DC Waterfront Development Selects Contractor for Final Phase

By Ingrid Tunberg | November 26, 2019 at 12:23 PM (as appearing in GlobeSt.com)

DPR Construction has been retained as the final contractor for Phase Two of the development. The firm will construct three buildings for the project.

Rendering of Water Building 1 at The Wharf

WASHINGTON DC – Hoffman & Associates and Madison Marquette‘s joint-venture partnership, Hoffman-Madison Waterfront has selected a contractor for its co-development, The Wharf. DPR Construction will serve as the fourth and final contractor for Phase Two of the waterfront development in Washington DC.

DPR Construction will partner with The Wharf’s development team to offer sustainable solutions toward any technical challenges, created by the site’s landside and waterside.

In the newly-appointed role, DPR Construction will contract two retail buildings, Water Building 1 and Water Building 2, and a trophy-class, boutique office building, Parcel 10.

Water Buildings 1 and 2 will comprise 34,000 square feet, situated on top of newly built concrete piers along the Washington Channel. Water Building 1 will encompass a two-story, fine dining, single-tenant building, featuring an outdoor rooftop terrace, designed by architecture firm Hollwich Kushner. Water Building 2, designed by architecture firm S9, will host maritime and retail services on the ground floor and a restaurant/bar on the second floor.

Parcel 10 will encompass 88,000 square feet as a five-story, trophy office building. Designed by Morris Adjmi Architects to achieve LEED Gold certification, the building that will offer ground floor retail, as well as expansive terraces and outdoor space.

The selection of DPR Construction as contractor marks a milestone for the project; concluding Hoffman-Madison Waterfront’s procurement efforts for Phase Two.

The second phase of the development engaged a lineup of 13 architects and designers from around the world. The DPR Construction will join Balfour Beatty, Cianbro and Donohoe Construction in development efforts for the project.

Balfour Beatty’s work in Phase Two of the development consists of contracting all horizontal and public spaces, below-grade parking garages and office buildings in Parcels 6 and 7. Donohoe Construction’s role for the project comprises work contracts for Parcels 8 and 9, including a 255-unit residential apartment building, a 96-unit luxury condominium and the 131-room hotel, Pendry Washington DC.

Rendering of Water Building 2 at the Wharf

At full build-out, Phase Two of The Wharf will feature an additional 1.25 million square feet of mixed-use development space, including office, residential, marina, retail and public spaces, across a half-mile of redeveloped waterfront space. The second phase of the project broke ground in early 2019 and is scheduled to deliver in 2022.

Phase One of the waterfront neighborhood opened in 2017 featuring more than two million square feet of residences, offices, hotels, shops, restaurants, marinas and public areas.

Upon the project’s completion, the $2.5 billion mixed-use waterfront neighborhood will feature more than 3.2 square feet of development along a mile of the Washington Channel of the Potomac River.

As the largest planned unit development in the city’s history, The Wharf previously secured an $847 million loan from Goldman Sachs in September, for Phase Two of the development. The joint-venture partners additionally announced an $800 million refinance loan for Phase One of the project, back in June.

DPR Construction is a national commercial contractor and construction manager that focuses on sustainable, large-scale transformation projects. Founded the 1990, the technical builder is a privately-held company, operating from offices throughout the nation.






Madison Marquette Offices – Washington DC

Appearing in Office Snapshots.

As real estate developers who support community and place, Madison Marquette sought to incorporate hospitality and engagement spaces in the design of their new offices in The Wharf of Washington DC.

Credit: Eric Laignel

Perkins and Will was engaged by real estate company, Madison Marquette, to design their offices located in Washington DC.

One of the fastest growing real estate companies in the US, Madison Marquette is a Washington, DC-based investor, developer, and operator of mixed-use projects with offices in thirteen locations across the country. Madison Marquette’s newest project is The Wharf, a three million square foot mixed-use development on Washington, DC’s Southwest Riverfront. The company’s new office is prominently located in The Wharf’s flagship office building, which anchors the west end of the development.

As developers in support of community and place, Madison Marquette wanted to incorporate those same elements into the design of their office with a mix of hospitality and engagement spaces, that expresses their entrepreneurial spirit and the built legacy of their company. After being greeted at the reception area, guests are invited into a welcoming space where they can view the client’s latest projects on a large video screen. And inviting living room, complete with fireplace and access to an outdoor terrace overlooks the historic fish market. A lenticular wall along the corridor is perceived in three different ways and acts as a primary branding element. Photographs of the Wharf rendered in a bokeh effect, which blurs the photo and is more sympathetic to a segmented image.

[Read article on line with multiple interior images]




Madison Marquette, Urban Atlantic Win Bid For 4.3M SF Armed Forces Retirement Home Project

November 1, 2019 Jon Banister, Bisnow Washington, D.C.

A development team has been selected for one of the largest projects planned in the District.  The Armed Forces Retirement Home announced Friday it selected Madison Marquette and Urban Atlantic for the mixed-use redevelopment of an 80-acre piece of its campus on North Capitol Street.

Courtesy of Armed Forces Retirement Home A rendering of the Armed Forces Retirement Home development

The independent federal agency plans to negotiate a long-term ground lease with the development team, which was recommended by a five-member expert panel convened by the General Services Administration following a competition that attracted many of the region's top developers.

Madison Marquette and Urban Atlantic's proposal calls for 4.3M SF of development, including a mix of residential, retail, recreational, arts and wellness uses. It is planned to feature a combination of new development and adaptive reuse of historic buildings. It will also have 20 acres of public green space and pedestrian and bike paths.

The 80-acre property is bounded by North Capitol Street, Irving Street, Catholic University and the Washington Hospital Center. The team plans to consult with the Office of Planning, Historic Preservation Office, National Capital Planning Commission, elected officials, retirement home residents and neighbors.

The developers have experience with the type of large-scale development envisioned for the site. Madison Marquette is a partner on The Wharf, while Urban Atlantic is working on the Parks at Walter Reed and New Carrollton mixed-use projects.

AFRH, a retirement community for enlisted military personnel, said its funding sources have declined recently and Congress has not infused the necessary money to continue operations. The development partnership should allow it to maintain funding for its operations in the future, AFRH Chief Operating Officer James M. Branham said.

"The selection of the Madison | Urban team marks a significant step towards raising funds necessary to sustain the home’s trust fund and improve the physical infrastructure on our Washington, D.C., campus," Branham said in a release. "The revenues that AFRH will realize through this project will help us build and renovate the facilities needed to care for America’s heroes today and in the future."

Baltimore Tower Lands $185M Recap

Bridge Investment Group secured one of the largest loans in the market for the 28-story property in the city’s business district.

By Adriana Marinescu (as appearing in Commercial Property Executive)

Madison Marquette has received a $185 million financing to recapitalize One Light Street, a Class A 800,000-square-foot mixed-use high-rise in Baltimore. Bridge Investment Group secured the loan, one of the largest in the market. The developer broke ground on the 28-story building in January 2017 and secured $169 million in construction financing from two lenders in September 2017. Bridge Investment also participated at the time with a $44 million bridge loan.

Madison Marquette Chief Development/Asset Management Officer Peter Cole and Senior Vice President George Kelly negotiated on behalf of the borrower, while Bridge Investment Group Managing Director Jay Haberman represented the lender in the transaction. Phillips Realty Capital Principal Mark Remington served as advisor in the deal.


Completed in 2019, One Light Street features 5,000 square feet of ground floor retail, 252,200 square feet of office space across nine floors and 280 luxury residences across the building’s topmost 10 floors. Designed by AECOM to receive LEED Silver certification, the tower also has nine levels of above- and below-grade parking totaling 645 spaces.

According to Yardi Matrix data, the building’s residential component features a mix of studios, one- and two-bedroom floorplans averaging 691 square feet. Communal amenities include a business center, fitness center and pool with sun deck, as well as several electric charging stations. M&T Bank is an anchor tenant at the property with a 15-year, 155,000-square-foot lease.

Located at 1 Light St. in the city’s original business district, the mixed-use tower rises two blocks southwest of Baltimore City Hall and three blocks north of the National Aquarium. The 2.7-acre property is less than one mile west of Interstate 83, within an area filled with hotels, restaurants, parks and shopping venues.


Iconic downtown Houston office tower renamed TC Energy Center

One of downtown's most recognizable skyscrapers has been renamed. The 56-story postmodern building at 700 Louisiana is now called TC Energy Center after its lead tenant, pipeline, power generation and gas storage company TC Energy Corp.

Photo: Elizabeth Conley / Houston Chronicle

TC Energy occupies more than 300,000 square feet, roughly 25 percent, of the 1.25 million-square-foot building. The new name was announced Tuesday by building owner M-M Properties and Calgary, Alberta-based TC Energy, with representatives from the leasing team at Madison Marquette and Central Houston on hand.

“We are over 8,000 strong, with over 3,600 U.S. employees and in-house contractors working across assets in 40 states,” Stan Chapman, TC Energy's executive vice president and head of U.S. natural gas pipelines, said in a statement. “Over 1,000 members of our U.S. workforce are based in Houston and the majority are located in our U.S. headquarters – the TC Energy Center.”

Designed by architects Philip Johnson and John Burgee and developed by Hines in 1983 as RepublicBank Center, the building was most recently known as Bank of America Center. Its previous namesake tenant moved out in June to consolidate its downtown operations to the new Bank of America Tower at 800 Capitol. The bank vacated 168,000 square feet, including an expansive banking hall with 35 teller spots.

The renaming comes six months after TC Energy changed its name from TransCanada to better reflect the scope of its operations across North America and growth in the U.S. TC Energy says it transports about 25 percent of U.S. gas demand across 31,000 miles of pipeline and operates about 10 percent of U.S. natural gas storage. It is expanding its network to supply oil to refining markets in the Midwest and Gulf Coast.

TC Energy has been a tenant in the tower since mid-2013.

“When we first put together a plan for TC Energy to relocate to the building we were able to demonstrate a path for growth that met the goals of both the tenant and ownership,"  said Madison Marquette's John Spafford, who handles leasing along with Madeline Gregory. "It is extremely gratifying to see the plan come to its full realization.”

Tenants at TC Energy Center will get new amenities in the coming years.

The first phase of a $20 million renovation program under way in the lobby will bring a white-tablecloth restaurant and 10,000 square feet of creative office space with views of Jones Plaza across Capitol Street.

The next phase of the renovations will bring a new tenant lounge and conference center, a lobby coffee bar and mezzanine level of collaborative workspaces above the former Bank of America lobby.

DC’s The Wharf Lands Record-Breaking $847M Loan

The partnership behind the massive development closed on the financing with Goldman Sachs. Work on the second phase of the 3.2 million-square-foot project began in March.

By Laura Calugar  (as appearing in Commercial Property Executive)

The Wharf. Image courtesy of Hoffman-Madison Waterfront

The joint venture between PN Hoffman and Madison Marquette⁠—Hoffman-Madison Waterfront⁠—along with partner PSP Investments, has closed on an $847 million loan for The Wharf in Washington, D.C. Eastdil Secured brokered the record-breaking financing, which reportedly is the largest private construction loan in the city’s history.

Goldman Sachs and syndicate members Starwood Capital Group, Mack Real Estate Group and Pentagon Federal Credit Union led the non-recourse transaction, which comes shortly after the co-developers landed $800 million for the refinancing of The Wharf’s first phase. The loan, also brokered by Eastdil Secured, in June, came from a Wells Fargo-led syndicate that included Morgan Stanley and Blackstone.

Located along the Washington Channel of the Potomac River, The Wharf is a $2.5 billion and more than 3.2 million-square-foot waterfront neighborhood. The project’s first phase was delivered in 2017 and encompasses 2 million square feet of office, hotels, shops, restaurants and residential space, as well as marinas, parks, piers and docks.

At the end of the first quarter of this year, phase two of The Wharf kicked off. Plans call for a roughly 1.3 million-square-foot, mixed-use development with office, residential, hotel and retail space. The waterfront segment includes 223 boat slips at The Wharf Marina. Designed by 13 architects and designers from around the world, this final phase of the project is expected to be delivered in 2022.


Law firm Williams & Connolly has already signed a 15-year lease at The Wharf’s second phase. The company is slated to occupy nearly 300,000 square feet, making it the anchor tenant of the upcoming office tower. Other companies have also preleased space, according to Madison Marquette Founder & Chairman Amer Hammour.

Another law firm, Michael Best & Friedrich LLP, has already moved in at The Wharf’s first 11-story trophy building. The company occupies approximately 30,000 square feet after combining two local operations on the fourth floor of 1000 Main Ave. Fish & Richardson PC, also a law firm, occupies 60,000 square feet at the new office building.

The Washington, D.C., office market is in the midst of a development boom, according to a recent Yardi Matrix report. Some 2.7 million square feet was added to the market in the first half of 2019, exceeding last year’s total completions. An additional 3.4 million square feet is anticipated to come online before the end of this year, with trophy office space remaining in high demand.

JLL secures $36M bridge loan

(As appearing in Seattle Daily Journal of Commerce)

In a deal that began at Holliday Fenoglio Fowler, now part of JLL, the combined company announced that it has secured $36 million in bridge financing for the owner of the commercial portion of Bay Vista Tower at 2815 Second Ave. in Belltown. The five stories of office space and retail, totaling around 110,000 square feet, sold in 2016 to an LLC associated with Madison Marquette. The podium is sometimes called Bay Vista Office Building; it has 12 commercial condominium units. The 70 residential condominiums above in the 24-story tower are individually owned, and were not part of the deal.

Bay Vista Tower at 2815 Second Ave. in Belltown.

The Wharf got financing for second phase of construction — and it's a big loan with big backers

By   – Staff Reporter, Washington Business Journal

Hoffman-Madison Waterfront has landed an $847 million construction loan for the second phase of The Wharf, the $2.5 billion mixed-use development on D.C.'s southwest waterfront with an A-list roster of lenders on board.

A syndicate led by New York-based Goldman Sachs Inc. (NYSE: GS) closed Thursday on the loan to Hoffman-Madison. The syndicate also includes Starwood Capital Group, Mack Real Estate Group and the Pentagon Federal Credit Union. The deal was brokered by Eastdil Secured, which estimates it was the largest private construction loan in the city's history. The second-largest is believed to have been the nearly $400 million loan for the CityCenterDC mixed-use development.

Hoffman & Associates Founder and CEO Monty Hoffman, in an interview, credited the ability to secure a loan of that size from an internationally known lender to the success of The Wharf's first phase and momentum his team has built for the second.

"The market reception for The Wharf community has been phenomenal," Hoffman said. "Having Williams & Connolly as a lead tenant and the Pendry hotel and having several others in the queue right now on lease-up going into phase two gave tremendous credibility to the project."

Hoffman, formerly known as PN Hoffman, is co-developing the project with Madison Marquette and joint venture partner Public Sector Pension Investment Board, or PSP Investments, the Canadian Crown corporation that provided critical financial support for the project's first phase.

The construction loan is in addition to an $800 million loan Hoffman-Madison locked in earlier this year to refinance the project's first phase and partially fuel the second. That loan, also brokered by Eastdil Secured, came from a Wells Fargo-led syndicate that included Morgan Stanley and Blackstone.

For the more recent construction loan, Hoffman said, the Goldman Sachs-led team emerged from a shortlist of three. That the project is now able to command interest from such lenders shows just how far it has come from the depths of the recession, when Hoffman struggled to raise additional equity after losing its first partner, Baltimore-based Struever Bros. Eccles & Rouse.

"Certainly the differences couldn't be more stark," Hoffman said. "In the earlier stages, we were still coming out of the recession and The Wharf, then called Southwest Waterfront — getting everyone to look at it differently was a huge challenge on all levels. Everybody was skeptical and I understand that. That's natural."

Hoffman-Madison has been working on landing a construction loan for the project's second phase for the past nine months, even while details and project costs were still being refined. The team started construction on phase two in March, up against a strict schedule to deliver space to its pre-leased tenants, law firm Williams & Connolly LLP among them, on time.

That schedule has Hoffman-Madison bottoming out at the site, to a depth of 36 feet at its lowest for three levels of parking, in a month or so. It will then start pouring concrete for the pads that will support the project's tower cranes.

"Everything is prescriptive, expected delivery time for those firms. It's a very complex draw schedule of cash flow needed to achieve these milestones," Hoffman said. "So we put financing on our schedule, just like earth work and everything else. So we're right on schedule."

National Instruments Sells Austin Office Asset for $35M

The buyer is a discretionary institutional commercial real estate fund formed in 2012, represented in its first foray into the market by Madison Marquette.

By Anca Gagiuc (as appearing in Commercial Property Executive)

Image courtesy of Yardi Matrix

Madison Marquette, on behalf of Bridgepoint Parkway Investors, has acquired The Millennium office building located at 6504 Bridgepoint Parkway on Shepherd Mountain, in Austin, Texas. The is the entity’s first acquisition in the Texas capital.

As per Yardi Matrix data, the 128,617-square-foot, five-story Class B office property occupies more than 4 acres and was built in 1985 by National Instruments as a build-to-suit. The property features controlled access on the premises, two passenger elevators, standard ceiling height and 476 parking spaces. The previous owner renovated the asset and included a fitness center, locker rooms, a first-floor balcony and a terrace on the fifth floor.

Cushman & Wakefield Capital Markets Group Vice Chairman Mike McDonald and Senior Directors Celeste Fowden and Katy Jane Jenevein represented the seller, National Instruments. According to public records, the property sold for $34.5 million, with more than $26 million provided by BBVA USA through a commercial mortgage loan.


Madison Marquette will provide investment, asset and project management services to complete an enhanced repositioning program. Specifically, plans include the incorporation of a speculative suite program, adding a management and conference facility, as well as upgrading both interior and exterior common areas, including the fifth-floor terrace. Upon the close of escrow, The Millennium was 66 percent occupied by five tenants including HotSchedules and Leafhouse Financial.

Bridgepoint Parkway Investors was formed in 2012 and has an office portfolio including properties in Houston, Boston, Atlanta, Philadelphia, Tampa, Fla., Sausalito, Calif., and Scottsdale, Ariz. The new ownership plans to uplift the asset in coordination with AQUILA Commercial, who will lease and manage the property.

Madison Marquette names new head of retail leasing for The Wharf

By   – Associate Editor, Washington Business Journal
 (as appearing Washington Business Journal)

Madison Marquette, one arm of the two-headed developer behind The Wharf, has named a new head of retail leasing for the massive Southwest waterfront project.

Daniela Hughes with Madison Marquette will head up retail leasing and leasing strategy at The Wharf. COURTESY MADISON MARQUETTE

Daniela Hughes will serve as Madison Marquette’s vice president for retail solutions, heading up the merchandising strategy for The Wharf. Hughes will work with existing tenants “identifying strategies to maximize sales performance, ensuring the full integration of activation, leasing and operations,” per a release.

The Wharf’s first phase delivered in October 2017 with nearly 350,000 square feet of retail and restaurant space, and the second phase, currently under construction, will deliver another 95,000 square feet in 2022. Madison Marquette is jointly developing the project with Hoffman & Associates.

Madison Marquette has undergone significant changes in the last couple of years, first merging with Houston-based PMRG in mid-2018 and then acquiring Boston-based The Roseview Group, whose CEO was brought on as Madison Marquette's chief executive — a previously unfilled position. Amer Hammour now serves as its executive chairman, John Fleury as its president and Vince Costantini as its CEO.

Hughes, who will be based in the District, most recently oversaw leasing for Emmes Asset Management and the Vanbarton Group. According to the release, she has completed more than $1 billion in new deals across 43 states.

Madison Marquette also announced that Gary Block, former senior vice president of leasing East Coast for Combined Properties, will lead leasing for The Shops at Waldorf Center, a nearly 500,000-square-foot open-air retail development in the suburban Maryland community.


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