- The Washington Times - Monday, July 16, 2001

The Bernstein Cos., the D.C.-based real estate investment and development group, has picked up the nine-story office building at 1990 K St. NW for $56 million.
A private partnership sold the property. Local brokerage Cushman & Wakefield helped arrange the deal.
The 269,000-square-foot building has 60,000 square feet of retail space and a 255-space parking garage. Tenants include the U.S. Department of Education, the American Institute for Research and the law firm of Cahill, Gordon, Reindel.
Adam Bernstein, president of the Bernstein Cos., says the building's K Street address makes it valuable.
"This block … has experienced a renaissance over the last few years, with new buildings next door and across the street," he says.
The new landlord wants to "reposition" the building's two-level retail plaza, which is known as the Esplanade Mall. The plaza is now home to a CVS drug store and the Tequila Grill restaurant.
Bernstein financed the deal through its $100 million Consortium Capital equity fund, a series of funds assembled to buy, renovate and develop commercial real estate buildings in the mid-Atlantic.
The group started its first Consortium Capital fund in late 1997, placing $30 million of equity in joint ventures and other real estate acquisitions. That fund is fully invested in eight projects in the Washington area.
Bernstein recently started a second fund, valued at $100 million. The second fund has invested in several projects, including a 300,000-square-foot office building at 2100 M St. NW and an undeveloped parcel at Massachusetts Avenue and Fifth Street NW that is zoned for 440,000 square feet of housing.

New name

J.A. Jones, one of the oldest construction companies in the United States, acquired D.C.-based Tompkins Builders in 1961. Last week, Tompkins got around to adding "Jones" to its name.
The local firm is now called J.A. Jones/Tompkins Builders. President Ed Small says Tompkins wants to recognize its relationship to the parent company, a $4.3 billion construction giant based in Charlotte, N.C.
"This name change will have no effect on any of our existing contracts. Just like our blue horse head logo, our core construction services and capabilities continue unchanged," Mr. Small says.
It isn't the first name change in Tompkins' history. The firm opened in 1911 as Chas. H. Tompkins Co.
The General Services Administration, the federal government's real estate arm, recently gave Tompkins Builders part of the $56 million contract to build the proposed World War II Memorial on the National Mall.

In other news

Carr Capital, a D.C.-based real estate investment firm, was part of an investment group that purchased the Greenbriar Corporate Center in Fairfax from Brookdale Investors for $15 million. The 111,721-square-foot building is located on Route 50. Carr secured $11.2 million from an unnamed life insurance company and was given a 10-year, fixed-rate loan.
The Arlington County Department of Economic Development will lease 16,115 square feet at Ballston Plaza III, an office tower at 1100 N. Glebe Road. The department will use the space to house offices and a new marketing and briefing center, beginning in February. Local brokerage Cassidy & Pinkard arranged the 10-year lease on behalf of the county, and Carr Real Estate Services represented building owner Mass Mutual/Cornerstone.
L.F. Jennings, a Falls Church construction company, will build the first phase of Stonecroft Center, a business park planned in Chantilly. The West Group is developing the park, which will have nine buildings totaling 600,000 square feet. Jennings will build the first 100,000-square-foot building, which can be used as offices or a warehouse.
Winchester Open MRI, a medical services facility, will lease the ground floor of the 60,000-square-foot Trex Center in Stafford County, Va. Adams-Nelson Property Management, which handles leasing for the office complex, says only 7,000 square feet remain in the Trex Center.
D.C. architects Mancini Duffy/Liminality will design the new 19,331-square-foot office for Targus Information Corp. in Vienna. The project is scheduled to be completed in November.
Vermont Co. LLC has sold the Marriott Residence Inn at 1199 Vermont Ave. NW to JWM Family Enterprises for an undisclosed sum. Local brokerage Insignia/ESG arranged the sale.
The Claude Moore Foundation has sold an 11,340-square-foot office building at 1420 16th St. NW to the Faud El-Hibri Foundation for an undisclosed sum. The building opened in 1918 as a private home, but was turned into an office 20 years ago. Faud El-Hibri, a charitable group, plans to move its office into the space. Cassidy & Pinkard helped arrange the deal.
Chris Baker can be reached at 202/636-3139 or [email protected]

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