“With this budget, we’re not waiting for change to happen – we’re making change happen. The Growth Agenda is about creating jobs for DC residents and generating the economic activity we need to keep DC a world-class city,” said Mayor Bowser. “This budget acknowledges the challenges we are facing, but also includes bold, forward-thinking solutions to change our economic trajectory.”
For more details, check out the official press release or download the budget presentation here. Axios and The Washington Post also have more analysis.
Led by Managing Partner Nasir Qadree, the 5-year-old Zeal Capital Partners has raised $82 million to continue its mission of investing in early-stage companies aiming to narrow wealth, skills and health care gaps while also driving strong returns.
The closing of the fund comes roughly two years after Zeal first disclosed it was raising money for a second fund, and brings the firm’s assets under management to $186 million, Zeal said.
The news that the REIT inked an agreement to build a 320K SF office development at Metro Center, anchored by law firm McDermott Will & Emery, provided a signal: New office development is still possible in today’s market.
“There’s this wave of demand with really no place to go right now,” CBRE Executive Vice President Phillip Thomas said.
Trophy vacancy stood at 12.2% in the first quarter, with rents hitting new highs, according to CBRE. Just eight of the city’s 47 trophy buildings had more than 50K SF of contiguous space. And just one of those buildings also has a top floor available: 801 17th St. NW.
And the pipeline is nearly dry, with just one office development under construction: Stonebridge and Rockefeller Group’s redevelopment of the former WMATA headquarters at 600 Fifth St. NW, set to deliver early next year.
The top five floors of that building are preleased to Crowell & Moring, as are the top five floors of BXP’s 725 12th St. NW to McDermott.
