Commercial real estate round up, 6/1/10
- June 1, 2010
The Watergate Hotel has a new owner, and a Hanover County shopping center picks up four new tenants. This and other real estate news from around the state:
WASHINGTON, D.C. — The Watergate Hotel, renowned as the site of a burglary that helped bring down the presidency of Richard Nixon, has been sold for $45 million. The new owner of the 251-room property is New York-based Euro Capital Properties Inc. The hotel’s lender, PB Capital, foreclosed on the Watergate last summer, when no bidders made an offer during an auction. The hotel’s previous owner was D.C.-based Monument Realty.
WASHINGTON, D.C. — The Washington Hilton near Dupont Circle has completed a $150 million renovation. The project included a makeover of all 1,070 guest rooms, meeting rooms, the lobby, restaurants and public areas. The property was purchased in 2007 by Canyon-Johnson Urban Funds, a joint venture between former basketball pro Earvin “Magic” Johnson and Lowe Enterprises.
DULLES — Leasing will continue at Loudoun Gateway V, a five-story, 128,000-square-foot office building in Dulles, thanks to a loan extension. The developer, The Alter Group, received the extension from Birmingham-based BBVA Compass, the country’s 15th largest commercial bank. The extension provides funds for tenant improvements and broker commissions. The office is located in the 38-acre Loudoun Gateway Corporate Center near Washington Dulles International Airport.
HANOVER COUNTY — Rutland Commons has signed leases with four new tenants at its 100,000-square-foot retail shopping center. The new tenants are Marty’s Grill, The Ruby Slipper Boutique, Custom Blends, a tobacco shop; and SunTrust bank. The center, near the intersection of the I-295 and 301 interchange, is owned by Crosland LLC of Charlotte.
NORFOLK – Both Kaufman & Canoles and CB Richard Ellis Inc. of Virginia have renewed their leases at 150 W. Main St. in downtown Norfolk. Kaufman & Canoles renewed their 62,803 square feet lease and CB Richard Ellis renewed its lease of 15,096 square feet. Both companies have been in the building since 2002. Persifor “Perry” Frazer, a senior vice president of CB Richard Ellis represented the landlord in both transactions.
RICHMOND — The law firm of Meyer, Goergen & Marrs has relocated its office to a larger space at 1802 Bayberry Court. Since the firm opened in 1991 with three principals, it has grown to include 11 attorneys.