WASHINGTON, DC-We caught up with Cassidy Turley's John Benziger to discuss the company's plans for its newly secured Equity Office Properties portfolio in Northern Virginia. Unfortunately, with the ink barely dried on the contract and the actual starting day May 1, Benziger had little additional light to shed on the assignment--except for how the deal was landed in the first place.
First, though, a related interesting tidbit: according to Benziger, EOP and Blackstone are hoping to expand their footprint in the Washington, DC area. Their interest extends to Maryland and Northern Virginia and it could be investment, development or redevelopment.
The EOP assignment, which encompasses 690,375 square feet came to Cassidy Turley as a referral out of the Dallas office, Benziger says. One of the brokers has a relationship with EOP "and in conversations with his contact he picked up that EOP was taking over as asset manager for these Blackstone properties. He found out that they were thinking about a change in property managers and so we competed for it."
Cassidy Turley along with one or two other companies competed for the assignment.
The Northern Virginia assignment is Cassidy Turley's first partnership with EOP in the DC region. Properties in the agreement include 1525 Wilson Boulevard in Arlington, VA; 225 Reinekers Lane in Alexandria, VA; and 2600 Park Tower Drive in Merrifield, VA.
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