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  • The Key to NoMa?s Office Success: The Federal Government September 18, 2018, 7:00:55 AM | Omeed Naderi <news@costar.com>

    Three Constitution Square in NoMa. The neighborhood north of Massachusetts Avenue in northeast Washington, D.C., locally known as NoMa, has been among the best-performing office submarkets in terms of absorption over the past year, and its popularity has come largely as a result of the federal government. Favorable rents, relatively new buildings and convenient access to the metro have helped entice tenants that wouldn?t traditionally seek space...

  • Government Properties Income Trust, Select Income REIT To Merge September 17, 2018, 12:28:16 PM | Mark Heschmeyer <news@costar.com>

    The 163,425-square-foot Capitol Plaza in Sacramento is among Government Properties Trust's notable holdings. The RMR Group Inc., an alternative asset management company that manages six publicly traded real estate investment trusts, is merging two of them. Government Properties Income Trust and Select Income REIT entered a definitive agreement to merge that will create a real estate investment trust, or REIT, focused on owning, operating and...

  • Pebblebrook to Sell $1.72 Billion in Hotel Assets to Help Cover $5.2 Billion Purchase Price of LaSalle September 14, 2018, 2:14:26 AM | Jennifer Waters <news@costar.com>

    Pebblebrook already has agreed to sell three LaSalle properties for $715 million, including Park Central New York, and expects to unload as much as $1 billion in assets.Pebblebrook Hotel Trust Chief Executive Jon Bortz?s plans to bring the two luxury lodging groups he founded under one roof include asset sales of as much as $1.715 billion of LaSalle Hotel Properties? hotels. Bortz told analysts he intends to follow up on a promise he made during...

  • DEA Completes Deal to Remain in Pentagon City Headquarters September 13, 2018, 1:02:35 AM | Bryce Meyers <news@costar.com>

    The U.S. General Services Administration has finalized a 15-year renewal to extend the Drug Enforcement Administration's 511,487-square-foot headquarters lease in Pentagon City, confirming a report earlier this year that the agency had ended its search for a new location and would instead remain in its current offices. The GSA disclosed in 2016 it was moving forward with a presolicitation for a minimum of 478,000 square feet of space for the DEA...

  • Southwest/Navy Yard Multifamily Submarket Continues to Absorb New Supply September 12, 2018, 1:11:03 AM | Nicholas Mills <news@costar.com>

    The 148-unit Incanto in Washington, D.C. Across the board, the Southwest/Navy Yard?s key performance indicators are trending upward. Occupancies as of September were still recovering from the sustained supply over the past few years, but strong quarterly absorption slowly brought the vacancy rate lower. The Southwest/Navy Yard absorbed more than 1,000 units for the seventh straight quarter. At the same time, another 1,300 units delivered over...

  • Savills Studley Adds Design Expert in Washington, D.C. September 12, 2018, 1:00:51 AM | Jacqueline Spross <news@costar.com>

    Savills Studley has hired award-winning commercial design veteran Ann Linstrom as the company looks to strengthen its 200-member workplace strategy and occupant experience services platform. Linstrom brings 34 years of experience in project management and architectural and interior design to Savills Studley. As a managing director, Linstrom will help build cost-effective and productive spaces for clients in the Washington, D.C., region Linstrom...

  • Australian Global Fund Manager Enters D.C. Hotel Market September 11, 2018, 8:55:40 AM | Olivia Schneider <news@costar.com>

    One of Australia?s largest hotel owners has made its first foray into the Washington, D.C., hotel market. SB&G Hotel Group, the Melbourne-based hotel division of global fund manager SB&G Group, paid $19.65 million to acquire the Greenbelt Marriott, a 284-room hotel located northeast of Washington at 6400 Ivy Ln. in Greenbelt, Maryland. The allocated portion of the sales price for the real estate was $18.031 million, which is the price shown in...

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