Stars (and Interests) Align.
In the aftermath of the 2008 financial collapse, Monument Realty orchestrated the trifecta of real estate deals. It culminated in a build-to-suit for The Boeing Company, which consolidated its regional operations into a 320,000 SF office building across from the Pentagon.
The former Twin Bridges Marriott site located at the foot of the 14th Street Bridge is the definition of great real estate. Situated between the Pentagon and Reagan National Airport, the property – aptly named “Monument View” – offers panoramic views of Washington’s monumental core. Monument Realty understood the intrinsic value of the site and the significant interest it would generate from groups like Boeing and even Arlington County, which hoped to incorporate the site into a new 30-acre park. However, at that point in time, the real estate market was still in recovery and development of any kind was a real challenge.
Undaunted, Monument Realty formulated a plan and within a matter of weeks we had put the following agreements in place: (1) a contract to purchase the Twin Bridges site from the owner, with whom we had spent years fostering a relationship; (2) an exchange agreement with Arlington County, swapping the Twin Bridges site for an equally valuable county-owned property nearby; and (3) a build-to-suit agreement with Boeing to develop a world-class regional headquarters, that we would sell to Boeing at completion of construction.
With interests firmly aligned between the parties, Monument Realty completed the entitlement and design, always looking for opportunities to squeeze more risk from the deal. We put the finishing touches on the deal by leveraging Boeing’s stellar credit to finance most of the development costs, generating even greater returns for our investment partners.
We Made It Happen.
F. Russell Hines
