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  • Request for Information ResponseDevelopment of Air Rights at the Rosslyn and East Falls Church Metro Station Areas September 30, 2013

  • Air rightS Development informAtion | tAble of ContentS

    1. Point of Contact

    2. Firm Backgrounds: Akridge and Jefferson Apartment Group

    3. Case Studies

    A. Burnham Place

    B. Gallery Place

    C. Half Street

    4. Request for Information Response

    Table of Contents

    2

  • 1Point of Contact

    1 Point of Contact

  • 4

    Air rightS Development informAtion | point of ContACt

    1. Point of Contact Sarah KnutsonVice President Akridge 601 Thirteenth Street, NW Suite 300 North Washington, DC 20009 202.207.3914 sknutson@akridge.com

  • 2Firm BackgroundsAkridge and Jefferson Apartment Group

    2 Firm B

    ackgrounds

  • 6

    Air rightS Development informAtion | 2. firm bACkgrounDS

    AKRIDGE

    Akridges 39-year track record represents the solid performance of a superior, full-service real estate group. As one of the strongest real estate service firms in the mid-Atlantic region, Akridge has projects that total more than 17.5 million square feet with a value of $3.5 billion.

    Regional Leader Akridge is recognized as a leading regional commercial real estate services firm that has produced Class A office, mixed-use and industrial/flex space throughout the region. Defined by its stability and innovative experience, Akridge is a full service firm with more than 130 employees providing leadership and management in acquisition, development, construction management, asset and property management, leasing, marketing and consulting services, and third-party project management.

    Depth of ExperienceAkridge has consistently generated value for our Clients both investors and owner-occupants. Akridges experience encompasses project management for new development and re-development of suburban and urban office, mixed-use, industrial/flex, and retail space. Akridge has a successful history of collaboration with a multitude of local real estate professionals, including developers, brokers, architects, contractors, and property owners. Akridges proven track record is the successful result of unparalleled credibility,

    comprehensive knowledge of the Washington metropolitan market, and in-depth development and transaction expertise.

    Creative SolutionsAkridge takes pride in its entrepreneurial and innovative spirit and is well known for pioneering innovative solutions to development challenges that thwarted others. From the successful completion of a highly-secured suburban office complex with a tight time frame and the sensitivities that followed September 11, 2001, to innovative financing requiring a change in Federal legislation, Akridge embraces complex transactions and deploys this capability to execute deals and create value for Clients. Akridge was first to: use the Woodies Act allowing air rights development; conduct annual indoor air quality testing in office buildings; initiate a large-scale mixed-use development over above-ground rail transportation; and install a neutral host in-building wireless system in a multi-Client building.

    Akridge is: Service, Innovation, and Results.

    2. Firm Backgrounds Akridge and Jefferson Apartment Group

  • 7

    Air rightS Development informAtion | 2. firm bACkgrounDS

    #1Best Place to Work in

    Greater Washington, selected by the Washington Business Journal and a Great Place

    to Work according to Washingtonian magazine

    #2Healthiest Workplace

    in Greater Washington, selected by the Washington

    Business Journal

    11Best Customer Service awards

    from CEL & Associates, Inc., a national recognition

    for Client satisfaction in property management among comparably-sized companies

    Akridge at a Glance

    39Years in the business

    17.5Million square feet developed

    7Office Building of the Year awards, A Building Owners and Managers

    Association (BOMA) award based on management

    26Class A office buildings in the Washington, DC, area

    9Headquarters buildings

    developed

    130Professional staff members

    98%Average occupancy

    rate over past decade

    30+Federal/state agencies and

    associations with whom Akridge has worked

    3.5Million square foot

    management portfolio

    13LEED accredited professionals

    and associates

    16LEED certified buildings

    16ENERGY STAR-qualified

    buildings

  • 8

    Air rightS Development informAtion | 2. firm bACkgrounDS

    JEFFERSon APARTMEnT GRouP

    Jefferson Apartment Group (JAG) is Akridges strategic partner, specializing in multifamily real estate investments. Together, the Akridge and JAG team has extensive experience executing complex commercial real estate developments in the Washington, DC, metropolitan area.

    Services & CapabilitiesJAG is a full-service real estate firm focused on multifamily and mixed-use real estate opportunities through acquisition, development, construction and property management services. The company specializes in urban, transit-oriented assets located in high barrier-to-entry markets on the East Coast. JAGs management team has over 80 years of combined experience leading nationally recognized multi-family organizations. The team leverages in-depth market research, proven business practices and local entrepreneurial knowledge to create value and maximize returns for investors, partners and clients.

    JAGs partners have been responsible for the acquisition or development of over 18,000 units with a value of more than $3 billion in 10 states along the East Coast. Based in McLean, Virginia, the company has experienced, professional team members focused on the following:

    Local Market Knowledge. Macro-economic and regional trends are not enough. A thorough understanding of the submarket for a particular property is necessary to craft sound strategies.

    Understanding and Management of the Physical Asset. It is extremely important to understand the physical asset under control. The creation of operating and capital budgets is important in preserving and increasing the value of the asset while maintaining control of investment dollars.

    Understanding Residents Needs. It has never been more important to understand the needs of residents and to make sure satisfaction, retention and occupancy remain high.

    Integration. The ability to control and align as many real estate functions as possible is crucial in order to fully understand the risks and opportunities at hand.

    Integrated advisory services include:

    + Asset management

    + Property management

    + Development and construction management

    + Disposition

    These disciplines serve to provide:

    + Evaluation and analysis of the property or portfolio

    + Creation of a strategic plan that maximizes the value of the real estate and achieves key goals

    + Implementation and execution of the strategic plan

    + Facilitation of all processes in order to reach your stated goals

  • 3Case Studies

    3 Case Studies

  • 3.ACase Study: Burnham Place

    3.A Case Study: B

    urnham Place A

    ir Rights Project

  • 11

    Air rightS Development informAtion | 3.A CASe StuDy: burnhAm plACe Air rightS projeCt

    3.A Case Study: Burnham Place Air Rights Project

    Burnham place is an example of Akridges hands-on experience with complex Air Rights projects.

    Burnham Place is a transformative 3 million square foot mixed-use development that will create a new urban neighborhood in downtown Washington, DC. Similar to the I-66 Air Rights over a federal highway, Burnham Place will be built atop a busy operating transportation facility, the rail yards north of Union Station, The project joins together the citys Central Business District, Capitol Hill, and the emerging NoMa and H Street, NE, Neighborhoods with each other and the region.

    Burnham Places design and construction are integrated with a multi-billion-dollar expansion of Union Station. Beneath Burnhams office, residential, hotel, retail, and five-plus acres of park and plaza areas, new station facilities will comprise more than 750,000 square feet of new space and 20 acres of new tracks and platforms. Passenger services will include four new concourses, a below-grade taxi, rental car, and intercity-bus facility, and 3,000 parking spaces. The new station will include a grand, naturally-lit Train Hall above the tracks, adjacent to a main concourse, the length of Reagan National Airport.

  • 12

    Partnership DevelopmentOne of the most complex transportation related projects in the country, the master plans developed for Burnham Place and Union Station are truly a collaborative effort. Since 2006, after acquiring the air rights above the tracks (fee simple), Akridge has worked with Amtrak, MARC, VRE, Metro, the Union Station Redevelopment Corporation (USRC), the Districts Departments of Transportation, Planning, Economic Development, and Historic Preservation, city council members, Congressional representatives, the National Capital Planning Commission, local neighborhood and historic preservation groups, and others to build a coalition of support for the plans. We anticipate that a similar cooperative effort with OTP3, VDOT, FHWA, WMATA, FAA and Arlington County will provide a successful development for all stakeholders.

    Among the organizations involved in the overall Union Station planning, Amtraks positive view of Burnham Place and the station upgrades represent the most salient manifestation of Akridges coalition-building efforts. In 2006, Amtrak leaders saw virtually no benefit in Akridges