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COMMERCIAL BROKER QUARTERLY
May 2011

2Q 2011 Edition

Letter From the President
Gary Cook

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

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.   

 

 

 

 

2011 GWCAR 16th Annual Awards
Anne Rosenau and Susan Thomas
2011 GWCAR 16th Annual Awards
Douglas Jemal, Broker of the Year Lou Christopher, and Mitchell Schear
2011 GWCAR 16th Annual Awards
GWCAR President Gary Cook
2011 GWCAR 16th Annual Awards
Brian Berry, Katie Burton, and Brian Connolly, Sr.
2011 GWCAR 16th Annual Awards
Brendan McCarthy Award Winner Walter "Trip" Howell
2011 GWCAR 16th Annual Awards
Amy Bowser and Ray Ritchey

 

 

 

 

 

 

 

 

 

 


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

 

Summit Awards
Jeff DeBoer, Steve Roth, Sam Zell, Gary Cook, Mitchell Schear

 

Summit Awards
On stage at the Warner Theater
Summit Awards
Reception at the Warner Theater atrium

 Event coverage: 

 

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


Sonley Team
Susan with Wendy Goetz of Cushman & Wakefield and her daughter Lauren

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.

1st Quarter Market Report

Courtesy of Cassidy Turley

Washington, DC Market ReportMarket 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 >>> 


N E W    M E M B E R    S P O T L I G H T  

 

Jennifer BrodyJennifer 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.


DC PUBLIC POLICY UPDATE  

 

DC PUBLIC POLICY UPDATEOn 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.

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.


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.

VIRGINIA PUBLIC POLICY UPDATE    

 

DC PUBLIC POLICY UPDATEThe 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.

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.

 

 

 

GWCAR BOARD OF DIRECTORS

GWCAR SENIOR ADVISORY COUNCIL

President

Gary Cook

Vornado/Charles E. Smith


President-Elect
Moe 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

 


 

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

 

 

 

 

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

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  

 

 

 

 

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