SUMMER 2021

CHILDREN’S NATIONAL NOW OPERATING AT FORMER WALTER REED ARMY MEDICAL CENTER (WRAMC) CAMPUS

The Children’s National Research and Innovation Campus at WRAMC has achieved a significant milestone with the openings of its relocated Rare Disease Institute and Johnson and Johnson’s startup incubator. Children’s National plans to open additional hospital and biomedical research facilities this year.

Check out WDCEP’s interactive map for the latest Walter Reed Campus updates.

 

 

The District of Columbia reclaimed its top position for best park system in the U.S. and received high marks for park equity measures, which account for distribution of parks and acreage across race and income.

 

 

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Workforce & Economy

Boston Consulting Group Relocating regional office to Downtown DC
The firm signed a lease for 98,000 SF, the largest office lease as of May 2021.

More to Know:

• The District granted $5.2 million as part of the DC Local Equity, Access, and Preservation Funds (DC LEAF) Program to provide gap funding for job-creating commercial development projects and to increase the capacity of local businesses focused on food access and manufacturing.
• An impressive number of DC-based companies completed successful fundraising rounds this past quarter, including $118 million by Pie Insurance; $60 million by data intelligence company Morning Consult, which exceeded $1 billion to become a unicorn; $55 million by cannabis company Holistic Industries; $45 million by MotoRefi, a car refinancing startup moving to DC; $40 million by legislative policy tracking platform FiscalNote; $32 million by data engineering startup Prefect Technologies Inc.; $20 million by flower delivery startup UrbanStems; $10.8 million by online workforce training school Nexford University; $10 million by higher ed tech-focused Full Measure Education; $6 million by building analytics company Cortex; $2.95 million by neurotechnology startup iCE Neurosystems; and $30,000 by hairstyling hardware startup and Pitch BLCK competition winner The Most.
• Howard University and Amazon Web Services have announced a partnership to establish a new master’s degree program in data sciences as part of the school’s plans to build an applied data sciences center. The University has already teamed up with Amazon Studios to develop an entertainment industry pipeline through the Howard Entertainment initiative.
• JPMorgan Chase & Co. has selected the DC region to locate and launch Morgan Health, a new business unit dedicated to improving employer-sponsored healthcare system outcomes.

Real Estate & Housing

While the office market has felt the impacts of the Covid pandemic, coworking and flexible office spaces continue to demonstrate value in the District, and new players and models are emerging.
Among coworking and flexible space operators, Industrious is expanding in the region with plans to open a DC location in the fall, while Tishman Speyer recently opened Studio Outdoors downtown for the summer.

Check out WDCEP’s latest interactive map and accompanying blog post for an update on coworking and flexible spaces in the District and an assessment of the current landscape.

More to Know:

• Companies expanding within the District include educational curriculum and materials developer Great Minds; software and digital services firm Enovational, which will more than triple its building footprint; the Patient-Centered Outcomes Research Institute (PCORI); the American Bankers Association; fitness company Solidcore, which added another DC location; and property technology company Openpath, which is bringing its keyless entry system to additional buildings in DC.
• Major real estate deals completed recently include Tishman Speyer’s purchase of Mazza Gallerie Mall for $52 million and Douglas Development’s acquisition of Black Entertainment Television’s (BET) former headquarters for $16.4 million.
• DC retail leasing activity is picking up, with downtown business openings so far this year including Farmbird, the Cheesecake Factory, Foxtrot, and Dauphine’s.

Transportation & Infrastructure

New $480 M Frederick Douglass Memorial Bridge will open in October 2021.
U.S. DOT Secretary Pete Buttigieg recently met Mayor Muriel Bowser to tour the new replacement bridge, which spans the Anacostia River and is slated to open October 2021.

More to Know:

• DC has welcomed Unagi, the first electronic scooter rental service in the District to offer users month-long leases rather than subscription access to public fleets. The company’s portable Model One scooter entered the market one year after beginning in NYC and Los Angeles.
• The Washington Metropolitan Area Transit Authority (WMATA) Board approved reduced fares and more frequent service for rail and bus routes.

DC In the News

• U.S. News & World Report recommended DC as the #1 best historical city to visit in the country this year. Other categories highlighting the District included the best places to visit in the U.S. (#13), the best family summer vacations (#2), best cheap family vacations (#5), and best weekend getaways (#10).
• DC’s Washington Yu Public Charter School ranked #1 among the region’s top 20 public elementary schools as determined by Niche.com. Mundo Verde Bilingual Public Charter School also made the list at #17.
• Despite opening at the end of March with limited capacity due to Covid restrictions, the District’s new 10,000 sf downtown Cheesecake Factory (1426 H St. NW) exceeded average weekly sales this quarter among the chain’s 290+ locations.