakefield; Robert Hinton, largest projects in the history of Dennis Owen, CBRE the Nation’s Capital, The Portals complex is a $1 billion, 1.5 million square foot, mixed-use development representing the last major Urban Renewal project to be constructed on sites in Southwest Washington, DC.

RETAIL TRANSACTION OF THE YEAR Nike Georgetown by D. Wright Sigmund, Vornado, Nicholas Howell, Sherri White, Vornado Realty Trust; Michael Pratt, KLNB Retail; Joanna Podell, Cushman & Wakefield; Giovanni Scott, Nike

When Barnes and Noble notified Vornado that they wanted to let their lease terminate at 3040 M Street Vornado went to work in identifying not just a great retailer for the 3-story iconic industrial-style building—but a brand that would add to the fabric of the street and the vitality of Georgetown In January 2012, Nike signed a 10-year lease for 31,500 SF at 3040 M Street for their new brand concept store. Nike Georgetown is more than a flag-

ship store for one of the best brands in the world, it is a celebration of the athletic spirit of the Georgetown community. The deal transformed a key block in Washington’s most important retail neighborhood into an energetic, new destination. New signage, exciting storefronts, and creative imagery animate M Street. Inside, 3 floors of fitness apparel, educational displays, and interactive showrooms have created a fitness experience like none other in Washington.

The Boston Consulting Group (BCG)needed to expand immediately but their building, 4800 Hampden Lane in Bethesda, was 100% leased. WLS approached another large tenant, AREVA, about BCG taking their space. WLS initiated negotiations among the parties which would eventually yield a lease buyout, a lease termination and a lease expansion and extension. As an additional twist, at the beginning of the negotiation, the building was purchased by Spitzer Enterprises. Although Spitzer was content with the status quo, expanding BCG would strengthen their asset’s value so they were eager to facilitate the process and work cooperatively with all parties.

The parties entered into a complicated three-way negotiation in which AREVA reached buyout terms with Spitzer and was able to terminate 20,000 SF of their existing 28,000 SF, consolidating into the remaining space. BCG expanded to 55,000 SF from their existing 35,000 SF space while negotiating necessary expansion options and enough concessions to renovate their space, and extended their lease term. What was ultimately achieved was a win for each party, a true rarity in this turbulent market. The entire transaction was expeditious, considering the players and the decision making levels that had to be navigated. It took approximately five months and was signed in April 2012.

SALES/FINANCING FIRM OF THE YEAR

LEASING FIRM OF THE YEAR

April 18 | 2013 - Bisnow Commemorative Edition |

STAYING STRONG IN UNCERTAIN TIMES BISNOW EDITORIAL BY CHRIS BAIRD, BISNOW STAFF COLUMNIST

lot has transpired since we gathered for last year’s GWCAR awards: the election, sequestration, and the saga of RG3’s knee. And if one asks the average DC commercial real estate pro (if there is such a thing-we have our doubts) to describe the state of the market, things are usually summed up in one word: uncertainty. One thing is certain: the DC commercial real estate community is strong. Seasoned vets and young go-getters combine to ensure commercial real estate remains a crucial tenet in Washington’s growth. Think about what’s coming online in the near future. CityCenter. The Mosaic District. 1812 N Moore. (We could go on, but we’ll heed GWCAR President Mark Sullivan’s 2013 awards theme of “brevity.”) These projects have or will transform communities, and you all worked tirelessly to see them through. They’re why GWCAR is handing out the awards many of you will receive tonight. While competition was fierce among you this past year to win assignments, close leases and sales, and secure financing, there’s nothing fierce about the long-lasting relationships the real estate community fosters. And there’s certainly nothing fierce about the giving ways of the industry, which routinely separates itself as one of Washington’s most charitable. If Daniel Day-Lewis can get an award for playing Abraham Lincoln, you can get awards for being yourselves. Celebrate what you’ve accomplished as an industry tonight. Catch up with old friends. Make some new ones. Debate which phrase is used more in DC real estate: live-work-play or transit-oriented development. But whatever you do, don’t stop doing your part to transform the nation’s capital into the vibrant, dynamic city it’s become. Washington needs you. (Was this too long? Mark Sullivan really wants to keep things short) April 18 | 2013 - Bisnow Commemorative Edition |

THANK YOU FOR READING A NOTE FROM MARK BISNOW, FIRST BANANA OF BISNOW MEDIA.

ow, the average age of our employees here at Bisnow is around 14, so it’s really humbling to be associated with such a pioneering and distinguished organization as GWCAR, and also because as practitioners of shortform journalism we have a severe case of acronymenvy. But some of us don’t need history books to know what an exceptional force it’s been in Washington real estate, promoting community and interaction long before those were even buzzwords, and helping make this one of the nation’s most livable and desirable regions. We salute GWCAR on 31 years of model values and leadership, and look forward to the next 331. Thank you all for letting us be a part of this year’s program. Mark Bisnow

CONGRATULATIONS TO THE GWCAR AWARD WINNERS

Grosvenor Americas congratulates the Greater Washington Commercial Association of Realtors® (GWCAR) 2012 award winners. Grosvenor is a privately owned property group, active in some of the world’s most dynamic cities. As an active investor and developer of commercial real estate in the Greater Washington area since 1988, we have a vested interest in the future shape of the urban landscape and aim to help create and manage attractive and vibrant cities in which people choose to live and work. GROSVENOR AMERICAS 1701 PENNSYLVANIA AVENUE NW SUITE 1050 WASHINGTON DC 20006

Telephone (202) 293 1235 Facsimile (202) 785 2632 Web www.grosvenor.com

Living cities | Bisnow Commemorative Edition - April 18 | 2013

www.grosvenor.com

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