PORTFOLIORedland Corporate Center, Phases II & III From site identification and underwriting to LEED- precertification and construction management, Perseus Realty has executed all aspects of the development process for the construction of Redland Corporate Center Phases II and III in Rockville, MD. Perseus Realty anticipates achieving LEED Silver certification for the two ideally located Class-A office buildings of 350,000 net rentable square feet total. The site also features 1,190 spaces of structured and surface parking on a 28-acre wooded campus with on-site dining, a state of the art fitness center, and private shuttle busaccess to nearby retail and dining amenities and the Metrorail. Perseus Realty beganconstruction in November 2007 and will deliver both buildings by July 2009.The ArgentPerseus Realty has managed all aspects of the developmentprocess, including permitting and entitlements, for the 96-unit, nine-story residential condominium located inside the Washington, D.C.beltway in Silver Spring, MD. The Property is within walkingdistance to both the Silver Spring Metrorail and MARC and Ride-Onbuses, making it an ideal destination for ‘green’ living. The Argentincludes a mix of efficiency, one- and two-bedroom units, with abelow-grade parking garage, rooftop deck, and an adjacent publicpark. Perseus Realty broke ground in June 2007 and will deliver the building by July 2009.14WPerseus Realty is managing all aspects of the development process for 14W, a new mixed-usebuilding with 231 apartment units on six floors with 12,200 square feet of ground floor retailspace and 170 below-grade parking spaces. Also included in the building is the new YMCAAnthony Bowen, a 44,000 sf state of the art athletic and community facility. Perseus Realtyis permanently reserving 8% of the apartment units for families whose wages fall below 60% ofthe area median income. Perseus Realty is pleased to have been selected by the YMCA to redevelop their historic Anthony Bowen facility. Perseus Realty’ s combination of five historic townhouses along 14th Street with the existing Y lot provided the YMCA with substantial street presence and signage while simultaneously providing the project with ground floor retail space. PerseusRealty was also able to garner approval for the 231 unit building in the traditionally “lowdensity”Cardozo-Shaw neighborhood.
“ Hotel, Washington 1”“ Hotel, Washington is the flagship property of the world’ 1” sfirst eco-luxury hotel brand. Perseus Realty partnered withStarwood Capital Group to purchase and assemble 2201 MStreet and its adjacent property in November 2006 and byAugust 2008 Perseus Realty had completed the extensivePlanned Unit Development entitlement process. As part ofthe “ Hotel brand, the "1" Hotel, Washington will combine 1”the best of environmentally sustainable architecture and interiordesign with the service and comfort of a five star hotel; as such,it is expected to be certified LEED Silver and will feature local and organic cuisine, eco-friendlyhousekeeping, energy efficient guest rooms and an organic day spa.1110 Vermont Avenue 1110 Vermont Avenue, NW, is a 12-story, 298,203 square foot office building in the dynamic Mid-Town Central Business District. In 2006, Perseus conceived and executed a comprehensive $12 million renovation and repositioning of the $125M Property. To date, Perseus has successfully leased over 240,000 sf (80%) to tenants including advertising giant WPP, Starbucks and Il Mulino restaurant. The Property is located just four blocks from theWhite House and is two blocks from the McPherson Square Metrorail station.Parkside at GermantownPerseus Realty purchased Fieldstone, an existing 265 unittownhouse community in Germantown, Maryland in early 2005.Perseus Realty converted the rental project into “ sale”units forand rebranded the subdivision Parkside at Germantown. PerseusRealty managed all aspects of the project including substantialimprovements and renovations to the landscaped and parking lotareas as well as a comprehensive sales and marketing campaign.With a total project cost of approximately $65M, Perseus Realtycompleted the conversion in 16 months and the sell out by early2007.2440 M Street The specialty medical building at 2440 M Street is easily accessible from locations in the District and key suburban communities and services the best local hospitals. However, at the time of acquisition in October 2005 only 83% of the building was leased. Perseus Realty conceived and managed the much-needed $2.3 million capital improvement plan and worked with DC’ top medical s leasing brokers to increase the occupancy of the building to 98%. Perseus sold the property in 2007, creating an IRR of 98%.
4733 Bethesda Avenue4733 Bethesda Avenue, Maryland, is a 100,000 sf office buildinglocated in the well-established Bethesda suburb of Washington,DC. Perseus Realty conceived and executed a substantialrenovation program in 1999. Perseus Realty leased the 12%vacant building at rents well-above its initial projections.Upon sale in April 2006 for $32.5 million, Perseus Realtyachieved a 41% IRR and a 2.75x equity multiple to thepartnership.1577 Spring Hill Road Built in 1984, 1577 Spring Hill Road is an 118,000 sf office building located in Tysons Corner, Virginia. Perseus Realty placed the building under contract with 85,000 square feet vacant and market rents at a five-year low. Perseus Realty’ goal upon closing was to lease 55,000 square feet s of vacant space. That goal was easily met and succeeded and the building is now 100% leased with a greater than a 30% IRR to the deal.Georgetown Heights CondominiumGeorgetown Heights is a $41.6 million, 44 unit luxurycondominium project. Perseus Realty competitively bid fordevelopment rights and successfully rezoned the propertyto multi-family from single family. After generating supportfrom two citizens associations and two AdvisoryNeighborhood Commissions, Perseus Realty raised equity of$2 million, $5 million of mezzanine debt and $29.6 million insenior debt. Construction began late 2004 and the building isnow sold out.National Association of Securities Dealers, Inc. National Association of Securities Dealers, Inc. (NASD), a $80M/260,000 SF build-to-suit for NASD in suburban Washington, D.C. Completed the project within 18 months including contract negotiation with NASD, zoning approvals and construction. Saved $3.7M on budget and earned $500,000 bonus for Boston Properties1615 M Street1615 M Street, NW, Washington, DC - $42M/200,000 SFClass-A office redevelopment. Successfully re-tenanted80% of building to 100% occupancy; renovated allcommon areas and restrooms; under budget by $1M;placed financing on project (construction/acquisition andpermanent).
901 New York Avenue 901 New York Avenue, NW - Washington, D.C. - $180M/550,000 SF 85% Pre-Leased Class-A office building. Led underwriting and due diligence efforts; obtained zoning amendments; obtained $120M construction loan; responsible for oversight of offsite proffers; completed construction documents; overseeing joint venture relationship with New York Common Fund and JP Morgan Investment Management. Leased building up to 85% with 15 months left to delivery.Tower OaksLand/master planning, and infrastructure development for an84 acre, $450MM/1,145,000 SF office park in suburbanWashington, D.C. Constructed the $6M parkway andinfrastructure system (storm water management andutilities) for office park.The Preserve at Tower Oaks Land planning and development of a 28 acre, $250MM/850,000 SF office park in suburban Washington, D.C. Obtained planning commission approval for schematic development plan; detailed development plan of all infrastructure (roads, storm water management and utilities); completed first building construction documents; continue to market to tenants; responsible for community relations.Tower Oaks2600 Tower Oaks Blvd. - $40M/185,000 SF multi-tenanted office building in suburban Washington, D.C.Successfully pre-leased 70% of the building. Saved $1.5Mon budget.One Preserve Parkway at Tower Oaks $45M/184,000 SF speculative office building in suburban Washington, D.C. and the second building at Tower Oaks. Obtained planning commission approval; completed project contract documents; obtained all land development and building permits; continuing to market property for lead tenant.
Clyde’Restaurant at Tower Oaks sNegotiated the sale of the 20,000 SF restaurant site;secured planning commission approval; completed theland development and site improvements for theClyde’site. s20 F Street 20 F Street, NW - Washington, D.C. - Development and planning of a $50M/200,000 SF Class-A office development. Actively participating in land assembly; zoning review and approval; design and market building.Oversaw approvals and implementation of all landdevelopment/infrastructure for a $500M/6.8M SF mixed-use brownfield development in suburban Washington,D.C. (Alexandria, Virginia). Managed municipal approvals;procurement of construction services; inspections; andcoordination of environmental remediation. Projectmanagement responsibilities included project liaison withother associated developers and project owner (NorfolkSouthern Corporation).1030 15th Street 1030 15th Street, NW - Washington, D.C. - A $6M/210,000 SF redevelopment of an occupied building.1500 Broadway1500 Broadway New York, New York –A $9M dollar redevelopment. The scope included thebuy-out of existing leaseholds; rezoning; major structural renovation of the retail area; creationof an ABC Television’broadcast center and four story signage on Times Square. s