Arent Fox Advises on Three of Washington, DC’s Best Real Estate Deals of 2015
Arent Fox partners Richard Newman, Jerry Fox, and Eleanor Zappone advised the American Psychiatric Association in its deal to secure 63,000 square feet for 10 years at The Wharf, one of the DC’s “most closely watched large-scale developments.” WBJ reported that, “Not only did it give them a tenant for the 220,000-square-foot building at 800 Maine Ave. SW, it brought a premier association to The Wharf, one with 250 employees but just as important a membership base of 36,000 — a base that will come to town for events and drive demand for hotels.” The transaction includes a purchase option, and was structured to take advantage of certain tax benefits available to a REIT doing business with a non-profit. Moreover, the transaction involved the creation of a common law condominium on property subject to a long term ground lease from the district of Columbia and thus presented unique complexity and challenge
Mr. Newman also is advising the National Association of Broadcasters on a complex deal that met the association’s goal of finding space near Capitol Hill. WBJ reported that the development team plans to break ground in June 2016 and will sell the 130,000-square-foot office building to the NAB when it delivers in fall 2018.
Mr. Newman also advised National Public Radio on the financing of its former headquarters at 601 Massachusetts Ave. NW. which became new office space featuring Arnold & Porter as the anchor tenant. WBJ reported that, “the 376,000-square-foot prelease enabled Boston Properties to launch the $350 million project as soon as NPR cleared out.”
Mr. Newman provides a range of real estate, tax, and public finance services to the non-profit community in Washington and nationally. He represents clients in all phases of real estate acquisition, development, financing, leasing and disposition, as well as nonprofit and for-profit organizations in federal and local tax matters, including Tax Increment Financings, Special Tax District financings, real estate tax exemption matters, and exempt organization taxation, with a particular emphasis on public and tax advantaged finance.