News & Press

Wos, that title's quite a pitch, but apparently it's for real. In February, Philly-based Pew Charitable Trusts purchased a 10-story new regional headquarters at 901 E Street, taking the top four floors for itself. But because they're a 501(c)(3), they intend to lease the remaining 125k SF to other non-profits. That means space that might normally go for $60 SF full-service has been marked down to $52. That also means their brokers phones have been ringing off the hook.

Transwestern and CPN joined in Washington, D.C., in February for the fifth annual commercial real estate investors' roundtable, which preceded the annual Washington, D.C.-Baltimore commercial real estate TrendLines event, hosted by Transwestern research arm Delta Associates. Moderated by Transwestern senior vice president David Popp and CPN editor-in-chief Suzann D. Silverman, the discussion among investors and developers active in the Washington, D.C., area covered topics from pricing and competition to green building.

XSport Fitness is moving into 56k SF at 4301 King Street in Alexandria, taking over space once occupied by the Center Club. Northwestern Mutual Life owns the 800k SF building, called Park Center; Cambridge Property Group handles its leasing and building management. Cambridge EVP Ben Eldridge, and VP Ingo Mayr represented Northwestern and Alex Green of Woodmark represented the tenant.

Fitness Center to Occupy Space in Kiosk Building for 15 Years XSport Fitness signed a 15-year lease for 55,770 square feet at 4300 King Street in Alexandria, VA. Starting this fall, the fitness center will occupy 8,000 square feet on the ground floor and an additional 47,700 square feet on the lower levels. The space was formerly the Center Club and will undergo an extensive renovation over the next several months.

You don't get a tan like Andrew Czekaj's by living in DC - even with the last couple of days of 70 degree weather. The CEO of Cambridge Holdings, which has developed almost 6M SF since 1983 and structured the purchase or sale of another 15M, recently relocated his primary residence to Naples and is adjusting his Type-A personality to being more hands off. He's now leaving the company day-to-day operations to President Mike Scott, left, and COO Randy Jaegle, right. Yesterday Andrew happened to be in town for their monthly powow - so we thought we'd head out to their Herndon headquarters to find out what they're planning.

Greenbelt Office Towers Trade for $58M; WRIT to Reinvest Proceeds in 1031 Exchange Cambridge Property Group LP of Herndon, VA has acquired the 350,000-square-foot Maryland Trade Center complex in Greenbelt, MD, from Washington Real Estate Investment Trust (WRIT) (NYSE: WRE) for $58 million, or about $165 per square foot.