Month: July 2021

The Bipartisan Battle Against Big Tech Could Boost Washington’s Office Market

The nation’s largest tech companies — and their billionaire executives — have come under fire in recent years from both sides of the political aisle in Washington, with their CEOs frequently being called to testify before congressional committees. Big tech is now set to face even more scrutiny from the Federal Trade Commission and the Department of Justice, …

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There’s A Way To Stop Climate Change Risk Pushing Up Premiums

The risks posed by climate change are no longer speculation. The deadly heat wave that swept across western North America in June would have been “virtually impossible” without climate change, a group of leading global researchers has determined. Flooding, extreme heat and tropical storms are just some of the “1-in-1,000-years” events that have already arrived. Commercial …

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Housing Official Can Take CEO Job At MidCity, Ethics Commission Rules

Stacy Spann, head of the Housing Opportunities Commission of Montgomery County, has received a waiver from the county’s ethics commission allowing him to become CEO of local development company MidCity.  The Montgomery County Ethics Commission granted Spann the waiver Friday with a series of conditions aimed at avoiding conflicts of interest.  Granting the waiver was necessary because while …

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Carmel Partners Wins Auction For D.C.’s Wardman Park Hotel With $152M Bid

The historic Washington Marriott Wardman Park Hotel has found a buyer, potentially setting up a conversion of the property to residential.  An affiliate of Carmel Partners, an investor that primarily owns multifamily properties, won an auction Tuesday with a winning bid of $152.25M, court records show.  A hearing was held Thursday on the sale agreement before a Delaware bankruptcy court judge. …

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OPI Starts Construction On $200M Office, Hotel Redevelopment Near Union Station

Work has begun on the $200M transformation of a vacant, Class-B office building near Union Station to a mixed-use building with office, hotel and retail. Office Properties Income Trust announced Thursday it began construction on the redevelopment of 20 Massachusetts Ave. NW, a project that will add three floors and bring new uses into the building. It is …

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A Reimagined Reston Metro Center Brings Class-A Office Space To The Heart Of The City

Reston is changing rapidly. Major companies are choosing the pioneering planned community at the heart of Fairfax County as their home, and massive mixed-use developments are popping up all around the new Silver Line Metro stations.  As Reston changes, one of its premier office buildings is adapting right along with it to create a place where people …

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Can Leisure Really Unlock Covid-Hit Retail Assets? Lenders And Ellandi Bet £50M That It Can

Goodbye old-fashioned shopping mall, hello waterfront leisure destination. The 2M SF Merry Hill Centre near Birmingham is to become the first of the former intu malls to undergo a post-Covid rethink, heading down the path of substituting leisure for retail. Ellandi, the centre’s operator, and the lenders that own the scheme are banking on leisure …

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Some Cities Are Doing MWBE Programs Right. Others Aren’t, And It Shows

Boston has been one of the country’s hottest real estate markets for years, but even in this bastion of progressive politics, its regressive handling of city contracts has come under scrutiny this year after a scathing report was followed by a federal lawsuit. Boston doesn’t have a rule that requires a certain percentage of its …

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