Real Estate Forum - May/June 2009

Total Number of Completed Leases: 35
Total Square Footage: 3. 5 million sf
Total Dollar Value: $1.3 billion

GREG LUBAR Managing Director Jones Lang LaSalle Chicago

Despite the tapering off of tenant demand and trending up of vacancy rates in the Washington, DC area, Lubar says, “Economic conditions may benefit the region as it will reap a disproportionate amount of work related to the Obama Administration’s stimulus plan.”

A Metro DC office and interstate site selection specialist, Lubar has closed some notable deals in the past year. He led the team that represented Volkswagen Group of America Inc. in two key transactions: the relocation of the company’s North America headquarters from Auburn Hills, MI to a new 185,000-square-foot facility in Herndon, VA; and the site selection and incentive negotiations for Volkswagen’s automotive production facility in Chattanooga, TN. The 1,350-acre site will house a 3.5-million-square-foot production plant, which will have the capacity to roll out 150,000 vehicles annually.

Total Number of Completed Leases: 60
Total Square Footage: 3. 3 million sf
Total Dollar Value: $88.6 million

ZACH ANDERSON Industrial Real Estate Specialist NAI Utah Commercial Real Estate Salt Lake City

BRYCE BLANCHARD Investment Real Estate Specialist NAI Utah Commercial Real Estate Salt Lake City

MIKE FALK Industrial Real Estate Specialist NAI Utah Commercial Real Estate Salt Lake City

KYLE ROBERTS Industrial Real Estate Specialist NAI Utah Commercial Real Estate Salt Lake City

Industrial product in Salt Lake City is the focus for Falk, Anderson, Roberts and Blanchard, who last year coordinated the disposition of a complex multi-party 1031 exchange. The deal consisted of a 122,944-square- foot, class A bulk distribution facility as well as 23. 5 acres of additional vacant industrial land located in Salt Lake City. The total consideration for this transaction, including the land, was $15 million.

Falk says, “Activity has been generally slowing in the past few quarters, as a sense of caution and lack of clarity has paralyzed business’ growth and expansion plans.” He continues, “Sale prices are likely to come down on large industrial properties in accordance with lease rates, declining construction and the decline in achievable cap rates.”

Total Number of Completed Leases: 73
Total Square Footage: 1. 1 million sf
Total Dollar Value: $152 million

JACK MCSHEA III
President
McShea & Co. Inc.
Gaithersburg, MD

BOB DICKMAN Executive Vice President McShea & Co. Inc. Gaithersburg, MD

McShea and Dickman focus on office properties in Suburban Maryland. Among the team’s notable deals was the leasing of 325,897 square feet at Westview Corporate Campus in Frederick, MD last December. For landlord Gateway Franklin Inc., the duo negotiated a 10-year lease renewal with engineering firm Bechtel National Inc. Elsewhere in the area, McShea and Dickman also brokered a 42,463-square-foot deal for the Artery Group, owner of 7485 New Technology Way in the Frederick Corporate Park. The Department of Veteran’s Affairs signed a 10-year agreement for the space.