On October 21, the Real Estate Club traveled to Washington D.C. for a two-day tour of the vibrant real estate market. The Wisconsin Real Estate Alumni who were responsible for organizing this fantastic trip include: Brian Berry (WREAA Board President, BBA ‘89), Michael Zelin (BBA ’01), Andrew Weir (MBA ’97), Jim Kane (MS ‘83), Thomas James (MS ‘84), and Sean McDonald (MBA ’08). Both MBA and BBA students spent the trip networking, learning about development and taking in all that Washington D.C. had to offer.
On Thursday, we kicked off the trip with an overview of the Washington D.C. market presented by Andrew Weir and the Washington DC HFF sales team. The HFF team highlighted that investors love Washington D.C. because of its steady-state economy and booming trends in multi-family and the healthcare industry. The group also toured the U-Street Corridor with Bryan Moll, a Senior Vice President of Development at JBG Companies, the most active real estate developer in the Washington D.C. area. We visited the Atlantic Plumbing site, a class A residential and retail building comprised of 310 luxury units and 19,100 sq of retail space.
Next we toured the Hine’s City Center project located in Downtown Washington D.C. The City Center - a mixed use development atop the old convention Center - took nearly 10 years to complete. Phase 1 is comprised of nearly 800 million SF of office, retail, condos and luxury rental. Phase 2 will include a luxury hotel and parking deck. Thereafter, the group traveled to the Southwest neighborhood where we toured the largest construction project currently in the District - The Wharf. The Wharf project, a partnership between PN Hoffman and Madison Marquette, will completely transform the waterfront. From there we visited the ‘Navy Yards’ near the Nationals Ballpark area where Forest City/Government Services Administration (GSA) partnership are developing residential, retail and federal office buildings in unique public private partnership. We closed the night out with an exciting networking dinner hosted by the Washington D.C. chapter of the WREAA.
The final day include a tour of Reston Town Center with Boston Properties, Hines’ Tysons Tower, a repositioned office property by Tishman Speyer and a spec office building owned by Monday Properties in Rosslyn, Virginia. The tour of the Northern Virginia properties, which focused more on suburban office was a stark contrast to the mixed-use developments within the District.
Overall, the Washington D.C. trip was an eye-opening experience for the real estate students and can be summarized by Mitchell Jung (MBA 2016), “Washington D.C. is a great town with such committed and tight-knit alumni. The energy and zeal they have for the program speaks for itself.”
Thank you again to the WREAA alumni and the Real Estate Club Co-Presidents - Jon Davis and Regan Kennedy (MBA 2016) for such a successful trip.