Letter From the President

We've started 2011 with great momentum - riding the wave of two stellar events - the GWCAR Summit and the 16th Annual GWCAR Awards Dinner. This issue features highlights from both of these extremely successful events.
The GWCAR Summit held on March 16th featured a "conversation" with Steve Roth and Sam Zell. Steve and Sam wowed the crowd at the Warner Theatre with candid comments, colorful stories, and spirited dialogue.
On the heels of the Summit, we hosted the 16th Annual Awards Dinner on April 14th at the Mayflower Hotel. With almost 400 guests, we had another full house to honor superstars in all facets of our industry.
Finally, it wouldn't be springtime in DC without GWCAR's Annual Golf Event. This year's event is just a few days away, May 9th, and will be held at the Kenwood Country Club in Bethesda. Players will once again play their own balls - utilizing handicaps and scoring the best two out of four balls. Let's hope for fantastic weather as we expect a great turnout!
Stay tuned for more events in the next few months including our Best Practices Education Series and RealTOUR 2011. Our region's market is back! Here's to additional success in 2011!
Regards,
Gary Cook
2011 GWCAR President
Vornado/Charles E. Smith
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2011 GWCAR 16th Annual Awards Dinner
The historic and elegant Mayflower Hotel was once again the place to be on Thursday, April 14 for the 16th Annual GWCAR Awards Dinner. GWCAR President Gary Cook and Awards Chair, Amy Bowser, were the emcees for the star-studded event, which honored the top producers in the sales, leasing, retail, and development areas.
This year, the awards were presented by a number of celebrity presenters, including Joe Stettinius, President of Cassidy Turley and Doug Donatelli, Chairman and CEO of First Potomac; Greg Meyer, Senior VP of Brookfield Properties (DC Region) and Brian Connolly, Senior VP for Akridge; and Douglas Jemal, founder of Douglas Development and Mitchell Schear, President of Vornado/Charles E. Smith.
Ray Ritchey of Boston Properties closed out the night with a heartfelt introduction of the Brendan McCarthy winner, Walter "Trip" Howell of Jones Lang LaSalle. Trip was honored for his tireless efforts to enrich and empower the lives of children with learning challenges through the school he founded, the Commonwealth Academy. Louis Christopher of Cushman & Wakefield was recognized as GWCAR's Broker of the Year for 2010.
This year's Rising Star award was given in two categories: Development and Leasing, and the ladies took home the top prize. Kudos to the Rising Star - Development winner - Andrea Lawhon of The JBG Companies, and the Rising Star - Leasing winner, Lauren LeHew of Cushman & Wakefield (updated from earlier edition).
Thank You Sponsors!
Platinum
BostonProperties Cushman & Wakefield First Potomac
Gold Tishman Speyer Vornado/Charles E. Smith
Silver Akridge BrookfieldOffice Properties Cassidy Turley Cooley LLP Jones Lang LaSalle MOI Monument Realty
Bronze Grubb & Ellis James G. Davis Construction
Cocktail Reception CresaPartners
Wine Greenstein DeLorme & Luchs, P.C.
Brendan McCarthy Award Transwestern
Read the press release.
See the full list of winners in the Washington Business Journal.
View more awards pictures.
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| Anne Rosenau and Susan Thomas
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| Douglas Jemal, Broker of the Year Lou Christopher, and Mitchell Schear
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| GWCAR President Gary Cook
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| Brian Berry, Katie Burton, and Brian Connolly, Sr.
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| Brendan McCarthy Award Winner Walter "Trip" Howell
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| Amy Bowser and Ray Ritchey
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GWCAR Summit Scores Big With Real Estate Giants Zell and Roth
Steve Roth, Chairman of the Board, Vornado Realty Trust, and Sam Zell, Chairman, Equity Group Investments, LLC, stole the show at the 2011 GWCAR Summit, March 16 at the Warner Theater. GWCAR President Gary Cook kicked off the event and thanked moderator Jeff DeBoer of The Real Estate Roundtable for stepping in at the last minute when Peter Linneman became ill. It was a roller coaster ride from the start as Roth and Zell wowed the crowd of over 700 with their thoughts on the state of the real estate market. Attendees enjoyed a reception afterwards in the beautiful Warner Theater atrium.
Thank You Sponsors! Platinum Sponsor CB Richard Ellis Cushman & Wakefield First Potomac
Gold Sponsor Tishman Speyer Vornado/Charles E. Smith
Silver Sponsor Akridge Cassidy Turley MOI
Bronze Sponsor Grubb & Ellis Studley
Reserved Row Sponsor Beacon Capital CresaPartners K3 Construction Group Newmark Knight Frank OTJ Architechts
Bar Sponsor Transwestern
University Sponsor American University
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| Jeff DeBoer, Steve Roth, Sam Zell, Gary Cook, Mitchell Schear
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| On stage at the Warner Theater
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| Reception at the Warner Theater atrium
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Event coverage:
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G W C A R G I V E S B A C K
Susan Sonley Continues Her Enthusiastic Support of the Race for the Cure
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| Susan with Wendy Goetz of Cushman & Wakefield and her daughter Lauren
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Susan Sonley of Grubb & Ellis and a four-year GWCAR Board Member, is also a two-time breast cancer veteran and top fundraiser. She is once again captaining her team - Sonley's Original Champions of the Cure - at the Susan G. Komen Global Race for the Cure, a 5k walk/run on Saturday, June 4 on the National Mall. Her team has raised over $735k since 1999, 75% of which stays in the DC area to support breast cancer screening, research, education, and treatment programs. Last year she and her team raised over $105,000, winning four top fundraising awards and setting records in each category. Although there are some exciting things going on in research - specific drugs to target breast cancers with different genetic make ups, early detection strategies, and a breast cancer vaccine, to date, there is still no cure.
Susan Sonley walks the walk and would love to see you on Race Day. As her tag line reads: "Until there's a cure for breast cancer, we have work to do."
Follow these simple, life-saving strategies (men get breast cancer too, so be alert):
- Monthly: breast self exam
- Annually: Mammograms (digital) starting at age 40, earlier if you are in a high-risk group
- Annually: Clinical exams by your doctor
- Every 2 - 4 years: Breast MRI starting at age 40 - or more frequently if you are in a high-risk group.
For more information, visit the Race for the Cure web site.
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1st Quarter Market Report
Courtesy of Cassidy Turley
Washington, DC Market Report
After experiencing a surge during 2010, demand returned to more subdued levels in the 1st quarter of 2011. DC Metro registered 489,000 square feet of net absorption in the quarter - slightly less than half of the average historical quarterly demand. Federal leasing requirements from 2010 continued to drive demand into the first part of 2011. In the District, the Federal Government accounted for 80 percent of gross leasing activity. Read more >>>
Maryland Market Report
Suburban Maryland's office sector had an impressive start to 2011. Net absorption in the first quarter of 2011 was positive 340,000 square feet, a dramatic improvement from the negative 202,000 square feet recorded in the fourth quarter of 2010.Read more >>>
Northern Virginia Market Report
The first quarter of 2011 revealed that office market fundamentals remain bumpy in Northern Virginia. After a relatively healthy rebound in 2010, net demand registered at negative 254,000 square feet in the first quarter. A handful of large move-outs and consolidations explain the overall decline.Read more >>>
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N E W M E M B E R S P O T L I G H T
Jennifer Brody
Associate, CresaPartners
How long have you been in the business? 5 years in commercial real estate, 1 as a broker.
Why did you join GWCAR?
Staying involved in the commercial real estate community is very important to anyone in the industry. GWCAR is a great platform to achieve that. In addition, it is the only organization in our area dedicated to supporting commercial real estate advisors.
What have you gotten out of the organization so far? Maintaining relationships and establishing new ones have been the biggest reward to this membership.
What would you like to see the organization focusing on in the future? More informal meet & greet sessions that include some of the "bigger" names in the industry so that those of us who are young in the business have a chance to get to know some of the long-time, influential decision-makers.
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DC PUBLIC POLICY UPDATE
On February 17, WDCAR hosted its first "WDCAR Speaker Series" with Deputy Chief and Director of the Mayor's Office of Budget and Finance, Eric Goulet, who laid out the budget challenges, both on the spending and revenue side.
On April 21, Council Chairman Kwame Brown discussed his new position as Council Chair, the Fiscal Year 2012 Budget, as well as the District's commercial real estate market. He personally addressed members' questions regarding issues such as the real estate guarantee fund. Read more.
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News from NAR Commercial
Simplifying GSA Leasing
With approximately 184 million SF under lease, the General Services Administration (GSA) is one of the nation's largest tenants. Find out how the GSA is working to make it easier for the private sector to do these types of leases. Read more.
Commercial Real Estate Dodges Carried Interest Change
The Tax Relief Act of 2010 (HR 4853) did not change the carried interest provision - which is the profit a general partner receives at the time a property is sold - a legislative victory for the National Association of REALTORS® and other commercial real estate groups. Take a look at the other provisions that affect commercial real estate. Read more.
REITs Help Commercial Real Estate Uptick
Real-estate investment trusts (REITs) are a factor in commercial real estate's recovery, and it seems there's still room for growth. According to Howard Gold of MarketWatch, no sector in the U.S. market has done as well as in the past two years. Read more.
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MARYLAND PUBLIC POLICY UPDATE
On March 15, County Executive Leggett announced his recommended 4.35 billion operating budget that closes a $300 million gap for fiscal year 2012 that begins July 1. The budget aims to protect essential services and prioritizes education, public safety and a safety net for the most vulnerable. There are also reductions in services, staffing levels, and employee compensation to address the County's long-term structural budget challenge. Read more.
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VIRGINIA PUBLIC POLICY UPDATE
The Virginia General Assembly met from January 13 to February 27 (they return later to address redistricting issues).
The Virginia Association of REALTORS® (VAR) introduced a number of pieces of legislation. A number of bills introduced by VAR were successful in passing, as well as one that likely would have passed if not for the current fiscal realities. Read more.
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MAR Commercial Real Estate Symposium June 2
The Maryland Association of REALTORS® (MAR) is hosting a symposium - Cyber Security: What it is and How Will it Affect the Commercial Real Estate Market - on June 2, from 8:15 a.m. - Noon at the Sheraton/BWI in Baltimore. CE credits are pending. Get details and register today.
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GWCAR BOARD OF DIRECTORS
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GWCAR SENIOR ADVISORY COUNCIL
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President
Gary Cook
Vornado/Charles E. Smith
President-ElectMoe Hamilton
Cushman & Wakefield
Immediate Past President
Susan Pepper
Grubb & Ellis
Treasurer
Mark Sullivan
Cassidy Turley
Secretary & CEO Amy Ritsko-Warren GWCAR
DC REGION DIRECTORS
Katie Burton Chair, Akridge
Amy Bowser Jones Lang LaSalle
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Andrew Eichberg
Tishman Speyer Properties Suzanne Keech
Studley, Inc.
Bruce Pascal
CB Richard Ellis, Inc.
MD REGION DIRECTORS
Ken Smondrowski, Chair
Mack-Cali Realty
Corporation
David Dochter Cushman & Wakefield
Quinn Rounsaville The JBG Companies
Rich Rhodes
CresaPartners
Mindy Saffer
West, Lane & Schlager LLC
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VA REGION DIRECTORS
Kay Chewning, Chair Vornado/Charles E. Smith
Henry Fonvielle The Rappaport Companies
Chris Lucey
Cassidy Turley
David Goldstein Jones Lang LaSalle Americas
Susan Sonley Grubb & Ellis PRESIDENTIAL APPOINTEES
Scott Russi
Transwestern
Pat Nalls
Newmark Knight Frank
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Marty Almquist
Eric Berkman
David Bevirt
Scott Brody
Brendan Cassidy
Lou Christopher
Bill Collins
Stephen Conley
Brian Connolly Gary Cook
Audrey Cramer
Jim Creedon
Caulley Deringer
Dave DiNardo
Zeke Dodson
Dan Dooley
Rick Farren
Brian Fitzgerald
Scott Frankel
Tom Fulcher
Art Greenburg Moe Hamilton
Trip Howell
Scott Johnston
John Kevill
Rich Lane Robert Liss
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John McEvilly
Brian McVay
Philip Meany Jr.
Glenn Meltzer
Greg Meyer
Pat Nalls
Sharon Oliver
Douglas Olson
Nick Pappas
Bruce Pascal
Susan Pepper
Bill Prutting, Jr.
Art Santry
Julie Schuelke
Robert Schwartz
Paul Schweitzer
Neil Simon
Chris Sowick
Spencer Stouffer Susan Thomas Philip Thomas Jr. Bob VeShancey Lois Zambo
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