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MRP in the News
 

MRP Realty sells first project for $100M
Washington Business Journal - June 19, 2008


By Tierney Plumb

MRP Realty has sold Carlyle Overlook, a Class A office tower in Old Town Alexandria, for $100 million -- $25 million more than its original listed price.

This is the first build-to-finish sale for the three-year-old D.C.-based real estate firm, which is run by former Trammell Crow Co. executives.

The 14-story building at 2318 Mill Road, next to Eisenhower Avenue Metro station and the U.S. Patent & Trademark Office, consists of 250,000 square feet on 10 levels of office space over a 4-level parking structure.

The two buyers, the American Society of Clinical Oncology and Mass Mutual Financial Group, each paid $50 million for five floors, according to industry sources.

The association, which currently has offices on Duke Street and John Carlyle Street, will consolidate into the first five floors this fall. Last month, Alexandria approved a $64 million bond package to help the nonprofit buy its new headquartered space.

Springfield, Mass.-based Mass Mutual is currently leasing out its top five floors, with Cassidy & Pinkard Colliers as the broker.

"To complete and simultaneously sell our first major development is very gratifying and rewarding," said Bob Murphy, MRP managing principal, whose firm represented itself in the deal.

MRP currently has more than 2.25 million square feet under development.

Glenn Meltzer and Eugene Martin from The Ezra Company represented The American Society of Clinical Oncology. Mass Mutual represented itself.

 

 


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The Bullet's in the Air

Three years after leaving Trammell Crow to start his own development firm, Bob Murphy, 47, talks about timing, the economy and his $1.5 billion in projects – enough to make even the most confident developer lose sleep.

 

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MRP Counts $350M of Projects in Pipeline

CHEVY CHASE, MD-MRP Realty, a development firm founded by Bob Murphy, Fred Rothmeijer, and Ryan Wade--three former Trammell Crow executives--has kept a low profile since it opened its doors here last July.  That, though, is beginning to change as it commences construction on its first project, an office tower in the Carlyle section of Old Town Alexandria, VA.

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Gateway to the North - Washington Gateway leads NoMa growth in D.C.

Serving as a northern anchor in the NoMa submarket is Washington Gateway, a 1 million-square-foot mixed-use project that will be located immediately north of the New York Avenue Metro station at the corner of the submarket between New York and Florida Avenues.  The $350 million development, being built by MRP Realty, will include two office towers, a 250-unit residential tower and a 150-key extended-stay hotel; and it has just been granted approval by the Washington, D.C., Zoning Commission.

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Verizon Vacates 380,000-SF Office

ARLINGTON, VA-Verizon has vacated its lease early from 1310 N. Courthouse Rd., a 380,195-sf, 11-story office building in which it is the sole tenant.  The building, located in the Courthouse submarket in the Rosslyn-Ballston corridor, was purchased by MRP Realty in a venture with Rockpoint Group LLC in January.

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What About Bob

Bob Murphy is back on the scene with a $75 million office tower in Alexandria.

He and two other former Trammell Crow executives formed MRP Realty last year, creating the real estate investment and development firm to build speculative office and mixed-use towers.  They plan to have projects worth $150 million under construction before the end of this year.

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