X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-San Francisco real estate investment manager MacFarlane Partners is making a multimillion-dollar commitment to the DC market. It opened an office here this summer, headed by Brad Dockser, former partner and CEO for Western Development Corp., a retail and mixed-use development firm in the Washington, DC area.

MacFarlane Partners founder and managing principal Victor MacFarlane tells GlobeSt.com that the firm expects to invest $500,000 to $1 billion a year in the DC market, starting in 2007; MacFarlane plans to announce some $300 million to 400 million worth of projects in Southeast Washington by the end of the year.

Washington is one of a select few cities in which MacFarlane is making such high-dollar investments, a group that includes Los Angeles, San Francisco and New York. “We are also expanding our activities a bit in the northwest, looking at Chicago for instance,” MacFarlane says.MacFarlane has had exposure to the DC market before; it partners with Forest City nationally and in DC has fronted 25% of the capital for the development of Southeast Federal Center, a 44-acre annex of the former Washington Navy Yard. The $2-billion project, which hasn’t begun construction yet, has been divided into 30 or so individual projects, MacFarlane explains.

The company submitted its RFP to the General Services Administration some two years ago; since then, MacFarlane has maintained an interest in the DC market. “We had looked here sporadically over that time, but previously our growth had been in the West Coast and New York. Now we’ve decided that DC is capable of providing a similar level of activity.”

The company plans to invest both institutional funds as well as its own in DC. Because of its interest in the Southeast Federal Center, a 40-acre mixed-use project here, the company plans to make significant investments in the Baseball district. That area is already experiencing rapid development with the construction of several condos, mixed-use and office projects underway or in the planning stages.

MacFarlane says he expects to announce three mixed-use projects in the area by the end of the year. These will consist of residential, retail and office totaling some $300 million to $400 million. Right now these projects are in the early planning stage, but MacFarlane says that, depending on the density patterns, he expects the projects will cover between one million sf to two million sf.

Also, the company is eyeing developments in Prince George’s County. “We are tracking along a lot of metro station lines for mixed-use projects,” MacFarlane says. “We are working with some emerging developers to facilitate their growth.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.