Redland 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 bus
access to nearby retail and dining amenities and the Metrorail. Perseus Realty began
construction in November 2007 and will deliver both buildings by July 2009.
Perseus Realty has managed all aspects of the development
process, 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 walking
distance to both the Silver Spring Metrorail and MARC and Ride-On
buses, making it an ideal destination for ‘green’ living. The Argent
includes a mix of efficiency, one- and two-bedroom units, with a
below-grade parking garage, rooftop deck, and an adjacent public
park. Perseus Realty broke ground in June 2007 and will deliver the building by July 2009.
Perseus Realty is managing all aspects of the development process for 14W, a new mixed-use
building with 231 apartment units on six floors with 12,200 square feet of ground floor retail
space and 170 below-grade parking spaces. Also included in the building is the new YMCA
Anthony Bowen, a 44,000 sf state of the art athletic and community facility. Perseus Realty
is permanently reserving 8% of the apartment units for families whose wages fall below 60% of
the 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. Perseus
Realty was also able to garner approval for the 231 unit building in the traditionally “low
“ Hotel, Washington
“ Hotel, Washington is the flagship property of the world’
first eco-luxury hotel brand. Perseus Realty partnered with
Starwood Capital Group to purchase and assemble 2201 M
Street and its adjacent property in November 2006 and by
August 2008 Perseus Realty had completed the extensive
Planned Unit Development entitlement process. As part of
the “ Hotel brand, the "1" Hotel, Washington will combine
the best of environmentally sustainable architecture and interior
design 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-friendly
housekeeping, 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 the
White House and is two blocks from the McPherson Square Metrorail station.
Parkside at Germantown
Perseus Realty purchased Fieldstone, an existing 265 unit
townhouse community in Germantown, Maryland in early 2005.
Perseus Realty converted the rental project into “ sale”units
and rebranded the subdivision Parkside at Germantown. Perseus
Realty managed all aspects of the project including substantial
improvements and renovations to the landscaped and parking lot
areas as well as a comprehensive sales and marketing campaign.
With a total project cost of approximately $65M, Perseus Realty
completed the conversion in 16 months and the sell out by early
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
leasing brokers to increase the occupancy of the building to
98%. Perseus sold the property in 2007, creating an IRR of
4733 Bethesda Avenue
4733 Bethesda Avenue, Maryland, is a 100,000 sf office building
located in the well-established Bethesda suburb of Washington,
DC. Perseus Realty conceived and executed a substantial
renovation 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 Realty
achieved a 41% IRR and a 2.75x equity multiple to the
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
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 Condominium
Georgetown Heights is a $41.6 million, 44 unit luxury
condominium project. Perseus Realty competitively bid for
development rights and successfully rezoned the property
to multi-family from single family. After generating support
from two citizens associations and two Advisory
Neighborhood Commissions, Perseus Realty raised equity of
$2 million, $5 million of mezzanine debt and $29.6 million in
senior debt. Construction began late 2004 and the building is
now 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 Properties
1615 M Street
1615 M Street, NW, Washington, DC - $42M/200,000 SF
Class-A office redevelopment. Successfully re-tenanted
80% of building to 100% occupancy; renovated all
common areas and restrooms; under budget by $1M;
placed financing on project (construction/acquisition and
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.
Land/master planning, and infrastructure development for an
84 acre, $450MM/1,145,000 SF office park in suburban
Washington, D.C. Constructed the $6M parkway and
infrastructure system (storm water management and
utilities) 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
2600 Tower Oaks Blvd. - $40M/185,000 SF multi-
tenanted office building in suburban Washington, D.C.
Successfully pre-leased 70% of the building. Saved $1.5M
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
Clyde’Restaurant at Tower Oaks
Negotiated the sale of the 20,000 SF restaurant site;
secured planning commission approval; completed the
land development and site improvements for the
20 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 land
development/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; and
coordination of environmental remediation. Project
management responsibilities included project liaison with
other associated developers and project owner (Norfolk
1030 15th Street
1030 15th Street, NW - Washington, D.C. - A $6M/210,000 SF
redevelopment of an occupied building.
1500 Broadway New York, New York –A $9M dollar redevelopment. The scope included the
buy-out of existing leaseholds; rezoning; major structural renovation of the retail area; creation
of an ABC Television’broadcast center and four story signage on Times Square.