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WASHINGTON, DC-Sperry Van Ness has opened an office in the District at 1250 Connecticut, headed by a former Marcus & Millichap executive Michael Sims. The office, which formally opened its doors less than a month ago, already has a $300 million pipeline, which if all goes according to plan, will close by the end of the year.

Sperry Van Ness has offices in DC close-in suburbs, including Bethesda, MD and Northern Virginia, Sims tells GlobeSt.com. The firm decided to open an office in the city itself to service a specific constituency: foreign investors interested in District property. The office is already representing one such investor in a $200 million deal and another in a $100 million transaction, both of which involve office properties, Sims says.

DC has always been a premier destination for foreign investors. However the turmoil in the capital and real estate markets for the last year have intensified foreign investors’ desire to remain only in top tier markets. The DC office is called Sperry Van Ness/Advisory Real Estate Services LLC.

The new office is also illustrative of Sperry Van Ness’ overall growth strategy. It has grown from nine markets to more than 150 markets in approximately five years. Kristine Gibson, director of organizational development for Sperry Van Ness, is responsible for the company’s growth in DC, while Matthew Fitch, regional director for Sperry Van Ness, oversees the region’s team of advisors.

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