January 9, 2019

Stonebridge to Build $300M Bethesda Tower

In the market for spec office space in Bethesda? Doug Firstenberg has you covered. Firstenberg, principal of Stonebridge, said his firm will begin construction in March on its $300 million Avocet Tower mixed-use development at 7359 Wisconsin Ave. featuring a trophy office tower that will soar 300 feet into the air with a rooftop terrace and 220-unit AC by Marriott hotel. If completed as expected by spring 2021, the development will add to other speculative trophy office buildings in Bethesda, where developers are locking in tenant deals for between $60 to $70 per square foot. Consider JBG Smith's 287,183-square-foot 15-story office building at 4747 Bethesda Ave. that is nearly fully leased with rents in that range, and a 360,000-square-foot trophy office tower called The Wilson by Carr Properties at 7272 Wisconsin Ave., which is more than halfway leased. "The leasing velocity has been phenomenal," Firstenberg said. "Bethesda has always been a great location. But there hasn't been a lot of new quality office space, and now you are getting trophy space. You have all these tenants looking for high-quality trophy looking buildings." He said StonebridgeCarras hopes to lease the 370,000-square-foot office building near the future Bethesda Metro entrance and Purple Line Station entrance to law firms, financial companies and professional services companies for rents of $65 per square foot. ...READ MORE

January 4, 2019

People to watch in 2019; Doug Firstenberg, Principal, Stonebridge

It might be an understatement to call 2018 "eventful." After all, venture funds raised hundreds of millions of dollars, while businesses and startups may have seen the biggest funding year outside of the dot-com era. Sequestration-related austerity gave way to what analysts describe as a tech modernization powder keg in the federal government, even as the region's contractor community minted several billions-dollar marriages. The #MeToo movement came for a local celebrity chef, while a Northeast D.C. hospital made moves to shut its doors. Oh, and we brought home the Stanley Cup. And then there was HQ2. But 2019 promises to be no slouch either. Amazon (NASDAQ: AMZN) will begin to set up shop in Crystal City this spring and Virginia Tech will embark on its $1 billion innovation campus in Alexandria. From Silver Spring to Anacostia, developers aim to keep the momentum going, new restaurateurs and retailers aim to add vibrant twists to their surroundings and emerging startups aim to be the next, well, Amazon. So, who will be moving the ball forward this year? These are the D.C.-area business leaders we'll be keeping tabs on in 2019. ...READ MORE

December 12, 2018

StonebridgeCarras and Bozzuto to Acquire the MNCPPC's 8787 Georgia Ave. Site by 2021

More than 900 Montgomery County staffers will be moved from older offices scattered around the county into a new $152 million headquarters facility in Wheaton by summer 2020. The move is part of an effort to create fresh digs for several county agencies currently located in Silver Spring, Rockville and Wheaton, and to create a central town square that will enliven the area around the Wheaton Metro station. Montgomery County is the master developer of the new 14-story, Class A building at 2425 Reedie Drive. It is being constructed by a joint venture of Bethesda-based StonebridgeCarras LLC and Greenbelt-based Bozzuto. ...READ MORE

November 13, 2018

Stonebridge Selected to Develop Virginia Tech Innovation Campus in Alexandria, VA

Virginia Tech is widely known for its long-standing excellence in computer science, engineering, data analytics, and technology. The university ranks No. 8 in the nation for engineering research expenditures, according to the National Science Foundation Higher Education Research and Development Survey, and the College of Engineering No. 13 for its undergraduate program, according to U.S. News & World Report’s 2019 rankings.“Today is a historic day for the commonwealth,” saidU.S. Sen. Mark Warner (D-VA). “The Innovation Campus will transform Virginia’s high-tech economy while also providing a pipeline of talent to industry all over Virginia, including Amazon. Once fully launched, it will benefit educational institutions and regions across  the commonwealth.”Virginia Tech has entered into a memorandum of understanding with Stonebridge Associates Inc. and the City of Alexandria to expedite construction. The Innovation Campus will be located on land owned by investment firm Blackstone Group LP’s real estate fund. The land, commonly referred to as Oakville Triangle, will be developed by StonebridgeCarras.                     ...READ MORE

July 25, 2018

Wegmans, NSF Driving New Wave Of Development On Alexandria's Eisenhower Avenue

Alexandria's Eisenhower Avenue corridor has grown significantly since the U.S. Patent and Trademark Office moved nearly 10,000 employees there in 2005. Now, with the National Science Foundation bringing 4,000 more workers and popular grocer Wegmans signing on, the corridor is poised for another major wave of development. Near the Parc Meridian building, Paradigm is planning a mixed-use development with a 25-story, 404-unit apartment tower and a 10-story, 184-room hotel. The developer is still going through the design process and hopes to break ground by late 2019. The development would then deliver around the same time Wegmans plans to open a few blocks away at StonebridgeCarras' Hoffman Town Center project, another potential demand driver for the area. "Wegmans is a really quality grocer, and a lifestyle grocer that we think our residents will really like; we think it's good for all of the projects down there," Sloter said. "We've done well at Eisenhower for many years and feel like the whole plan is starting to come together. I think the synergy will make this much more attractive competing against other residential in the region." ...READ MORE