Washington, D.C. Real Estate Firm Redevelopment Makes Room for Cutting-Edge Worldwide Headquarters of Marriott International
One of the oldest family-owned and operated commercial real estate firms in Washington, D.C., assembled eight parcels over a period of 30 years, planning to redevelop it as a vibrant mixed-use project. We assisted in acquiring the last parcel and in structuring the underlying site ownership to enable the separate development and construction of the worldwide headquarters of the world’s largest hotelier, Marriott International, including a 700,000+ square foot office building and an underground 800+ parking space garage, through a joint venture with a national office developer, as well as the construction and management deal of an adjacent hotel, all in a deal valued at $600 million. We assisted with organizational structuring and land transfers to ensure the most tax-efficient assemblage and ownership structure, and assisted in the negotiation of the joint venture and financing structures, the hotel development and management relationships, and the office lease. The project is anticipated to be delivered in full by mid-2022.