Cellular Telecommunications & Internet Association
1400 Sixteenth Street, NW
Washington, DC
Karchem's Role: Development Advisor
For: Cellular Telecommunications & Internet Association
Size: 174,000 RSF, 7 stories
Year Built: 1988
Acquisition: 50 percent interest
Schedule: Fast Track, completed in 10 weeks
The Cellular Telecommunications & Internet Association (CTIA) is the international organization that represents all elements of wireless communication and serves the interests of service providers, manufacturers, and others
Karchem Properties was initially hired by CTIA to conduct acquisition due diligence on a development site on Capitol Hill being seriously considered for CTIA’s new headquarters. We reviewed the Seller’s project budget and schedule, prepared an investment analysis for CTIA and assessed the risks of developing the property. On our recommendation, CTIA’s broker expanded the property search to include purchasing another site or an existing building. Working closely with CTIA and its broker, we evaluated the physical and financial suitability of several properties in downtown Washington, DC.
From these options, 1400 16th Street stood out as the most attractive opportunity to address the occupancy needs and investment goals of CTIA. Karchem Properties assisted CTIA, its broker and attorneys in structuring the deal to acquire a 50 percent interest in the property from Resources for the Future (RFF).
The building includes a conference center that accommodates up to 200 people, a 2-level parking garage with 210 parking spaces and a climate control ice storage system that significantly reduces building cooling and operating expenses.
CTIA also signed a 15-year lease to occupy 31,000 RSF in the building. Karchem Properties assisted CTIA in hiring an architect and general contractor and managed the build out of the space.
It is rare that you find people who are as passionate and concerned about a project as the client. Daniel and his team have been there from the beginning (and through some extremely late evenings) providing sound counsel and guidance. The depth of his real estate knowledge allowed CTIA to successfully navigate a complicated transaction and a fast track build-out. I would highly recommend Daniel and Karchem Properties' services to other prospective clients as their actions are synonymous with proven results, integrity and professionalism.
Rocco P. Carlitti
Vice President
Cellular Telecommunicatons & Internet Association
|
