Joe Sitt is among the top developers in the commercial real estate sector expanding from NY to the DC area in the coming years. The other cities in this category include New York City, Seattle, Los Angeles and Boston. In terms of supply, a 2016 report released by the Lincoln Property Company shows the DC area office market had 780 buildings with more than 25,000 sq-ft, a figure that translates to about 144 million square feet of rentable space. The area also witnessed several large commercial real estate transactions; chief among them is the $217 million purchase of 1100 1st St. NE Trading by The Tokyo based real estate and hotel concern, Unizo Holdings Co. Some of the top commercial real estate companies shaping the industry in Washington, DC, include:
Douglas Development Company
Douglas Development Company is a highly successful real estate development company with several signature constructions under the belt. The developments include Woodies Building, The Atlantic Building and 7th Street Row in Chinatown. In 2014, the company had 2.8 million metro area sq feet of space under construction. During the same period, its metro area development portfolio and leased space stood at 9.1 million and 4.7 million sq-ft respectively.
MRP Reality is a company committed to constructing iconic and memorable mixed-use properties and offices in the eastern US. The company’s extensive portfolio includes offices, industrial buildings and mixed-use development. In 2014, MRP Reality had a total of 2.4 million metro area sq-ft of space under construction and a development portfolio of 11.7 million sq-ft. The DC based entity maintains offices in New York and Philadelphia.
PN Hoffman & Associates
PN Hoffman & Associates is a leading developer of mixed-use and residential housing projects in the DC area. The company also undertakes other services including real estate design, sales and marketing. Since its founding in 2013, the company has developed close to 50 projects in Washington DC and surrounding areas. The projects include mixed-use developments, offices, retail centers and the first LEED certified residential building in DC.
Established in 1992, this fully integrated real estate development company offers a host of services including property management, construction and investment management. The company is at the forefront of building and managing mixed-use housing, military family housing and luxury apartments. Some of the company’s award winning projects include the US Coastguard HQ and Walter Reed Military Medical Center.