- The Washington Times - Monday, September 10, 2001

PROPERTY LINES

Louis Dreyfus Property Group and Apollo Real Estate Advisers sold the William P. Rogers Building at 2001 K St. NW to New York investor Bernard Spitzer for $95 million.
It is the biggest property sale in the Washington area this year. In general, office sales in the District continue to rise this year, despite the slowing economy, says Grubb & Ellis broker Eric Berkman.
Investors are putting money into "reliable" properties like the Rogers Building, a trophy office tower that opened last year, he says. Sales of suburban properties tend to yield smaller returns than buildings in cities, he says.
"There's been a real flight to quality buildings in Washington, but the suburbs are taking it on the chin," Mr. Berkman says.
Last year's top sales in the Washington area included the Warner building at 1299 Pennsylvania Ave. NW, which sold for $223 million, a building at 1801 K St. NW that sold for $140 million and a building at 1900 K St. NW that sold for $135 million.
This year, big sales have included the sale of a building at 1330 Connecticut Ave. NW for $73.2 million, and the sale of a building at 1325 G St. NW for $65 million, according to Grubb & Ellis research.
Real estate investment bank Sonnenblick-Goldman arranged the Rogers Building sale.
New York architects Skidmore, Owings & Merrill designed the 12-story building, which features 240,000 square feet and a 186-space parking garage. It is fully leased, according to William Stern, Sonnenblick-Goldman's managing director.
The property is named after the late William Rogers, a senior partner in D.C. law firm Clifford Chance Rogers & Wells.
Mr. Rogers died Jan. 2 at age 87. He was a founding member of Clifford Chance, and also served as President Nixon's secretary of state and President Eisenhower's attorney general.
Clifford Chance, previously located at 607 14th St. NW, recently moved into the Rogers building. It occupies 100,000 square feet, including a conference center on the ground floor, office suites on the ninth and 11th floors and a library on the lower level.

New in Frederick

Local developer Manekin will break ground next month on an 83,000-square-foot headquarters for credit counseling company DebtWorks off Route 70 in Frederick.
The building will be the first in the 66-acre Ballenger Creek Center. Banta Campbell Architects designed the building, which will feature brick and ribbon glass exteriors and glass curtain-wall entrances.
DebtWorks, now based in Germantown, is scheduled to move to the new building in fall 2002. It plans to bring 250 jobs to Frederick, and expects it will grow to 800 workers within five years.

In other news

International law firm Pillsbury Winthrop has leased an additional 29,775 square feet at its Washington office at 1133 Connecticut Ave. NW. Grubb & Ellis arranged the lease.
International architecture firm Leo A. Daly will lead the design team for the $13.7 million renovation of the University of the District of Columbia campus in Van Ness. The project will encompass the renovation of the David Clarke Law Library, the Campus Master Planning Services building and 60 laboratories. Daly has also worked on the Georgetown Preparatory School in Rockville and the planned National World War II Memorial in the District.
The Metropolitan Washington Airports Authority has given Consolidated Engineering Services a three-year contract to manage operations and maintenance at Ronald Reagan Washington National Airport. The Arlington company will operate and maintain the two terminals and an inbound baggage handling system. Consolidated manages 7,000 commercial and government buildings in 27 states.
Derr Flooring has leased 12,280 square feet at 10620-L Iron Bridge Road in Jessup. Knott Development owns the space and helped arrange the lease with regional brokerage KLNB.
Veteran Washington real estate broker Edward Geisinger died Sept. 3. Mr. Geisinger spent 28 years with local brokerage Julien J. Studley and won several awards from the Greater Washington Commercial Association of Realtors during his career.
Chris Baker can be reached at 202/636-3139 or [email protected]


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