TRAMMELL CROW COMPANY AND NVCAPITAL COMPLETE PURCHASE OF CENTURY TECHNOLOGY CAMPUS IN GERMANTOWN, MD
TCC to be Master Developer of 2.4 Million SF Mixed-Use Project on I-270
Germantown, MD – On December 21, 2012, a joint venture between Trammell Crow Company (“TCC”) and NVCapital Advisors (“NV”), part of the NVCommercial family, completed the purchase of a 55 acre site located in Germantown, Maryland, from Multi-Employer Property Trust. TCC and NV plan to transform the former Orbital Sciences Corporate Campus into a new mixed-use community called Century, which will feature up to 2.4 million square feet of Class-A office space, townhome and apartment units, retail, and two hotels. The redevelopment will benefit from the site’s superior visibility and convenient access from I-270, as well as its location along the route of the future Corridor Cities Transitway.
The owners are in final negotiations with a developer for the purchase of two hotel parcels and expect to be under construction on those sites within a year. TCC and NV have also begun the marketing process for the first two residential parcels, which will include 350 apartments and 110 townhomes. They plan to partner with developers for these two parcels in the first quarter of this year and immediately begin the site plan approval process with Montgomery County. TCC has already obtained full site plan approval for three office buildings totaling approximately 455,000 square feet, which positions the owners to quickly respond to build-to-suit and prelease opportunities as they arise in the I-270 office market.
“Our investment philosophy is to find well-located projects and work with top quality sponsorship. The opportunity to work with Trammell Crow Company to redevelop this site into a vibrant, mixed-use campus is a great fit.” said Matt Weber, Managing Director of NVCapital Advisors.
With over 1,000 feet of frontage on I-270, accessibility from I-270 at both the Father Hurley Boulevard and Germantown Road exits, and the planned Corridor Cities Transitway stop on Century Boulevard, the site has the potential to become one of the most prominent and vibrant mixed-use, transit-oriented communities in Montgomery County.
“We are extremely pleased to partner with NVCapital on this exciting redevelopment project,” said Campbell Smith, a Principal with TCC’s MidAtlantic office. “Together, we have the opportunity to transform Century into a vibrant mixed-use community that will offer residents and office tenants a unique combination of visibility, access to a range of transportation options, and proximity to Germantown’s retail and cultural amenities, all at a more affordable price point than can be found elsewhere on the I-270 corridor.”
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. It has developed or acquired over 525 million square feet of buildings with a value exceeding $55 billion. As of September 30, 2012, Trammell Crow Company had over $4.6 billion of projects in process and $1.9 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 15 major cities throughout the United States. The company serves users of and investors in, office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles and the world’s largest commercial real estate services firm (in terms of 2011 revenue). For more information visit www.TrammellCrow.com.
About NVCapital Advisors
NVCapital Advisors, LLC (“NVCapital”) is a private investment firm that makes debt and equity investments in the greater Washington, DC area. NVCapital manages over $30 million of equity commitments. NVCapital pursues strong returns for our investors through a variety of strategies which includes purchasing discounted notes, providing infusions of equity to stalled projects, restructuring debt, and investing equity in joint ventures. NVCapital makes investments in for-sale and for-rent residential, mixed-use, industrial, retail, and office product types.
NVCapital’s management team has over 90 years combined experience in real estate investment, development, and management. The principals of NVCapital include Steve Cumbie and Peter Lunt who are also the principals of NVCommercial, a proprietary real estate investment and development company founded in 1983.
For more information visit: www.nvcapitaladvisors.com.