Normandy Buys Old Town Alexandria Office Building

Normandy Real Estate Partners, the Morristown, NJ-based real estate operator and investment manager, announced this week that it had purchased 1680 Duke Street in Alexandria, VA from the National School Boards Association, which will continue to occupy approximately 25,000 square feet. The price and terms of the deal were not disclosed, but Normady did note that Donohoe Real Estate Services brokered the transaction – and will serve as the exclusive leasing agent on behalf of Normandy.

"The location of the property is fantastic, with walkable amenities and proximity to the U.S. Patent and Trademark office, as well as excellent access to transportation hubs such as the King Street Metro Station, Alexandria Amtrak Station, Reagan National Airport, the Capitol Beltway and I-95," said Patrick Keeley, Vice President of Normandy Real Estate Partners.

The five-story, corner office building is located on the western border of Historic Old Town in the City of Alexandria, VA, approximately five miles south of the District of Columbia inside the Capital Beltway. Situated two blocks from the King Street Metro Station at the corner of Holland Lane and Duke Street, the property has excellent Metro accessibility, is across the street from a Whole Foods Market and is also positioned two blocks south of King Street, the main retail corridor in Old Town leading to the waterfront.

For more news and information visit Blumberg Partners.

Construction Dipped in Arlington Q2

A new article from the Washington Business Journal examines the slowdown in construction activity in Arlington, VA during the second quarter of 2012. Even though there is over 4 million square feet of office space planned and approved by the county, none of the projects are yet under construction, making the second quarter the first quarter in the past decade without any new commercial construction started. An excerpt from the article:

But Arlington doesn't consider a project as "started" until it's above ground, so work at The Penzance Cos.' office building in Clarendon or Virginia Square Towers, both of which were in the dig or demolition phase during the second quarter, wasn't counted.

Robert Ruiz, who leads Arlington's urban planning research team, said the slow quarter was "definitely an anomaly," though it may be the result of several factors: the recession, the lag between county approval and construction, or a delay-spurred rethinking of projects.

Projects under construction during the second quarter will eventually total 962,282 square feet of office space, 147,660 square feet of retail, 1,404 residential units, 183 hotel rooms and 929,828 square feet of "other" space (public facilities, school, health care, etc). Much of the work now underway is found in Rosslyn, at Monday Properties' 1812 N. Moore St., The JBG Cos.' Sedona and Slate residential project and Abdo Development LLC's Gaslight Square.

For more news and information visit Blumberg Capital Partners.

American Clean Skies Foundation Plans Alexandria, VA Mixed-Use Complex

American Clean Skies Foundation proposed a $450 million project in Alexandria, VA three weeks ago that would replace an existing coal-fired power plant along the Potomac River into a mixed-used development. According to a New York Times article, despite not owning the property or the plant -- and without a developer having yet made an offer to acquire and redevelop them -- the foundation spent over $500,000 on architects, environmental and real estate specialists, and even a public relations agency to produce and promote what it calls Potomac River Green. The plant site is owned by Pepco, a regional electric utility, which operates a substation there.

GenOn Energy of Houston, which operates the plant under a 99-year lease from Pepco, announced yesterday that it had decided to close the 62-year-old coal-fired Potomac River Generating Station. GenOn has agreed to retire the generating station by October 1, 2012, or, if the plant is needed beyond that date for reliability purposes, as soon as it is no longer needed.

"Today's announcement is a path forward for both Alexandria and the power company that works for everybody, and truly reflects the interest of both parties," said Alexandria's Mayor William D. Euille. "Both the Alexandria City Council and community have worked extremely hard toward this goal, and we are very proud of the final result. This news strengthens Alexandria's future and opens the door to an enhanced quality of life for our residents."

Enter American Clean Skies Foundation. "We've looked at opportunities across the states for repurposing coal plants," said Gregory C. Staple, the foundation's chief executive. "We want to accelerate retirement of those inefficient and unscrubbed. Alexandria stands out." The proposed project would include 89,600 square feet of office space, 114,500 square feet for retail and restaurant use, plus 467 multifamily and 96 town house units, a 125-room hotel, recreational and open space, a center for alternative energy start-ups and a museum of the newest power technologies.

Bob Hainey, a Pepco spokesman, said before Tuesday's announcement that "the entrepreneurs at Clean Skies asked for the opportunity to present their ideas to Pepco, and we plan to meet with them in the near future."

For more news and information visit Bumberg Capital Partners.