FCC Becomes First Tenant at Sentinel Square III
Trammell Crow Company (TCC) and joint venture partners, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital – Real Estate, have signed a long-term lease for nearly 473,000 square feet with the Federal Communications Commission (FCC) at Sentinel Square III located at 45 L Street, NE in Washington, DC. The FCC will occupy a portion of Floors 1-2 and the entirety of Floors 3-10 of the 11-story building by November 2019.
TCC was identified as the apparent successful offeror in May 2016, but was not awarded the lease by the US General Services Administration (GSA) until the resolution of both a pre-award protest at the General Accountability Office and a lawsuit in the US Federal Court of Claims by the incumbent landlord.
"Our entire team is thrilled with GSA's selection of our Sentinel Square III development as the new Headquarters for the Federal Communications Commission, and for the end to the delay of this award,” said Thomas Finan
, a Managing Director in TCC’s MidAtlantic office
. “We now turn our attention to executing on the development of this final phase of our Sentinel Square project; culminating a decade of commitment to providing government entities highly secure, environmentally sensitive and efficient facilities from which to carry out their vital missions in the vibrant NoMa neighborhood."
Sentinel Square III, part of the partnership’s 1.3-million-square-foot, multi-phase, Class A office project located in the heart of Washington, DC’s popular NoMa submarket, features 545,000 square feet. The building is designed to meet Level IV security protocols and will pursue LEED® Silver.
Kevin Terry of GSA and Henry Chapman, Sara Dunstan, Richard Downey and Sarah Maxwell of CBRE represented the tenant in the transaction.
Sentinel Square III is part of TCC’s larger “highly secure, environmentally friendly, efficient and affordable” office development program.
About Crow Holdings Capital – Real Estate (“CHC-RE”)
Beginning in 1998, Crow Holdings (the predecessor to CHC-RE) sponsored the first of ten real estate private equity funds. Over the past 18 years, the funds have raised over $6.7 billion in equity commitments including over $850 million in equity commitments from Crow Family Holdings. Outside investors include endowments, foundations, public and private pension funds, financial institutions and high net worth individuals. The funds have actively acquired existing properties and development parcels of all types, both independently and with operating partners. As of June 30, 2016, these real estate funds have acquired or developed nearly $17.5 billion in assets comprised of approximately 88 million square feet of industrial and self-storage, over 14.6 million square feet of retail, approximately 9.4 million square feet of office, approximately 36,800 multi-family units, 541 convenience & gas stores, over 8,900 hotel rooms and approximately 7,700 acres of lot development. For additional information, please visit www.crowholdingscapital-re.com.
About Cottonwood Partners
Cottonwood Partners is a real estate investment, development, and management organization, with its principal office in Cottonwood Heights, Utah. Cottonwood’s portfolio has been as large as 6 million square feet of commercial space with project values in excess of $2 Billion. Cottonwood is active in markets where there is strong employment and population growth, which includes Texas, California, Utah, Washington DC and Florida. Cottonwood’s investment partners include high net worth individuals, private equity firms and public pension funds. Cottonwood is the advisor for the Utah State Retirements Systems' investment in the Sentinel Square project.
About Trammell Crow Company
Trammell Crow Company (TCC), founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired more than 2,600 buildings valued at more than $60 billion and over 565 million square feet. As of September 30, 2016, TCC had $7.1 billion of projects in process and $3.7 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential, through its operating subsidiary High Street 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 specializes in joint venture speculative development, acquisition/re-development ventures, build-to-suit development or providing incentive-based fee development services.
TCC 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 and investment firm (in terms of 2015 revenue). For more information visit www.TrammellCrow.com.